(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?