Hearts fail to pay six players their September wages

[BlueMazza 0]

Despite selling some of their biggest assets and concentrating on home-grown talent, Hearts are still struggling to make ends meet. Fedotovas admitted that they had run out of ideas in their attempts to increase revenue, which is “short of £7 million”

 

So how exactly is £1.75mil going to cover the shortfall of £7mil? Interestingly their share issue is almost the exact tax tribunal amount.

[Guest Peasie]

Oh dear, Hearts have received yet another winding up order from HMRC. How many is that now? What will be interesting is how the SPL react as this will now come under their new rules. Have they already informed the SPL about this non-payment? If so, why have the SPL not went public with it. Nine months ago I'd be hoping Hearts got over the problem. Now? Fuck them and all the rest of them.

[ian1964 10,761]

Hearts face winding up order from HMRC over unpaid tax bill

 

Heart of Midlothian FC faces a winding up order from HM Revenue and Customs over an unpaid tax bill.

 

The tax authority presented a petition to the Court of Session in Edinburgh to place the SPL club owned by Vladimir Romanov into liquidation earlier this month.

 

It is understood that the Tynecastle club is facing the action from HMRC over unpaid PAYE and National Insurance dating back several months, which is separate from their ongoing troubles with the tax authority.

 

The latest dispute with the tax authority comes as Hearts are challenging a £1.75m bill at the First Tier Tax Tribunal relating to players loaned to the club by Lithuanian club FBK Kaunas, which is also owned by Mr Romanov.

 

HMRC presented the petition to the court on November 1 and Hearts have eight days to respond starting from this Tuesday, when the notice of the winding up order was published in the Edinburgh Gazette.

 

Hearts recently launched a fans’ share issue for a 10% stake in the club, which the board denies would be used to raise around £1.79m in order to pay off its tax debt.

 

In January, HMRC lodged a separate winding up order against Hearts with the Court of Session, which resulted in the club paying off another tax bill.

 

The tax authority also took similar actions in November and December last year, which Hearts staved off through payment of two bills worth around £500,000 each.

 

Last month the Scottish Premier League imposed a player signing embargo on the Edinburgh club over repeated late payments to players. The club had failed to pay some players and coaching staff on time in both October and September, which the the league's disciplinary subcommittee found to be in breach of its rules.

 

In the Hearts’ last audited accounts, it was noted that the club’s debts had fallen from £36.1m in 2010 to £24m by last June. This was because around £10m of the money owed to UBIG was exchanged for shares in the club, while £8.8m owed to Panama-registered Natborg Projects Corp was forgiven as they were a "related party" to Hearts.

 

Auditors Johnston Carmichael LLP noted that the club made a £511,000 profit between August 2010 and June last year, but Hearts "has incurred significant operating losses in recent years and trading activities result in significant ongoing increases in debt."

 

The accounts released in April noted that the debt owed to UBIG was at 4.5% interest and that the bank continues to provide "short term loans and funding to allow the company to meet its day-to-day funding requirements." Johnstone Carmichael said in the report that the directors of Hearts, including Mr Romanov’s son Roman, had "received written confirmation from the directors of UAB UGIB that it will provide sufficient funding to enable the company to meet its liabilities as they fall due for the foreseeable future."

 

However, the auditors felt that there had been "limited" evidence provided to them about whether the bank is "able to meet its commitment to provide sufficient funding to enable to company [Hearts] to meet its liabilities".

 

In 2010 both the Edinburgh side and Rangers were named in the 'football secrecy league', which was published by international development agency Christian Aid.

 

http://local.stv.tv/edinburgh/198880-hearts-face-winding-up-order-from-hmrc-over-unpaid-tax-bill/

[simplythebest 0]

The future of Heart of Midlothian

 

07.11.2012

 

Today the Board of Heart of Midlothian plc is writing to you with the express wish that every supporter provides emergency backing for the club.

 

This is not so much a request as a necessity.

 

To use the words yesterday of John Robertson, one of the greatest players in this club's history, this is a "Call to Arms".

 

There is no greater need than now for supporters to invest in the club in whichever way you can, without delay. How can you do this?

