BlueMazza 0 Posted June 11, 2013 Share Posted June 11, 2013 And they have negotiated a repayment plan for a separate tax bill of more than £1.5m following a dispute over loan deals for players, the first instalment of which has been paid. Yet, if they are struggling to raise £100K how exactly will they pay the 2nd installment? 0 Quote Link to post Share on other sites More sharing options...
calscot 0 Posted June 11, 2013 Share Posted June 11, 2013 surely they just need to sell about 500 season tickets? 0 Quote Link to post Share on other sites More sharing options...
Super Cooper 0 Posted June 11, 2013 Share Posted June 11, 2013 (edited) We have been hearing they are going out the game for the last few years, i don't see it happening. Edited June 11, 2013 by Super Cooper 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,761 Posted June 11, 2013 Author Share Posted June 11, 2013 Hearts FC misses tax deadline Hearts Football Club has been unable to pay its tax bill of £100,000 that is due today (11 June). Nick Huber reports. The Edinburgh club has paid the majority of its tax bill but not the full amount, AccountingWEB understands. The failure to pay the tax bill will lead to HMRC issuing the club with a winding up order. There will be a further deadline of seven days from the notice of the winding up order being made public. Hearts face uncertainty with a debt of... Continued... http://www.accountingweb.co.uk/article/hearts-fc-misses-tax-deadline/542978 0 Quote Link to post Share on other sites More sharing options...
foggy dewhurst 0 Posted June 11, 2013 Share Posted June 11, 2013 thats the way the cookie crumbles 0 Quote Link to post Share on other sites More sharing options...
Gribz 919 Posted June 11, 2013 Share Posted June 11, 2013 How many deadlines to they get! 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,761 Posted June 13, 2013 Author Share Posted June 13, 2013 The board of Heart of Midlothian plc today outlines the club's current financial position and hopes that all supporters become fully informed of the situation the club is facing. Due to recent unexpected circumstances away from Tynecastle, the club is now experiencing a shortfall in funding.This shortfall, due to recent uncertainty, has created a significant noticeable blockage in projected revenue streams for the club. While this hesitation is understandable it is unwittingly damaging the club's current efforts to improve its financial situation including current payments to HMRC and raising doubts over future payments to players and staff. It is now crucial to the football club that we find a solution to bring in enough finance to allow us to trade into the new season when normal trading can resume with the benefit of SPL and game-related income streams. The payments to HMRC and players/staff salaries are the most important issues in our focus these days where very limited time remains available to the club. However given that the revenues for season tickets has dried up and no other realistic income is available quickly enough, the club will consider offers for the players of the current squad, including the most promising talent in order for the most necessary and important payments to be made. The board had planned to bring income in through the sale of players while considering the financial forecast for next season but now this will need to happen much earlier in order to preserve the business. We understand that this will lead to significant on-field pressure but at all times we must consider the health of the club and preserve it for future generations. We will adjust our expectations for the new season accordingly but will still be focused on the playing side of the business. Our financial deficit can, in part, be attributed to our worst league finish in over 30 years last season. This had a significant direct impact on the business. Other factors that hit revenues include the absence of Rangers Football Club from the SPL and significantly increased stadium costs particularly in relation to the Main Stand. The biggest threat to the club at present however is hesitation and inaction. We hope that those supporters who have purposely held off will reconsider and make the decision to back the club in the best way possible in order that we can meet our targets. Provided we can achieve security for the club, it is the view of the board that there is a viable strategy for the change of ownership to a willing buyer or investor. The most difficult part in this is finding an agreement with the creditors, however we know that there is goodwill with Ukio Bankas, as demonstrated by the statement from the Ukio Bankas administrator yesterday. We also believe that UBIG remains supportive of Hearts. We will be regularly updating you as the situation develops. http://www.heartsfc.co.uk/articles/20130613/board-statement-financial-and-player-update_2241384_3208756 0 Quote Link to post Share on other sites More sharing options...
Guest DietofWorms Posted June 13, 2013 Share Posted June 13, 2013 If they, at the moment, have to sell the players to keep going for the next few months, what then will the creditors be left with to claim/sell. This looks extremely bad for Hearts. 0 Quote Link to post Share on other sites More sharing options...
Darthter 542 Posted June 13, 2013 Share Posted June 13, 2013 However given that the revenues for season tickets has dried up and no other realistic income is available quickly enough I find this very worrying for Hearts.....I'm guessing season tickets have not been on sale all that long, and already they have "dried up". My understanding that this is the main income which see's clubs through the close season. When you add in club wages & the various HMRC payments which will need to be paid....it looks like the Fat Lady is just about finished her warm-up. What happens when they sell all their players?? They get the cash to keep going, but are unable to compete in the league. They then get relegated and therefore their revenue streams are reduced further.....it's a slippery slope which I don't think they will conquer without MASSIVE investment - but who's gonna do that??? 0 Quote Link to post Share on other sites More sharing options...
Juancornetto 1 Posted June 13, 2013 Share Posted June 13, 2013 I can't see a way out of the fix they're in unless Hearts fans all rally round and buy season books knowing that all their best players are going to be sold and the evidence so far is that this is not going to happen. Interesting to note the media silence. 0 Quote Link to post Share on other sites More sharing options...
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