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FoH getting the keys to the kingdom
Started by Acey




51 posts in this topic
Hung S.J.
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08-30-2021, 04:13 PM -
#41
(08-30-2021, 02:52 PM)Real Spencer Wrote: 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.

So how much debt are we in? What's the bottom lin figure? 3 mil?
Real Spencer
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08-30-2021, 05:31 PM -
#42
(08-30-2021, 04:13 PM)Hung S.J. Wrote: So how much debt are we in? What's the bottom lin figure? 3 mil?

Minimum £3M. Quite possibly nearer £4M. All due to AB via Bidco. That entity will still have a security over the stadium after today. 

Could argue that better being due money to her than a bank or finance house. Reality is that FoH haven't inherited a debt free club.

I see she's decided that she's staying on as Chair another 2 years minimum. Nothing really changes.
This post was last modified: 08-30-2021, 05:33 PM by Real Spencer.
Hung S.J.
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08-30-2021, 05:35 PM -
#43
(08-30-2021, 05:31 PM)Real Spencer Wrote: Minimum £3M. Quite possibly nearer £4M. All due to AB via Bidco. That entity will still have a security over the stadium after today. 

Could argue that better being due money to her than a bank or finance house. Reality is that FoH haven't inherited a debt free club.

I don't mind that situation. 3 million debt to a Hearts minded person is good. I'd just like some clarity and how we are servicing it. Inevitably you'll have noobs shouting that we are debt free so we just need to get the record straight.
Terry
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08-30-2021, 06:05 PM -
#44
So what does this all really mean? 
Not all that much with Ann staying on, i would imagine.
Real Spencer
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08-30-2021, 06:07 PM -
#45
(08-30-2021, 05:35 PM)Hung S.J. Wrote: I don't mind that situation. 3 million debt to a Hearts minded person is good. I'd just like some clarity and how we are servicing it. Inevitably you'll have noobs shouting that we are debt free so we just need to get the record straight.

There will be people who feel that debt has only been necessary because she went c. £13M over budget on Main Stand. 

Seems the club continues to need £3M+ from Benefactors and over £1.5M from FoH each year to break even.
Hank Scorpio
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08-30-2021, 08:08 PM -
#46
The amount of loser Hearts twitter accounts that'll be falling over themselves to add 'co-owner of Heart of Midlothian Football Club' to their bio will be through the roof Robbie
Cammo Toe
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08-31-2021, 04:32 AM -
#47
Budge to stay on at least 2 more years to get the stand finished.

You couldn't make it up. The stand is the main reason she should be emptied. She's already spent £24m of our money on this £11m stand. Got it all wrong along the way. Delivered a lower spec. Feathered her brother. Honestly. If we've more work to do and more money to spend on it, call in proper professionals. 

She'll be looking to get it named the Ann Budge Stand at the end of this. Bookmark this.
Morph
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08-31-2021, 06:44 AM -
#48
Anyone know how much the stand ran over budget just off the top of their heads?
[Image: n7oPFZa.gif]

Winston Churchill
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08-31-2021, 07:27 AM -
#49
It's like you've been paying shree hundred a month for 5 years paying off a car. When you finally pay it off, you don't get to drive it.

LBOP and her brother would like to thank you.
Real Spencer
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08-31-2021, 09:22 AM -
#50
(08-31-2021, 06:44 AM)Morph Wrote: Anyone know how much the stand ran over budget just off the top of their heads?

£13,000,000
BoJack Horseman
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08-31-2021, 09:24 AM -
#51
(08-31-2021, 04:32 AM)Cammo Toe Wrote: Budge to stay on at least 2 more years to get the stand finished.

You couldn't make it up. The stand is the main reason she should be emptied. She's already spent £24m of our money on this £11m stand. Got it all wrong along the way. Delivered a lower spec. Feathered her brother. Honestly. If we've more work to do and more money to spend on it, call in proper professionals. 

She'll be looking to get it named the Ann Budge Stand at the end of this. Bookmark this.

Yet another reason the books from 2015 onwards should be handed over to be audited to see who has coined what. Her brother being enriched beyond his wildest dreams to not deliver still really sticks in the craw.

While we should be glad the £2.5m was fronted up, I will maintain once she gets her money and interest back that she and her family have done better out of HMFC than we will have done out of her.

Rather triggered by the prospect of the Dr Budge Stand Warnock Get To Woy
Real Spencer
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09-03-2021, 05:01 PM -
#52
Just had a wee poke about on the other site. There's a thread titled 'Gary Mackay' with an extract of comments seemingly made by Stuart Wallace praising Gary for bringing Ann Budge to the table at the inception of her involvement. Seems to be a suggestion that Gary has conveyed views, seemingly unpalatable for some Hearts fans to countenance (Mods of a certain site in particular) that have ultimately been proved right. Kind of views that are probably shared by many on here.

Might be a bit of sweeping and firefighting to be done in the hours ahead...



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