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Roman: No plans to repay club's debt



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HEARTS chairman Roman Romanov today declared there are no plans to repay the club's debt, which is to escalate to £40million, and confirmed that no head coach will ever have proper control of team selection at Tynecastle whilst his father remains in control.
Romanov chaired an occasionally tetchy AGM today, during which passed a motion to permit the board to borrow an additional £11.6m on top of their existing £28.4m debt.

It was also made clear during a question and answer session with shareholders that Vladimir Romanov, the club's majority shareholder, will always exercise an influence in footballing matters.

"Maybe a coach will get 50 or 60 per cent control, but definitely not 100 per cent," said Romanov. "There are different reasons for picking a team. We won't play players who don't have a long-term contract. We don't want to develop players to move on to Rangers or Celtic.

"If a players says 'I don't want to play here', then it's goodbye. It's a privilege to play at Hearts. Why should we play a player who has three months left on his contract? We will not, we will play [Andy] Driver because we know he has a five-year contract."

When questioned on the club's finances, and the power of their parent company Ukio Bankas Investment Group, Romanov stated that he is not concerned by the debt increase.

"It's borrowing but we own this money so I wouldn't worry too much about it. It's up to our financial people. This debt is not owed to a third party. UBIG controls assets totalling ¤500 million. Hearts cannot finance themselves. The money will come from Ukio bank or another bank. We are not going to repay the debt, we own it ourselves, why are you worried about it? Why would we leave we are so happy here.

We are playing in a league where people are used to certain things and they will do everything in their power to keep it that way. Teams steal other players. They call themselves Sir and Lord. look at Hibs. Look at our former captain."

The full article contains 359 words and appears in Edinburgh Evening News newspaper.
Page 1 of 1

  • Last Updated: 27 February 2007 2:14 PM
  • Source: Edinburgh Evening News
  • Location: Edinburgh
  • Related Topics: Heart of Midlothian FC
 
1

Argie Bargy,

27/02/2007 14:39:25

What in the name of the wee man is he rambling on about in the last para ?

We are playing in a league where people are used to certain things and they will do everything in their power to keep it that way. Teams steal other players. They call themselves Sir and Lord. look at Hibs. Look at our former captain."

Eh both Hibs and our former captian are still in the cup.

Roman been at Daddies Vodka again ?

2

Engels74,

27/02/2007 14:42:41

Brilliant! These guys can even say this with a striaght face! Rodney Romanov and his old Paw are really making it an attractive option to play for the Jambos! Those world cup stars must be queuing up to sign on!HAHAHA!

3

Hoogel,

Birmingham 27/02/2007 14:46:36

I think the more worrying part of his comments are
"Why would we leave we are so happy here".
The question is what happens when they are no longer happy?

4

Skiver,

27/02/2007 14:48:57

You can almost see where he is coming from by more or less saying that they are only interested in players who have committed their futures to the club, but it's a case of cutting off your noise to spite your face.

Football just doesn't work that way.

Also - "We don't want to develop players to move on to Rangers or Celtic."

Pressley? Hartley? Webster?

#1 really not sure about the last bit either!

5

Djsimpo,

7th heaven 27/02/2007 14:57:41

Are these not the ramblings of a mad-man? When will the JT supporters force this lunatic and his vodka slurping brood out of Scottish football - as a Hibs fan I'd hate to see the JT's go down the toilet, and I'm afraid that its looking ever the more likely!!

6

Jenks,

27/02/2007 15:04:50

No they are not.

Its guys like you lot that need to sort themselves out IMO.

Alot of people may be happy to live with the OF dominating with the help of their buddies at the SFA. I for one am not.

Mon the Vlad!

Argie Bargie

his comments in the last paragraph are intended for eejits like you i.e. those that base their opinions on crap newspapers.

7

rosco1875,

27/02/2007 15:05:59

#6 Spot on mate.

Nobodys said anything to them about leaving!! Whats he bringing that up for??

Ooohh there may be trouble ahead!

As for Argy Bargy, knew that was why you had a wee bee in your bonnet son ;-)

8

rosco1875,

27/02/2007 15:06:47

Woops! agreeing with No.3 there actually! D'oh!

9

victor ian,

27/02/2007 15:08:02

thats it then, its genetic.

had a right royal laugh at that!!

