Foundation of Hearts

plainmoorpete
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Posts: 989

Foundation of Hearts Jun 9, 2016 22:27:43 GMT

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Post by plainmoorpete on Jun 9, 2016 22:27:43 GMT

The Foundation of Hearts is a supporters group that aims to bring Heart of Midlothian FC under fan ownership. A local business woman, Ann Budge, acquired the majority shareholding in Hearts FC from the previous owners on the condition that it would pass into fan ownership after the Foundation had reimbursed her financially over a fixed period.
Why doesn't TUST try something similar?. Let's say they approach Thea Bristow and ask her to buy the club, and then agree a period over which TUST will repay Thea all her money and possibly some interest. The club is saved, Plainmoor is saved for football, Bristow's Bench is saved as a fitting tribute to Paul Bristow. I think this is preferable to expecting Thea to keep bailing out the club as some posters seemed to want when they heard she was back on the board, and it gets round the problem of TUST not having the money to buy the club at present.

hector TFF member Posts: 1,311	Foundation of Hearts Jun 10, 2016 6:49:28 GMT Quote Select Post Deselect Post Link to Post Member Give Gift Back to Top Post by hector on Jun 10, 2016 6:49:28 GMT Hearts are indeed a much bigger club, and with that a much bigger price, I suspect. Proportionately, would it be that different?

plainmoorpete
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Posts: 989

Foundation of Hearts Jun 10, 2016 12:20:20 GMT

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Post by plainmoorpete on Jun 10, 2016 12:20:20 GMT

Somebody will probably correct me, but I think Foundation of Hearts will have to find around £3.5 million, but a lot of this was to fund the CVA resulting from the old regime running the club like a financial basket case; the cost of the 75% of the shares they want is around £100,000. How much are the shares in TUFC worth, I would have thought less than £500,000. I know it is a big ask but if 2000 supporters stumped up £250 each we could do it. Surely this is worth investigating by TUST.

Jon
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Foundation of Hearts Jun 10, 2016 16:17:42 GMT midlandstufc and gulliball like this

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Post by Jon on Jun 10, 2016 16:17:42 GMT

Jun 10, 2016 12:20:20 GMT plainmoorpete said:

Somebody will probably correct me, but I think Foundation of Hearts will have to find around £3.5 million, but a lot of this was to fund the CVA resulting from the old regime running the club like a financial basket case; the cost of the 75% of the shares they want is around £100,000. How much are the shares in TUFC worth, I would have thought less than £500,000. I know it is a big ask but if 2000 supporters stumped up £250 each we could do it. Surely this is worth investigating by TUST.

The shares are worth nothing.

Thea gave them away to the current board for nothing.

Torquay Fans Ltd has insinuated that the current board will bag a profit by selling them - but I doubt that very much.

I fully expect them to give the shares away to property developers for a nominal sum.

Why give the club to property developers rather than supporters who would safeguard the club's future?

Because TUST does not have enough money.

Why doesn't TUST have enough money?

Because it has not launched a community share issue.

Why has TUST not launched a community share issue?

TUST paid for James Mathie - the man behind Newport County's £250k community share issue - to come down to present a proposal to the board and the board decided not to bother to attend but sent Pete " all football fans are idiots" Masters along instead.

Was it Masters' "special advice" that selling to property developers was a far better idea?

Why didn't TUST just go ahead and raise £250k anyway so they could point at their bank balance?

The stupidity of that argument really gets my goat. Think about it.

Scenario 1 : Dave Phillips says everything is fine and that anyone suggesting that the long term future of the club is in jeopardy is being unhelpful and disloyal by rocking the boat. The two populist forums and the local paper stand full square behind him berating the nutty boat rockers.

TUST pushes on with a community share issue anyway. What would be raised? Not a lot. And by shooting the share issue bolt for buggar all, that avenue would be closed in the future. That lot again. How much did they raise last time? Jokers.

Scenario 2 : Dave Phillips says that the board has really tried its best but does not have the resources to sustain the club. He announces that he will give the shares to TUST if it can raise say £200k in a community share issue. Otherwise, he wil have no option but to give the club to property developers. How much would a community share issue raise then?

I would guess Newport would be good marker. If it fell flat and raised three pence at least we would know that the club was a basket case beyond saving so good luck property developers.

