Jambos to avoid the drop

[ian1964 10,720]

HEARTS are poised to AVOID SPL relegation this season â?? even if they enter administration before the end of May.

 

The cash worries of Vladimir Romanov got worse yesterday as UKIO Bankas were declared bankrupt in a Kaunas court.

 

That means the administrators for the Bank of Lithuania have the power to call in £15million debt owed by the Tynecastle club.

 

By doing so immediately they would trigger a 17-point deduction that would instantly put Hearts six points behind current bottom club Dundee.

 

However, SunSport understands thatâ??s unlikely to happen while the case is still being debated in the Lithuanian courts.

 

Any party wishing to appeal against the decision of the Kaunas court has ten days to do so.

 

Last night it emerged the transfer of the leagueâ??s golden share between the promoted and relegated sides will take place on May 20 â?? NOT June 1 as has traditionally been the case before.

 

That means Hearts will remain an SPL club next season provided they do not enter administration in the next three weeks.

 

Such an outcome looks increasingly likely with the process of sorting out UKIOâ??s affairs expected to take several weeks.

 

That would lead to Hearts instead kicking off the 2013/14 SPL season with a points deduction if they were to enter administration during the close season.

 

Jambos manager Gary Locke has revealed he was trained to deal with administration when he sat his SFA coaching badge earlier this year.

 

He said: â??I did my Pro Licence with Jim Fleeting and Donald Park and to be fair to them they covered absolutely everything, including administration.

 

â??On the course they put you through everything you might have to deal with as a manager.

 

â??It covers the finance side as much as the coaching and deals with things people donâ??t see.

 

â??Itâ??s a learning process for everyone, especially me, but I can only concentrate on the football.

 

â??It might be turmoil off the park, I donâ??t know, but itâ??s not turmoil on the training pitch.

 

â??My sole focus is on the football, other questions are for the directors.

 

â??Iâ??m here as first-team manager and all I can concentrate on is football.

 

â??What happens off the pitch is in the hands of the directors. Iâ??m trying to deal with the players and getting on with the job.â?

 

 

Read more: http://www.thesun.co.uk/sol/homepage/feeds/smartphone/scotland/4913090/Jambos-to-avoid-the-drop.html#ixzz2SBchwnJS

[BlueMazza 0]

Last night it emerged the transfer of the league’s golden share between the promoted and relegated sides will take place on May 20 — NOT June 1 as has traditionally been the case before.

 

Convenient.

[ian1964 10,720]

Hearts face more uncertainty as bankruptcy appeal is launched in fight over club owner Vladimir Romanov's assets

14 May 2013 08:29

 

FANS' buyout plans could be delayed as court action in Lithuania complicates any sale of the financially crippled club.

 

 

 

FEARS over Hearts’ future took a fresh twist yesterday when it emerged an appeal has been launched against bankruptcy proceedings started on owner Vladimir Romanov’s Ukio Bankas.

 

The Tynecastle club owe Ukio £15million and it remains to be seen how the bank’s situation may impact on the SPL club.

 

A fan group led by MP Ian Murray is trying to engineer a takeover of the Jambos but it’s understood any buy-out is not permitted after Romanov’s assets were frozen.

 

With a new court date still to be announced, the decision to appeal the bankruptcy may further delay any fans’ move to take control of Hearts.

 

http://www.dailyrecord.co.uk/sport/football/football-news/hearts-face-more-uncertainty-bankruptcy-1888046

[craig 5,199]

I have zero sympathy. Fuck em.

 

I have a Jambo acquaintance who has revelled in "Sevco" since we went into administration and bankruptcy. So they can reap what they sow. All of them.

[ian1964 10,720]

SPL rivals have demanded answers over Hearts’ financial plight.

 

The call for ‘clarification’ has come amid suspicions that Jambos have dodged the drop by hushing up the true extent of their cash crisis.

 

SunSport can reveal FOUR clubs have written separately to SPL chiefs asking for guarantees over Hearts’ immediate future.

 

They are concerned after Jambos owner Vladimir Romanov saw his Ukio Bankas empire collapse with massive debts of around £380million.

 

And they suspect the Tynecastle club of delaying an announcement that they are set to plunge into administration — thereby avoiding relegation.

 

The Gorgie club are around £25m in debt — with £15m of that secured by Tynecastle Stadium and now controlled by the Romanov bank’s administrators.

 

Hearts’ Edinburgh-based chiefs, however, are comfortable they have got nothing to hide.

 

They believe there is a clear distinction between the crashed bank and their holding company UBIG.

 

However, the suspicious clubs have questioned whether they have breached Rule A6.12 relating to insolvency.

 

That would mean the Jambos could immediately be hit with a 17-point penalty that would see them relegated instead of Dundee.