10

Away down in Gorgie,

27/02/2007 15:09:03

Argie Bargie

I was at the AGM.

The commnet about Hibs was that they nurture young talent just for the OF to come along and steal them - he used Riordan as an example wherer hibs spend years developing the boy just for him to leave for nothing and sit on the bench in Glasgow.

He also said that Hearts, Hibs, Aberdeen etc.. should stand up more to the SFA, Press, OF etc...

and I actually agree with him.

11

some truth about romanov, Lithuania,

27/02/2007 15:10:17

#1, #4, maybe the man was expecting to get knighted in three years or so, "for all the good he had done to the Scottish football". It did not happen - neither the "good", nor the knighthood. Apparently the disappointment gravely affected mental abilities of Romanov himself, and all of his extended family and sidekicks. Now they are just rambling incoherently along those lines...

12

Pavlov Dog,

27/02/2007 15:14:25

Roman is bang on the money. There is a new way of doing business at Hearts, as he says, that is different to the way it has always been done in Scottish football.

The traditionalists, who dominate at every level in our game and in the press do not like change. They can't or won't try to understand it. They are challenged, frightened and too often outraged by this change.

Yet it isn't rocket science to understand and actually a quite brilliant plan to anyone who's head isn't full of outrage and indignation.

And, for those who are afraid of risk, Romanov is spot on about the debt, Romanov owns it, so why get in a lather about it>

13

The Sheriff of Nottingham,

27/02/2007 15:20:37

If you have trouble following the above comments from RR I suggest you reconsider your education.

Maybe go back a year or two at school.

There are also specialised schools for people with extreme learning difficulties. I could look them up for you in case Yell.com is beyond your comprehension.

14

Fothy,

27/02/2007 15:25:53

#12 - And, for those who are afraid of risk, Romanov is spot on about the debt, Romanov owns it, so why get in a lather about it.

Romanov might own the debt and provided he never leaves Hearts then there is nothing to worry about. What happens if he does leave though? Looks like they are perhaps putting all their eggs in one basket in thinking that the new stand will mean they will be able to write off all the debt with the income from this. Things need to be right on the field or the fans will vote with their feet. Will be very interesting to see what season ticket sales are like next season particularly if Hearts don't manage to finish in third spot this year.

15

Arnie,

Newington 27/02/2007 15:26:43

In football it is considered that the wages to turnover ratio should be no more that 50-60%. Hearts ratio is 97% and it is not being financed by a sugar daddy, it is being financed by his bank.

I think that it is time we asked ourselves what would happen if he decides to walk away and recoup his losses by selling Tynecastle.

16

Stilllostbhoy,

27/02/2007 15:26:48

#10 makes a good point that teams ought to stand up for themselves. Celtic took two Hearts players and Rangers one Hibs player in January. Which of Hibs and Hearts got more money? Who did the better "standing up"? It's certainly not clear that Hearts did any better out of the situation than Hibs.

Also Celtic lost maloney to Villa, and we've lost others before (Liam Miller) but if you take the view that you get what you pay for the fact is that Celtic paid them to play and got their reward when the guys played. To look for more is just unrealistic. That's life and not some SFA, OF, SPL conspiracy.

Hearts don't have a brilliant plan. Romanov is trying to draw a different line where he thinks there's too little time left on a contract - so when Driver signs a five year deal is that 3 years playing football and 2 on the sidelines? All it means is that when players sign for Hearts they'll want a different deal (and more costly for Hearts).

So more money down the Hearts drain, more debt for Hearts, more profit for a Lithuanian bank, more flats in Edinburgh.

17

Chas Niceass,

27/02/2007 15:27:22

I can take a lot of this but every good business needs good management and I'm afraid thats going from bad to worse at the minute.
Clearly that isnt going to improve so I see it being difficult for them to achieve the goals they say they are trying to attain.
Its taking increasingly high levels of resolve to follow the club

18

rosco1875,

27/02/2007 15:28:48

#10 Kinda agree with what your saying there.

Sure you'll agree though that Hibs have taken the harder line with the manky sisters re. transfers of our players and the likes. In fact, Riordan is a little bit of a bad example here bcos we told the huns to ram their derisory offer and kept him playing, deemed that was worth more money.

