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FoH getting the keys to the kingdom
Started by Acey




51 posts in this topic
Mak-aroni
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08-29-2021, 09:17 PM -
#21
Our guardian angel will be spending the coming weeks and months defending himself against false accusations Mugbie
(08-21-2017, 01:25 PM)i8hibsh Wrote: I AM A LONER BY CHOICE
I AM SINGLE BY CHOICE
I HAVE NO KIDS BY CHOICE

Hung S.J.
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08-29-2021, 10:21 PM -
#22
Really shows how subservient that mug is to Budge.

Things have improved since she finally got rid of Levein and his entourage, but the first thing Hearts should be doing as a fan owned club is hiring forensic accountants to pour through the books and arrest whoever is necessary if any fraud has found to have taken place. Also lifetime bans from the club for anyone involved in money being siphoned off to family members without a fit and proper procurement process.
This post was last modified: 08-29-2021, 10:22 PM by Hung S.J..
BoJack Horseman
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08-29-2021, 10:45 PM -
#23
(08-29-2021, 10:21 PM)Hung S.J. Wrote: Really shows how subservient that mug is to Budge.

Things have improved since she finally got rid of Levein and his entourage, but the first thing Hearts should be doing as a fan owned club is hiring forensic accountants to pour through the books and arrest whoever is necessary if any fraud has found to have taken place. Also lifetime bans from the club for anyone involved in money being siphoned off to family members without a fit and proper procurement process.

I fully agree. Anyone who has given FoH money over the years deserves to know where the millions have went. We won’t be able to move on as a club unless we understand just how badly ran we were.
Cammo Toe
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08-30-2021, 09:50 AM -
#24
We spent £24m. On a stand originally costed at £11m. And ended up with a lesser spec. And it still needs work. Declined using an expert to oversee things. Budge ran the show. No experience. Gave her brother millions. Of fan money.

I could write a book on what mistakes were made. But think when a stand is 3 walls, a roof, and seats. And you totally forget one of those...

Probably call the book The Biggest Glass Wall Curtain in Scotland. Or maybe, The Castle View. Or Trees in the Plaza.
CM Kash
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08-30-2021, 09:52 AM -
#25
Oh Cammo, never change Warnock
Real Spencer
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08-30-2021, 10:08 AM -
#26
(08-30-2021, 09:50 AM)Cammo Toe Wrote: We spent £24m. On a stand originally costed at £11m. And ended up with a lesser spec. And it still needs work. Declined using an expert to oversee things. Budge ran the show. No experience. Gave her brother millions. Of fan money.

I could write a book on what mistakes were made. But think when a stand is 3 walls, a roof, and seats. And you totally forget one of those...

Probably call the book The Biggest Glass Wall Curtain in Scotland. Or maybe, The Castle View. Or Trees in the Plaza.

What hasn't been disclosed yet is what level of debt will be in place at the point of share transfer. Looks like AB will cease being majority shareholder today but still be due north of £3M. Unless she feels benevolent and decides to write it off.....
Cammo Toe
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08-30-2021, 10:32 AM -
#27
(08-30-2021, 09:52 AM)CM Kash Wrote: Oh Cammo, never change Warnock

You'd buy my book. Fact.

Monty Chuckle
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08-30-2021, 10:48 AM -
#28
(08-30-2021, 10:08 AM)Real Spencer Wrote: What hasn't been disclosed yet is what level of debt will be in place at the point of share transfer. Looks like AB will cease being majority shareholder today but still be due north of £3M. Unless she feels benevolent and decides to write it off.....

I've seen a few folk talking about debt - who could we be due money to or in debt to? 12 million quid has been handed over in terms of donations/pledges, what's that been spent on or where is it going once we get control? I know 3 million was donated towards building the new stand.

Surely Budge isn't due any cash?
Hank Scorpio
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08-30-2021, 10:49 AM -
#29
It might set the record for the most single word sentences in a book Warnock
Ray Winstone
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08-30-2021, 11:54 AM -
#30
(08-30-2021, 10:08 AM)Real Spencer Wrote: What hasn't been disclosed yet is what level of debt will be in place at the point of share transfer. Looks like AB will cease being majority shareholder today but still be due north of £3M. Unless she feels benevolent and decides to write it off.....

