ian1964 10,625 Posted July 30, 2013 Share Posted July 30, 2013 I posted this in the Hertz thread,but thought it should get an airing in here!,I hope that is ok?. SPFL boss Neil Doncaster refuses to panic as crisis at Hearts and Dunfermline threatens to ruin new league kick-off 30 Jul 2013 07:20 THE footballing supremo says he thinks that the Pars and the Jambos will weather their financial troubles, despite both clubs standing on the brink of ruin. NEIL DONCASTER was refusing to push the panic button last night despite Hearts and Dunfermline both teetering on the brink of ruin just days before the SPFL kick-off. The chief executive of Scotlandâ??s relaunched league spoke to Record Sport as storm clouds gathered over Tynecastle and East End Park on another desperately gloomy day for our game. Hearts were rocked before lunchtime when their main Lithuanian creditors released a statement in which they threatened to liquidate the club after booting out the only offers on the table to save them from administration. Later in the afternoon came the chilling warning that the Pars will go out of business in the next 24 hours unless, as is strongly hoped, a CVA is rubber-stamped today which allows supporters to save their club from extinction. The financial chaos now threatens to engulf the big SPFL kick-off â?? with Partick Thistle taking on Dundee United on Friday night. If one or both of these clubs were to go to the wall before or after the start of the campaign Doncasterâ??s new body, which has not yet attracted a sponsor, will be thrown into turmoil. But the Englishman remained upbeat yesterday while confirming no side will be asked to guarantee they will be able to fulfil their fixtures. He said: â??That has never been the case, even for clubs in administration. â??All we can do is continue to monitor the situation. Hearts will begin the season with a 15-point penalty but dialogue is continuing between the administrators and Ukio Bankas. If they can get a CVA away there will be no need for the SPFL to become further involved. â??If not, and if there is a request to transfer their share, the matter will be dealt with by our board. â??There is no point in speculating about what may or may not happen. For example, Iâ??m led to believe the situation at Dunfermline is not as bleak as has been made out.â? Today is D-day for the Fife club with preferred bidders Pars United set to discover if they have come up with enough cash to keep the East End Park gates open. Creditors amounting to at least 75 per cent of the clubâ??s total debt will either accept their pence-in-the-pound offer or sentence the Pars to liquidation. For Hearts the agony of administration looks set to continue for some time yet, with Ukio Bankas prepared to hold off for an offer that meets their £5m demand. But the Lithuanians made it clear they will move to wind the business up unless that fee can be met by one of two remaining bidders after a third consortium, including Bob Jamieson and American outfit Club 9 Sports, fell by the wayside. In a statement Gintaras Adomonis, Ukio Bankas bankruptcy administrator, said: â??If no feasible offer with terms and conditions acceptable to Ukio Bankas creditors is achieved, we will remain with the only solution â?? liquidation of Hearts of Midlothian Plc and enforcement of the standard security over Tynecastle.â? Now only fansâ?? group the Foundation of Hearts and former Livingston chairman Angelo Massoneâ??s Five Stars Football Limited remain at the table. But the Foundationâ??s bid is understood to fall around £2m short of the asking price. Although Massoneâ??s offer is believed to be much closer, the controversial Italian has failed to convince the administrators he would then have the cash reserves needed to run the club as a going concern. Administrator Bryan Jackson of BDO will meet with the Foundation today in an attempt to discuss alternative options, including payment deferrals, which might appease accountants in charge of Ukio Bankas. The bank went down itself having loaned Hearts £15m and has security over Tynecastle Stadium. Jackson said: â??Liquidation is always a possibility when in administration but we are confident we can work with the bidders to produce an outcome that saves the club and provides an acceptable return to the creditors of Ukio Bankas.â? Ian Murray MP, independent chair of the Foundation of Hearts, said: â??We remain hopeful we can demonstrate to creditors our proposal provides the strongest return and carries the lowest risk. â??This announcement from Lithuania demonstrates the need for fans to set up direct debits via foundationofhearts.org if they can.â? 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,371 Posted July 30, 2013 Share Posted July 30, 2013 It's fine as it's relevant to us now where all in the same league so to speak... I don't think there's any doubt that Hearts will have to newco. If so, the SPFL should have no option but to remove them from the Premiership. But I'm sure the new rules will leave enough scope to protect them somehow. 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,625 Posted July 30, 2013 Author Share Posted July 30, 2013 DON'T PANIC! 0 Quote Link to post Share on other sites More sharing options...
The Real PapaBear 0 Posted July 30, 2013 Share Posted July 30, 2013 NEIL DONCASTER was refusing to push the panic button last night despite Hearts and Dunfermline both teetering on the brink of ruin just days before the SPFL kick-off. The chief executive of Scotland’s relaunched league spoke to Record Sport as storm clouds gathered over Tynecastle and East End Park on another desperately funny day for our game. There ye are; fixed that for you, bud. 0 Quote Link to post Share on other sites More sharing options...
Waltersgotstyle 297 Posted July 30, 2013 Share Posted July 30, 2013 0 Quote Link to post Share on other sites More sharing options...
calscot 0 Posted July 30, 2013 Share Posted July 30, 2013 The trouble with them newco-ing is that I doubt they'd be able to keep Tynecastle. Where would they play? Murrayfield? Meadowbank? Livingstone? Another of the small rugby stadiums? 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,625 Posted July 30, 2013 Author Share Posted July 30, 2013 Sporting integrity will dictate again then? 0 Quote Link to post Share on other sites More sharing options...
Davie P 4 Posted July 30, 2013 Share Posted July 30, 2013 Were Hearts ever fined for going into Administration? Genuine question. 0 Quote Link to post Share on other sites More sharing options...
26th of foot 6,000 Posted July 30, 2013 Share Posted July 30, 2013 Were Hearts ever fined for going into Administration? Genuine question. I believe the proposed meeting to consider relevant action over Hearts administration has been postponed twice. Committee members keep going on holiday, and really there is no appetite to fine the Jambos. 0 Quote Link to post Share on other sites More sharing options...
Guest BigSwanley Posted July 30, 2013 Share Posted July 30, 2013 Were Hearts ever fined for going into Administration? Genuine question. Look, we need to draw a line under what has gone before and move forward building Scottish football for the good of all concerned. Don't be asking awkward questions that might actually require a bit of parity. Am I being too cynical? 0 Quote Link to post Share on other sites More sharing options...
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