As mentioned, does seem a little silly to rip your nose off to spite your face.

Surely to god it cant be of any benefit to anyone to have Craig Gordon sitting in the stand every week.

19

Jacomo,

27/02/2007 15:35:33

#12 Pavlov Dog

"actually quite a brilliant plan".

any chance you could explain it to rest of us? Because what I see is a football club going to the wall.

Much obliged,

www.welovefitba.blogspot.com

20

The Flairmeisters,

Leith San Siro 27/02/2007 15:43:44

Pavlov Dog... on the wind up surely...

The clue's in the name....

21

Hoogel,

Birmingham 27/02/2007 15:44:49

Everyone keeps hanging onto the "Romanov is here for the long term, so the debt is not a problem" strategy, but unless he has found the secret to eternal life he is going to go at some point. Therefore there has to be pressure put on him to present a viable business plan for the long term financial future of Hearts.
What happens if Romanov's successor at Ukio or Ubig does not believe Hearts are a sustainable business venture?
Stop living in the now and start to think of the future generations of Hearts supporters for gods sake!!!

22

Saturday Sammy,

Port O`Leith 27/02/2007 15:46:02

On letting players go I`m afraid there is no choice in the matter where Hibs are concerned. ALL players go sooner or later and, where loyalty plays no part and money dominates, the only thing a losing club can do is try for best deal. Comments of #10 and #19 are correct in that it would be great if all us lesser lights could fend off the Old Firm but only money, it seems, can do that. Speaking for Hibs, we ain`t got it but perhaps Hearts can show them the door and all the best in trying to do so. Whilst a lot of negatives are aimed at the Romanov governance, there are certain aspects which are quite admirable. A simple point made by a Rangers fan to me was this ...... `That`s us keeping you afloat again eh?` Like it or not, we take the money don`t we?

23

christopher,

27/02/2007 15:51:45

there you go jambo's you are getting it from the horses nouth here, they have NO intention on paying the debt back.... they own it..... hahahaha, they sure do. they own the debt hearts fans own the interest payments. you have an interest only mortgage by the sounds of it. they are borrowing on the value of the land tynie sits on and leaving you to pay money into his bank while the debt sits there. the debt won't go away and hearts are not worth £40m so no-one will want to buy the club meaning romanov still has complete control. your not gonna get away from this guy unless you stop paying money into the club. lets see how he explains the fact that no fans are coming yet players are still getting paid. i am going to go and get some laundrey done, look at that just found a tenner in the machine!

24

Taxi for Brellier,

27/02/2007 15:52:25

look at all the slavering fools on here basking in the glory of the new, great, ideals of the Ranting romanovs.

Watch over the next few years, the lack of quality players running with outstretched arms to sign up to these 5-year deals offered by these clowns.

25

Chas Niceass,

27/02/2007 15:52:47

#22 I must admit a concern of mine, he's at a dangerous age, what if he snuffs it?

26

Steve fae Chesser,

Edinburgh 27/02/2007 15:55:15

Which former captain, we've had four captains since October?!?!?!

27

Flabskin,

Mbra' 27/02/2007 15:57:45

I knew it!

That thing in front of the '500 million' is a Rusty Lithuanian Washer!

28

Links Green,

Cloud 7 27/02/2007 16:02:20

#22, sound advice but I fear too many jambos are a few monkeys short of a safari park to heed it. Meanwhile us Hibees say keep up the good work Vlad.

29

Robbo27_22,

Edinburgh 27/02/2007 16:02:37

Yip, building a new stadium must be the Russian way to asset strip.

Are the doom and gloom mongers really that thick?

30

victor ian,

27/02/2007 16:03:03

hearts are a bit like a relative that disappeared without trace months ago. somehow, you know they are alive, but you get a nagging feeling that you will never see them again.

31

Uncle Tam,

Loanhead 27/02/2007 16:05:14

#14 Don't give up the day job.

32

Newcastle Jambo,

27/02/2007 16:10:28

It has taken a while to get this level of honesty. Now that we know Romanov's intensions we can all decided whether to back him by buying season tickets and merchandise or not which means, sadly, no longer being able to support the club we all love.

I am in the latter category and won't be back because I fundamentally object to any rich owner using a football club as his personal plaything and having any (let alone 50%) influence on who is in the team. That should always be down to the best available manager.