 

1. Invest in the Share Issue! Take time to look at the Share Offer brochure and give some thought to what you might be able to afford to commit to the Offer. There are risks, we know, and these are laid out clearly so be very sure this is right for you before committing but please at least consider it.

 

2. Buy a ticket for you and a friend for the St Mirren game next weekend (Saturday 17th November KO 3pm)! We currently have 4,700 available seats for this game and we must fill the stadium for every game from now on to have any chance of avoiding future financial consequences.

 

3. Buy a ticket for you and a friend for the Celtic game on 28thNovember. It's always a cracking atmosphere under the floodlights at Tynecastle and we will welcome the champions for what we expect to be a cracking game. Let's fill the stadium and help the club continue to operate.

 

4. Buy a ticket for you and a friend for the Aberdeen game on 8thDecember. Aberdeen has already requested additional capacity as they vie for top spot in the Clydesdale Bank Premier League and this could squeeze availability for home fans. However, we want to look after our own fans and if demand from you is there, then we will make the Roseburn Stand available once again to Hearts fans.

 

Without the support of fans there is, as we issue this note, a real risk that Heart of Midlothian Football Club could possibly play its last game next Saturday, 17 November against St Mirren.

 

This isn't a bluff, this isn't scaremongering, this is reality.

 

Discussions on whose name is above the door, talk about how the money has been spent and debate on whether the investment in silverware has been appropriate is all natural but quite simply worthless at this moment in time.

 

The only valid debate now is how can you help the club. Is the club worth less than £110?

 

This club has been supported for the last seven years by generous funding from the majority shareholding business Ukio Banko Investicine Grupe (UBIG) and we continue to seek the support of UBIG at this stage. However, no business is immune to the financial realities of the current global economy and for this reason the club's reliance on its supporters is greater than at any point in the last seven years.

 

Our partners, our opponents, media, football bodies, many others - all are watching and judging how we will respond to the challenge. If we cannot demonstrate that we are united and we represent a force then there will be no due respect to the club form anyone around.

 

Without your help now, we could be entering the final days of the club's existence. There are limited options for the Board of Directors to take to avoid the catastrophic consequences that a funding shortfall would mean for the club.

 

In a footballing sense alone Hearts will suffer an immediate 17-point penalty. This would just be the start of a painful process that will affect every one of us and could lead to far more damaging actions that threaten the very existence of the club.

 

The power is still in the hands of every Hearts supporter and for that reason we want to be as honest and transparent with you in the hope that you, too, believe that this club is worth saving.

 

Now please make every effort you can to take any or all of the four steps outlined above and help this great sporting institution survive.

 

The Ticket Centre is open between 9am and 5pm Monday to Friday and from 10am on a weekend matchday. You can book and buy tickets by phoning 0871 663 1874.

 

For information on the Share Offer contact the Share Offer Manager on 0131 200 7215 or 0131 200 7270.

http://www.heartsfc.co.uk/articles/20121107/the-future-of-heart-of-midlothian_2241384_2973347

 

Not looking good.

[foggy dewhurst 0]

who cares ,i thought mad vlad had his own bank

[der Berliner 3,808]

You reap what you sow ... sporting integrity.

Edited November 7, 2012 by der Berliner

[54andcounting 0]

....♫ ♪ there were 12 green bottles sitting on the wall ♫ ♪....

[GovanAllan 0]

Part of me is sad that Scottish Football seems to be falling apart and I know what the Hearts fans are feeling tonight.

 

Then the other part is laughing up my sleeve and screaming get it right up you, and I hope you get all that's coming to you.

[Zappa 0]

It's only a matter of time for Hearts now. They're extremely fortunate to have lasted this long without going into administration. If they hadn't paid their long overdue tax bill the same day we went into administration back in February they'd probably have been in administration within weeks themselves.

[Gazza_8 233]

Part of me is sad that Scottish Football seems to be falling apart and I know what the Hearts fans are feeling tonight.

 

Then the other part is laughing up my sleeve and screaming get it right up you, and I hope you get all that's coming to you.

 

That's how I feel minus the feeling sad part.

 

GIRUY Hearts.

 

Someone mentioned on Facebook that the SPL and SFA have both said they'll do everything they can to help Hearts. Did they offer their services to us when we needed it? I don't think they did.