July 13, 2013 · 5:30 pm
Joint Administrator Trevor Birch, along with his BDO colleague Bryan Jackson, is the man charged with leading Hearts out of their current financial predicament. Although he gained a high profile recently having “saved” Portsmouth Football Club from their administration, an analysis of his actions at the English club may create cause for concern for Jambos.
April 2013 and administrator Birch hails the good news, as he saw it, about the future of Portsmouth Football Club. He happily announced the deal that would see completion of the “purchase of Portsmouth Football Club,” a deal that “safeguards the club’s future”, that would set the stage for “the new owners to begin the urgent task of rebuilding the club”. The achievement was clear: “keeping Portsmouth Football Club alive despite what, at times, seemed like insurmountable obstacles.” Thanks in no small measure to his efforts, “Portsmouth Football Club can once again look forward to the future with optimism”! Continue reading →
June 21, 2013 · 7:29 pm
The SPL, earlier this week, issued a statement regarding Hearts.
Following Heart of Midlothian plc lodging a Notice of Intention to Appoint an Administrator with the Court of Session in Edinburgh on 17 June 2013, the SPL confirmed that a number of sporting sanctions have been applied to the club.
An SPL spokesperson said: “As Heart of Midlothian is subject to an Insolvency Event, a 15 point deduction will be applied to its total points in the League Championship for next Season 2013/14. In addition, Heart of Midlothian is subject to an embargo on Registering Players with the SPL whilst in administration.”
There are a couple of thoughts about this.
First of all, how does the change at some point before next season from the SPL to the SPFL affect this? If the 15 point penalty which is based on 1/3 of the points gained in the preceding season is an SPL rule (as it is) how does this carry across to the SPFL? Continue reading →
May 18, 2013 · 10:00 am
The SPL have decided to discuss the situation at Hearts on Monday, after the SPL season ends.
The majority owner of Hearts and the main creditor, UBIG and UKIO Bankas, are both in, or have applied to go into, administration.
Mr Romanov’s always interesting stewardship of Hearts seems inevitably at an end.
The Lithuanian administrators will see what they can realise from Hearts – perhaps only the ground will prove worth anything? Continue reading →
May 14, 2013 · 3:01 pm
Yes, I’m a Hearts fan and something has been gnawing away at me since the HMRC v HMFC tax case.
This is my understanding of the situation.
Kaunas, at the start of Romanov’s reign, loaned players to Hearts. All of these players had played for Kaunas and were registered Kaunas players therefore these players were entitled to be loaned to Hearts under existing football and tax rules (or were they?)
The problem seems to have arisen from the multitude of players who arrived at Hearts having been signed by Kaunas, having never received a wage let alone represent Kaunas on the pitch, and were immediately loaned to Hearts. Continue reading →
February 17, 2013 · 10:00 am
Whilst the Rangers story last year was about, as it is now presented, the company which owned the assets and business which made up the football club, going into administration, the situation this year at Hearts comes from the opposite perspective.
Here it is the bank which is owed huge sums by the company which owns the assets and business which make up the football club going into administration. Simples!
Ukio Bankas, the Lithuanian Bank largely owned by Vladimir Romanov and his UBIG Group has been placed into administration, and the administrators are looking for buyers for the assets. That suggests that the value which UBIG can attribute to its involvement in Hearts will be slim to zero, and slim left town. Continue reading →