If people are happy to pay money to watch inferior players picked for non-football reasons it's up to them. I am not.

A year ago people refused to believe that Romanov picked the team. Now that's clear. They believed him when he made statements such as Burley, Anderton and Foulkes were killing the club, Pressley is the cement holding the team together, he has a £10m transfer budget and will be signing world cup players etc etc. Nobody can believe or trust him after so many lies and breaking so many promises.

Equally, while it's easy to say that "we own the money, why worry?", if that's the case why not write off the club's debt rather than double it? It's just a way to exercise total control and take the club out of reach of any other interested investors.

Good luck to those of you going along with all this. I'm signing off in the spirit of adapting apt songs with a Smiths classic:

Panic on the streets of Gorgie
Panic on the seats at Tynecastle
I wonder to myself....

Could life ever be sane again?
The Leith side-streets that you slip down
I wonder to myself.....

Hopes may rise in the Wheatfield
But Honey Pie, you're not safe here
So you run down
To the safety of the town
But there's Panic on the streets of Carlisle
Dublin, Dundee, Humberside
I wonder to myself.....

Burn down the boardroom
Hang the blessed owner
Because the mad

33

victor ian,

27/02/2007 16:14:10

nice one NJ, respect your choice, though i don't think i will ever give up ma season tkt. im a glutton for punishment.

34

Steve fae Chesser,

Edinburgh 27/02/2007 16:17:14

Robbo 27_22, I'd love to be optimistic like you and so many others on Jambos Kickback but when will you all realise we are in real trouble? If we don't get Champ League or if we don't get Europe at all, or if we don't make top six or if we build that fab stadium but as the team is rank which it is we don't get the crowds. hopefully someone will wake Save our Hearts soon we are dead otherwise If you don't believe me, compare this season with last, progress, I don't think so?

35

Sir Brian Hine QC,

Henley-on-Thames 27/02/2007 16:26:29

Now this is getting interesting and very very clever….Their new tactic I mean,

“Daddy, I think most of the Hearts fans have caught on that we never stick to anything we say”
“What do you mean son”
“Well daddy, you know the bits about bringing in world cup stars and delivering the Champions league trophy and so on”
“Yes, yes”
“And that we would stand up to the old firm and never let them take our players”
“And…”
“Well daddy, Pressley, Hartley, Webster…”
“Oh them, I didn’t like them, they were naughty”
“I know daddy but the point is I think they will catch on that every time you say something, it never happens and then when you give them bad news you give them some good news just to keep them happy but I don’t think they trust us as we keep telling them lies”
“They don’t trust us?”
“No daddy and they’re now calling you a liar”
“I see…..in that case son, what we’ll do is now tell them the TRUTH!!”
“But daddy!!”
“No son, my mind’s made up; we’ll tell them the truth from now on, rather than keep covering up the fact that we’re screwing them into the ground, we’ll tell them we ARE screwing them into the ground, that way, when we finish the job, they can’t call me a liar ”
“Oh that’s brilliant daddy”
“Daddy….”
“Yes son”
“When we make all this extra money from the fans, can I have a new Ferrari?”
“NO…you already have 2 Ferrari’s in your scaletrix set as it is”

36

Argie Bargy,

27/02/2007 16:26:35

#10 Thanks for clearing that up.

It really made no sense the way it was reported.

37

Ford Prefect,

Perth 27/02/2007 16:34:34

It's all good for Vlad. He reaps around £5m a year in interest payments on a £40m debt. Has nearly enough ground (thanks to the council) to cover the £40m if he decides to walk. Getting a healthy monthly wedge for him and his family into the bargain.

The problems start when he can no longer sustain the ridiculous wage bill and there isn't the quality he needs to challenge the OF available on Bosmans.

At that point the results faulter, the league position waivers and European participation is out of reach.
If this scenario happens then it's time to panic and within a matter of months the mighty Hearts could plummet from Champions League football to administration .. and at the other side of administration they'd be homeless and penniless.

Enjoy the ride while you can.

38

Chas Niceass,

27/02/2007 16:35:14

#34 NJ You have completely cracked!
However I actually believe the only hope for Hearts is to be bought over and the best chance of that happening is if they see full houses at Tynie, not a crumbling club, shrouded in apathy and civil war.