What makes me mad is that such a small group of people can decide that the problem is so insurmountable that there is no alternative to GI without even letting fans know that there was a problem.

Why did the fans do nothing? Because the fans were told that there was not a problem.

Last Edit: Jun 10, 2016 16:32:36 GMT by Jon

What do all these clubs have in common?

Newport County, Aldershot, Chester, Halifax, Hereford, Darlington, Maidstone, Wimbledon

hector
TFF member

Posts: 1,311

Foundation of Hearts Jun 10, 2016 22:35:44 GMT

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Post by hector on Jun 10, 2016 22:35:44 GMT

Jun 10, 2016 16:17:42 GMT Jon said:

Jun 10, 2016 12:20:20 GMT plainmoorpete said:

Somebody will probably correct me, but I think Foundation of Hearts will have to find around £3.5 million, but a lot of this was to fund the CVA resulting from the old regime running the club like a financial basket case; the cost of the 75% of the shares they want is around £100,000. How much are the shares in TUFC worth, I would have thought less than £500,000. I know it is a big ask but if 2000 supporters stumped up £250 each we could do it. Surely this is worth investigating by TUST.

The shares are worth nothing.

Thea gave them away to the current board for nothing.

Torquay Fans Ltd has insinuated that the current board will bag a profit by selling them - but I doubt that very much.

I fully expect them to give the shares away to property developers for a nominal sum.

Why give the club to property developers rather than supporters who would safeguard the club's future?

Because TUST does not have enough money.

Why doesn't TUST have enough money?

Because it has not launched a community share issue.

Why has TUST not launched a community share issue?

TUST paid for James Mathie - the man behind Newport County's £250k community share issue - to come down to present a proposal to the board and the board decided not to bother to attend but sent Pete " all football fans are idiots" Masters along instead.

Was it Masters' "special advice" that selling to property developers was a far better idea?

Why didn't TUST just go ahead and raise £250k anyway so they could point at their bank balance?

The stupidity of that argument really gets my goat. Think about it.

Scenario 1 : Dave Phillips says everything is fine and that anyone suggesting that the long term future of the club is in jeopardy is being unhelpful and disloyal by rocking the boat. The two populist forums and the local paper stand full square behind him berating the nutty boat rockers.

TUST pushes on with a community share issue anyway. What would be raised? Not a lot. And by shooting the share issue bolt for buggar all, that avenue would be closed in the future. That lot again. How much did they raise last time? Jokers.

Scenario 2 : Dave Phillips says that the board has really tried its best but does not have the resources to sustain the club. He announces that he will give the shares to TUST if it can raise say £200k in a community share issue. Otherwise, he wil have no option but to give the club to property developers. How much would a community share issue raise then?

I would guess Newport would be good marker. If it fell flat and raised three pence at least we would know that the club was a basket case beyond saving so good luck property developers.

What makes me mad is that such a small group of people can decide that the problem is so insurmountable that there is no alternative to GI without even letting fans know that there was a problem.

Why did the fans do nothing? Because the fans were told that there was not a problem.

I agree with all you say here but I do wonder if there is more that TUST could do to at least publicly question - much in the way you are - this 'headlong into harm' direction of travel that the club seem intent on following. TUST at least have some credibility amongst some fans, even if there are those who seek to undermine them.

stig123
TFF member

Posts: 1,279

Foundation of Hearts Jun 11, 2016 16:41:07 GMT via mobile

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Post by stig123 on Jun 11, 2016 16:41:07 GMT

If there is a share issue I would gladly kick in a few quid.Share price of 1000 quid a share with quarter shares available would be feasible for many supporters. I am guessing supporters like Helen Chamberlain have a few quid to share and might like to contribute. Certainly an intriguing possibility. Preferable to the current bid methinks.

Post by plainmoorpete on Jun 9, 2016 22:27:43 GMT

Post by hector on Jun 10, 2016 6:49:28 GMT

Post by plainmoorpete on Jun 10, 2016 12:20:20 GMT

Post by Jon on Jun 10, 2016 16:17:42 GMT

Post by hector on Jun 10, 2016 22:35:44 GMT

Post by stig123 on Jun 11, 2016 16:41:07 GMT