I think she said on her Talksport interview (very brief) that she had been paid all money owed.

Could be wrong.
No rep, no problem Shitwine
El Diego
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08-30-2021, 12:22 PM -
#31
(08-30-2021, 11:54 AM)Ray Winstone Wrote: I think she said on her Talksport interview (very brief) that she had been paid all money owed.

Could be wrong.

I can’t see her handing over the keys while still being owed cash, not given her previous anyway.
Real Spencer
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08-30-2021, 12:37 PM -
#32
(08-30-2021, 10:48 AM)Half Time Guest Wrote: I've seen a few folk talking about debt - who could we be due money to or in debt to? 12 million quid has been handed over in terms of donations/pledges, what's that been spent on or where is it going once we get control? I know 3 million was donated towards building the new stand.

Surely Budge isn't due any cash?

Last A/A's showed debt of c. £3M. All of which is due to AB. SW won't answer this question when put to him. 

She could still remain a creditor after share transfer. She will still hold a minority stake after FoH assume 75.1%.
Cammo Toe
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08-30-2021, 12:39 PM -
#33
(08-30-2021, 10:49 AM)Hank Scorpio Wrote: It might set the record for the most single word sentences in a book Warnock

Nonsense.

Monty Oh Well
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08-30-2021, 12:40 PM -
#34
(08-30-2021, 11:54 AM)Ray Winstone Wrote: I think she said on her Talksport interview (very brief) that she had been paid all money owed.

Could be wrong.

She's been paid back all of the loan that took the club out of the CVA. At the last A/A's she was due more than she was due at the point she joined the club. Much of what we're due her could be reasonably attributed to the stand overspend.
Zizou
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08-30-2021, 12:54 PM -
#35
That’s it signed when do we start getting votes on lineups jjay
Picards Forehead
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08-30-2021, 01:26 PM -
#36
dust off the fax machine Jj zing
El Diego
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08-30-2021, 01:55 PM -
#37
(08-30-2021, 01:26 PM)Picards Forehead Wrote: dust off the fax machine Jj zing

Phoning in the lineup from the Tynie arms. jjay
Johnny
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08-30-2021, 01:56 PM -
#38
Full forensic financial inquiry please.

No way, no fucking way our recruitment has been so bad without some dodgy dealings going on, and the stand, well, that's Cammo's specialist subject, but it reeks.

Budge clinging on to a seat on the board and some shares, mind it was for "sentimental value". Pish, she kens where the bodies are buried and needs to keep the prying eyes away.

Expose it all
Real Spencer
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08-30-2021, 02:52 PM -
#39
Nothing really changes in practical terms after the share transfer. Budge has been at pains to emphasise repeatedly that we'll be fan owned but not fan controlled. The FoH representation on HMFC Board is the key component from here on. When Stuart Wallace started getting heat after the Brora game he very quickly offered up the "we're just unpaid volunteers" line. That's simply not good enough and can't be considered good enough going forward.

The aim of the ongoing FoH pledges needs to be better defined moving forward. As things stand we basically see FoH hand the club c. £135,000 each month. Seems that just goes into a working capital pot to cover operating costs. That has been the case for well over a year now. Many will be quick to point out we've been in the midst of a pandemic for the past 18 months. Whilst that's indisputable, the financing of the club lacked transparency pre pandemic. 

Page 30 of the Annual Accounts for the period ended 30 June 2020 discloses Bidco (1874) Limited was due £5,494,000. That figure includes original Bidco facility to acquire club from CVAof £2,400,000. Today will see that Accounting issue crystallise. In essence the club are still due Bidco (1874) Limited over £3M plus any additional facilities that have been made available in the intervening period. That's after Benefactor contributions of £3.25M to FYE 30/06/19 and £3M last year. That's not even taking into account the c. £1.8M that FoH puts in each year.

Will Bidco (1874) Limited remain heritable creditor after today and will the company continue to hold a Standard Security and Bond & Floating Charge over Tynecastle Stadium after today.

Needs to be more transparency. Stuart Wallace needs to remember that he has a duty to FoH members first and foremost and not be in thrall to Ann Budge.
Morph
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08-30-2021, 03:12 PM -
#40
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