39

Jacomo,

27/02/2007 16:36:20

Do you think this is some cruel Russian joke?

"We're going to pull off a very public scam, using one of the most famous institutions in one of Europe's leading financial sectors."

"No! The people of Edinburgh are too savvy with their money - they're all bankers and accountants. We'll never get away with it."

"Oh won't we?"

www.welovefitba.blogspot.com

40

Des' Dad,

27/02/2007 16:37:36

Have to say I was at the AGM today and I am much more assured about the future now than I was before the meeting. Young Romanov was extremely impressive at Chairing the event, and remember in a foreign language for him, and he most definetely confirmed the absolute commitment of the owner in securing a good future for the club. I'm not convinced that some of his antics towards the media, the SFA and his constant interference in team matters will be to Hearts' advantage but, I have to say to fellow fans, that is the way it's going to be and if you don't have the stomach for it then you would be best to leave now.
I've been to every AGM in the last 15 years and this one was no different. It's always been the case that the man who pays the piper calls the tune and the ordinary fan has absolutely NO say about what happens. And that applies to EVERY club in the land and every business for that matter.

41

Statsman,

27/02/2007 17:36:37

I think the 'Sir' bit is a reference to 'Sir' David Murray.

42

Phil,

Oxford 27/02/2007 18:01:45

Reading the responses to this story makes me think that (most) Hearts fans deserve the Romanovs.

43

Addie,

Plymouth 27/02/2007 18:25:09

Not as bad as thought the outcome would be to be honest. Made a valid point about the debt and at least he had the decency to admit the interferance with the team. Wish they wouldnt though. Its encouraging that the club are still in the hunt for third - and lets face it if we are going to challenge the OF, then its inevitable someone is going to finish third. The refurbishment of Tynie is much needed and although I remain critical of Romanov I think we should focus on the positives.

As for those who constantly use this page to plug their songwriting 'skills' why dont you all fcuk off and audition on Pop Idol ffs!!

44

Addie,

Plymouth 27/02/2007 18:29:06

Phil - reading the comments you make on a daily basis, you deserve to have a hedgehog as yer next jobby! Now go away and coment on yer own team.

45

Tallhmfc,

http://edinburghderby.proboards84.com/index.cgi?bo 27/02/2007 18:29:33

We seem to be a part of the UBIG group!
if thats the case there will be no problems concerning money. Hang on tight fellow Jambos it could be a long Journey. Phil from Oxford= a sad sad man

46

Fitbaw365,

Sweden 27/02/2007 18:31:48

He was starting to sound reasonable until he said:

"They call themselves Sir and Lord. look at Hibs. Look at our former captain."

Why have a pop at Elvis???

www.fitbaw365.com

47

Tallhmfc,

http://edinburghderby.proboards84.com/index.cgi?bo 27/02/2007 18:46:27

*49 Why have a pop at Elvis, He spits the dummy and goes public on an internal matter and you ask why have a pop!
The second they sat in front of the cameras our season was effectively over.

48

Phil,

Oxford 27/02/2007 18:47:34

47 - That's a bit harsh. Think of the poor hedgehog!

48 - Rrrrrrrrright....

49

Texbhoy,

Houston, Texas 27/02/2007 18:48:14

Is anyone taking odds on Hearts having a Chimp as a team mascot?

50

Phil,

Oxford 27/02/2007 18:49:01

50 - Your season was over last season the moment Romanov sacked Burley and started hiring a succession of increasingly lousy head coaches / puppets to oversee the increasing number of mediocre Lithuanian players arriving by the planeload.

51

James,

Dundee 27/02/2007 19:05:17

Yes If I was the Bank Manager of Hearts I would be rubbing my hands at the interest charges!

Will anyone at Hearts look at the demise of Dundee FC and their £22 million debt - If Vlad walks away be afraid!

52

Ian,

27/02/2007 19:19:03

We will spring back if going under (Airdrie for example)- YOU ALL KNOW IT !!!!!!!!
Could be worse - The owner of our rival team might be about to buy us over and eradicate our name/club. Oh Wallace Mercer - if only.
All the morons sporting green and white would be wearing maroon by now.