 

The suggestion from the clubs is that Hearts are holding off on announcing the full extent of their cash crisis until the end of the season to avoid that scenario.

 

If they plunge into administration after the season is over they would instead be docked points ahead of next season in the top flight. But it has also been pointed out that rumours have been circulating for weeks now that Hearts have already appointed a Glasgow-based firm of administrators to come in.

 

In reply to the demand for a thorough probe, SPL secretary Iain Blair tried to allay fears.

 

But SunSport understands league chiefs are keeping a close eye on developments at Tynecastle and in Lithuania.

 

The clubs, though, are understood not to be completely satisfied with the response they received and want the matter to be looked at by the SPL board.

 

That can only happen if Blair and chief executive Neil Doncaster recommend an internal investigation.

 

But that will NOT happen unless UBIG fold.

 

The situation was initially brought up three weeks ago — before Dundee drew with Aberdeen to lose their fight for survival on the pitch.

 

Now the ongoing concerns surrounding Hearts off the park could hand them a reprieve.

 

The news has emerged as SPL clubs prepare to meet at Hampden on Monday to finalise league reconstruction plans which have been dragging on for seven months.

 

Read more: http://www.thesun.co.uk/sol/homepage/feeds/smartphone/scotland/4928156/Jammy-dodger-probe-into-Hearts-crisis.html#ixzz2TKd5Ohh7

[ian1964 10,720]

I have zero sympathy. Fuck em.

 

I have a Jambo acquaintance who has revelled in "Sevco" since we went into administration and bankruptcy. So they can reap what they sow. All of them.

 

You only have to take a quick look over on jamboskickback to see their hatred towards us, even in their thread about the above post they they cannot stop bringing us down at every turn,newco as they still refer to us,FUCK THEM!.

[calscot 0]

Seems like a CVA would really benefit them as they have no chance of paying off that much debt with the turnover they have. It would be like us being in over £125m of (real) debt pre-administration.

 

They need a CVA - but not till after the close season officially starts. If they newco then there is no way they can avoid dropping to Division 3.

 

However, can they survive a 12 point deduction plus all the cost cutting that will be involved, without being relegated next season? I think they will struggle.

 

I think there will be knock on effects to other SPL clubs also and some jittery banks may send other clubs into admin. I think they will all need to shed as many playing staff as possible this summer and tighten their belts in any way they can. Lots of stadium sections will be closed for most of the season. It's not going to be a quality league for a long time and I can see young fans drifting to become armchair EPL club fans - especially the top ones. They won't even be getting their kicks from the OF unless they either enjoy easily winning a piss poor league with no challenge, no competition and little drama, emotion or enjoyment; or they enjoy the resurrection of an institution to what will never really be former glories due to the poor top league in the country - while watching them walk the leagues just as easily but awash with complaints of dire football and perpetual off field scandals about ownership.

 

You'd really have to be indoctrinated to want to become a young supporter of either club these days. There are no attractive clubs left in Scotland now unless you're a masochist.

 

Scottish football may sink to the depths of the Irish and Welsh leagues if we don't form a British league. Maybe Cameron can make that happen to offset the independence vote - but then it could backfire with the threat of the loss of the international team - although I personally no longer think that's such a bad thing, and I never in a million years believed I'd ever think that way.

 

Maybe my younger brother did the right thing by deciding to support Man U while in his late twenties. I couldn't believe he'd want to support an English team and thought he was really just a glory hunter, having switched to Aberdeen from Kilmarnock when Fergie made them top club in Scotland, then to Celtic under O'Neil.

Edited May 15, 2013 by calscot

[54andcounting 0]

If the Jambos start with a 12 point deduction and a weakened side then next seasons spl will have nothing at all going for it. Champions & Relegation issues will have been decided before a ball has been kicked. DOOMED spl.

[Gribz 826]

Dundee must be praying for Hearts to go into Admin before the final game so they stay up. It would be quite ironic if they appealled this after the season and the team 2nd in Div 1 get Hearts spot next season considering Dundee took Dunfermlines place last year.

 

But its shambles no.325 this season. The SPL has gone beyond amatuer and I cant work out how they are not embarrassed.

 

A Celtic (Keltic) league as Calscot suggests (cant see England wanting a merger) isnt a bad idea at this stage, somethuing has to be done to generate interest. What I like about the Singapore league is they have 11 professional teams (albeit it not a good standard) and every year they invite a team from somewhere in the world to join for 1 season which opens doors. Scottish football has to look at going outside the country IMO.

[ian1964 10,720]

Scottish football lost the Glasgow derby last season and it hurt,no way will the SPL/SFA allow the loss of the Edinburgh derby!.