Quote:
Originally Posted by Chad
What are peoples thoughts on Hearts rejecting the offer of £500,000 from Rangers? Rangers owe £800,000 to Hearts in transfer fees and are supposed to be paying £300,000 of that amount next month with the balance (500k) due next year. Charles Green, ever the opportunist, was quick to make the offer thinking he could save his own club £300,000 but Hearts rejected the offer by text on Saturday morning.
With the toiling Tynecastle club facing a liquidation threat by the end of the week unless they meet a £450,000 HMRC bill, and John McGlynn fearing that Saturday’s draw in Inverness could have been the club’s last match, it looks like Hearts are pretty confident their fans will come up with the money needed to be in a position to reject the offer from Rangers. So why did Hearts come out with such bold press statements last week? Just scare mongering their fans into shelling out?
Apparently Fedotovas didn’t even enter into any kind of negotiation with Rangers. The offer was flat rejected by text message. Surely trying to push Rangers up to £600,000 or £650,000 would have been a more acceptable deal for all parties involved? If Hearts do go into administration, will they ever forgive Romanov for turning down a guaranteed lifeline?
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Fortunately, I don't work at that level of morality so can't fathom either of them out. As crooked as they are though, they're pretty clever so shouldn't be underestimated.
I don't know how these things work but from what has happened to Rangers, I suspect that Romanov is about to pull a flanker with Hearts. The authorities bent over backwards to sneak Rangers into the SPL so if they apply the same criteria to Hearts then administration could be a wise business move.
Hearts would be deducted points but would emerge debt free and quite probably still playing in the SPL. Only HMRC, and by extension each tax payer, would be getting stiffed.
The difference between the Hearts and what happened to Rangers is that the main creditor of Hearts is a Lithuanian bank owned by a certain Mr Romanov. Any CVA proposal couldn't be vetoed by HMRC.
I'd imagine that Romanov has already written off the money owed to him by Hearts so accepting a pennies in the pound deal could be to his advantage.
Hearts exit administration, still the same club and still in the SPL.
I don't know if it's possible to do this. if it is then accepting Rangers offer would not to be Hearts advantage even if it was one penny less than what was owed.