53

Zibi is a Jambo,

27/02/2007 19:19:12

#39 - love to know where you got the £5M figure from. HMFC accounts show that the net payment to Ukio was £600K.

And for those who wonder what's in it for Vlad should he get fed up and walk away, where's the money he's going to make? From clearing a stadium site and building flats and maybe selling Craig Gordon? Yep that'll bring in at least £50M, won't it?

So, the debt isn't an issue as Rodney says. It's only an issue if someone tries to buy the club as there is no way Vlad would get the debt and the club value back.

54

Zibi is a Jambo,

27/02/2007 19:20:15

Incidentally, if Vlad did walk away, we'd be no worse off than what we were under the Robinson/Murrayfield scenario.

It's better to burn brightly rather than fade away.

55

brettgallacher,

27/02/2007 19:30:14

how thick are you the debt of 40mil gets vlad the mad a mil in interest per year and unlike the pie man you have no assets to get rid of the debt thus going out the box then sell the name on ebay just ask airdrie clydebank what happened

56

brettgallacher,

27/02/2007 19:31:15

lidls lidls is going to be a lidls

57

Texbhoy,

Houston, Texas 27/02/2007 20:00:26

Walmart supercenter, you'll be able to buy mince where the Home dugout was...

58

Big T Jambo,

27/02/2007 20:03:51

Can I ask folk how they think Murray wrote off Rangers debts of £70m and lately £50m???

Have you just assumed that Murray had £120m stashed away in a bank account offshore and decided one day instead of earning interest on his cash he would clear the debt so all the Teddy Bears would get a good nights kip??

Murray racked up the debts at Rangers and when the time was right he wiped out the debt by transferring it elsewhere in his business empire. These debts were used to offset profits made elsewhere by MIM meaning he pays the tax man less dosh.

I fail to see how this is radically different from Vlad & Hearts.

59

Kenny M,

27/02/2007 20:21:48

#60 - I thought Murray sold a load of shares in Rangers to clear the debt? Didn't he underwrite the issue and dilute the stock holding to create more shareholders? Bit different, unless Vlad want to get 40,000 to stump up a grand each in return for a share of your club...

60

Des' Dad,

Corstorphine 27/02/2007 20:24:46

Wouldn't be pleasant if supporters could stick to commenting on stories concerning their own team instead of the juvenile ramblings we are subjected to.
A couple of months ago I started the same thread on Jambos Kickback and Hibs.net which was "Why do you hate Hearts/Hibs". The results were interesting and are confirmed by the comments on this thread.
75% of Hibs fans hated Hearts albeit for totally illogical reasons and only 10% of Hearts fans said they hated Hibs.
Perhaps pointing to a massive inferiority complex that Hibs fans have. Get a life you lot. Edinburgh needs and thrives on having two good teams in the SPL and long may it continue.

61

Zibi is a Jambo,

27/02/2007 21:04:56

#58 - I'm hardly thick. I've read the accounts, rather than made up numbers to suit my wet dreams, unlike you.

62

EagleOne,

Moonbase Alpha 27/02/2007 21:29:19

Hmmm, dubious all of it to be honest.

First of all, is it not just a new stand thats meant to be going up? Regardless, it is being built at some cost, with some £6M about to be fluttered away on the land thats needed to build the thing. Sure the land will belong to the club, as does/will the stadium - all strong assets belonging to the footballing behemoth that is Hearts FC... the same behemoth that is near on £30 million in debt, yet is looking quite happy to let this increase by over a third more in its quest to become the "great" in Vlad's eyes...

What, dare I ask? Is to become of the club should Vlad pull out of Hearts, be that one day soon, or in years to come? Well, okay, lets consider this scenario for a second - what assets will be left? Players... hmmm.... right okay.... no decent ones by any respects - not a good start. Money... hmmm nope, don't have a lot of that, heck can't even afford to give Dunfermline that £50k is owed to them... oh dear... now what.... Ah ha! The stadium! The land! Its ours! We're safe!.... Errr, or are you?

Lets think further of a "life-after-vlad" situation.... The debt - and there is a LOT of it.... is now virtually all owed to his bank.... his bank are earning a LOT OF INTEREST on this as it is..... whats to stop them from requesting it back.... what then? (I remember seeing a lot of 5 year loans with 4 years left to run in the recent club accounts...)

Who (and by that I mean which financial institution) will step in and loan an asset stripped business millions should things turn sour....? I can't think of one? What then...

Ah but wait, why would Vlad do that? I mean, he's never lied to us before! (Top Manager/Team Selection/World Cup Stars?!?) and anyway how could he gain from the situation!?

Gee let me think, sale of shares in club = CHING. Interest from club still owed to his bank = CHING. Demand of repayment of cash owed by Hearts = NO CHING

63

Away down in Gorgie,

27/02/2007 21:47:37

Eagleone,

Look I haven't got all night to correct you with regards to your post but I will do a quick summary.

Interest on overall debt under Vlad - £880,000 - actual amount paid was £630,000 after shirt sponsership deal with UKIO. Interest paid on a slightly less debt with HBOS in the last year before Vlad took over - £2.1m. Hardly ripping us off.

The land required to build the new stand has already been accquired - adult training centre in McLeod st and ticket offce from W. Mercer (RIP). The land on the school site is for ADDITIONAL building which cannot start until 2010.

Please keep up.

Do you not think it say more about Dunfermline needing the money that Hearts paying for it? I never pay my bills until absolutely last minute.... sure alot of business run this way.

But we could pay this amount from the money with the biggest strip deal in Scotland (outside the OF) to be announced tomorrow morning (Press Conf - 9am).

I BELIEVE it's addidas.

At the AGM today RR advised that they have no intention of paying themselves back the money they are owed - see the irony there? The debt is with them - they are not worried, I am not worried so you shouldn't be worried.

64

Away down in Gorgie,

27/02/2007 21:49:15

44*

FUD ALERT

65

Xacobeo Hearts,

Galicia - (long time) lost for a punch line 27/02/2007 21:55:29

Nice one NJ #34

I presume that you'll also agree with me when I paraphrase another great Smiths song.

"This joke isn't funny anymore"

Big, BIG joke we are now-a-days.

But I for one am not laughing.

Just wondering, nae dreading, what on earth the final punch line could be?

66

Xacobeo Hearts,

Galicia - (long time) lost for a punch line 27/02/2007 22:02:05

Yes #67

... but in this case the "fud" has got it right!!!

67

tam_1955,

Johor Bahru, Malaysia 28/02/2007 00:16:06

An announcement of a new strip deal in the morning could be the reason I had a letter from Hearts today saying that they were offering me a free home or away strip. This was because I had chosen the Scottish Cup top-up option when I purchased my season ticket and had not much value from it due to the early exit. I presume everyone else in the same position has recieved the same offer and they will be clearing the shelves of the old stock.

Good PR and marketing in my opinion.

68

Kenny M,

28/02/2007 09:53:45

Aye, getting the soon to be old strip instead of a run in the Cup is great PR.

69

EagleOne,

Moonbase Alpha 28/02/2007 13:04:55

#66, shame you didn't have all night, that way you might have managed to get to some of my points, but anyway.

I wasn't referring in anyway to what interest was now being paid to the Bank-of-Vlad since the change of bankers, merely highlighting that should he depart, his ownership of the debt would remain AND he's got first call on the land and the stadium as per the recent accounts.

As for the land, okay fair enough I didn't care enough to know that much detail - i'll give you that but that doesn't get past the cost of the acquistion - and the debt that it brings.

Of course Dunfermline need the money! Come on they are in Fife, 50p to them is roughly the same as a million quid would be to you or I, and we're talking £50k in this case.

Dunfermline needing the money shouldn't in anyway distract us from the point that Hearts aren't coughing it up for no good reason. "Paying bills at the last minute" - Absolutely - but by all accounts that last minute passed some time ago because the Pars are now chatting about bringing in lawyers...

Do we remember that the powers that be at East End Park had the sense to turn Romanov away when he approached them, before he eventually bought his fourth choice team... hmmm... coincidence perhaps.... probably only that....

Look, at the end of the day time will tell. I hope for the sake of both Hearts and sScottish football that I'm right off the pace and Vlad is actually a decent guy, and he wouldn't screw the club over in favour of a quick buck, I really do.

I really hope he shuts up and stop and you get back to the team you were last season under Burley.

Peace out.


 

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