Latest news with #Bidco1874
The Herald Scotland
3 days ago
- Business
- The Herald Scotland
How 'no ego' Ann Budge saved Hearts and became a 'giant of Gorgie'
The former IT entrepreneur bought a majority shareholding in the stricken Edinburgh outfit for £2.5m through her Bidco 1874 company back in 2014 and so ensured that it exited administration and avoided going out of business. Bidco transferred a 75.1 per cent stake to the Foundation of Hearts seven years later and instantly made the William Hill Premiership side the largest to be fan owned in the United Kingdom. Alex Mackie, a chartered public finance accountant and the owner of insurance brokers Edinburgh Risk Management, was one of the five founding members of the Foundation of Hearts in 2010 and was its original chairman. Read more: He knows how important Budge was to the success of the embryonic fan ownership group and believes that his old associate is owed a debt of gratitude by every Jambo. 'I knew from the beginning, from the very first time that we met, that Ann Budge was right for the foundation and right for the club,' he said. 'We wouldn't be here if it wasn't for her. The position we're in just now is far better than we could have anticipated at the start. I can't overemphasize how much we are indebted to her. 'Back in the early days of the foundation, my wife and I had our business at one end of Dean Path in Edinburgh and Ann had her Newell and Budge business at the other end. So I knew of her. But it was Gary Mackay (the former Hearts and Scotland centre-half) who suggested I get in touch with her. He knew that she attended games with her daughter. 'Part of my vision for the foundation early on was to bring in people with talent who could cover all the bases of what we needed for a fan ownership group - we needed a lawyer, we needed an accountant, we needed a marketeer, we needed someone who understood about corporate governance and football, we needed someone who was involved in IT. 'We got to a position where we had to move the foundation to a new level and needed to find people to man the board who worked at a high level in their respective fields and who the fans would trust implicitly. The Save Our Hearts boys and the fans who were driving things had never formed a legal entity before. So I was conscious of this. (Image: SNS Group Alan Harvey) 'When we were looking for someone with IT expertise, Gary said, 'Well, do you realise that Ann Budge is a big Hearts fan?' I decided to write her a personal letter. She responded and we met up. From the moment we met, I knew that this was the right thing. We have had a good friendship and working relationship since.' Mackie continued, 'That was always our vision from the very start – that good, professional, credible Hearts fans would not take the club back down the same road that it had been down. We didn't want success to mean the club getting into major debt. That is what happened in the late 1990s right into the 2000s. 'I think that is what Ann liked about us, that we wanted to have an adherence to a high level of corporate governance. We never pressed her for money by the way. We always thought the fans would come up with the money. But things accelerated with the banking crisis and when Ukio Bankas (the Lithuanian bank that was owned then Hearts owner Romanov) went into administration she stepped up. 'I am eternally grateful for her doing that because I was running a business with my wife, and still am in fact, and had a lot of plates spinning. But we always knew that Ann was on board. She advised us and brought other professional people on board who gave us invaluable advice. 'I can remember having a two hour conversation with our solicitor about whether the foundation should be a community interest company or a company limited by guarantee. We have now greenlighted the arrival of Tony Bloom into our midst with 29 per cent of non-voting shares. But the foundation still has controlling interest and can still hold the club accountable. 'But from the first moment that I met Ann I knew she was right for the foundation, that she would do well for us and that we could trust her. I am saddened that she has decided to step down, but I understand why. She has done her stint and has done very well. In fact, she has done a great job. I couldn't say anything negative about her at all.' Read more: Not all Hearts fans feel the same way despite the enviable position the Tynecastle club are now in. Budge, who stayed on as chairwoman after the foundation became the majority shareholders, has come in for criticism from the stands in recent seasons as the team has struggled both at home and abroad. But Mackie feels the flak has been completely unjustified. 'A lot of people who own or run football clubs are full of ego,' he said. 'They think they know how to run a football club, but football clubs are unique entities. The one thing about Ann was that it was never about ego, it was always about the fans. She knew they needed the club, knew it was part of their lives. She was grounded and did what she did on their behalf. 'Fans need leadership and Ann provided that leadership at that time. Now she has to pass the baton on to somebody else. But she was great for the football club and I am sure she will still be around on match days going forward. 'There are people who have been pillars and giants of Heart of Midlothian Football Club over the years and Ann Budge is undoubtedly one of them.'
The National
3 days ago
- Business
- The National
How 'no ego' Ann Budge saved Hearts and became a 'giant of Gorgie'
Hearts announced yesterday morning that Budge has informed them of her intention to step down as their chair following the AGM in December and so bring an end to her 11 year involvement. The former IT entrepreneur bought a majority shareholding in the stricken Edinburgh outfit for £2.5m through her Bidco 1874 company back in 2014 and so ensured that it exited administration and avoided going out of business. Bidco transferred a 75.1 per cent stake to the Foundation of Hearts seven years later and instantly made the William Hill Premiership side the largest to be fan owned in the United Kingdom. Alex Mackie, a chartered public finance accountant and the owner of insurance brokers Edinburgh Risk Management, was one of the five founding members of the Foundation of Hearts in 2010 and was its original chairman. Read more: He knows how important Budge was to the success of the embryonic fan ownership group and believes that his old associate is owed a debt of gratitude by every Jambo. 'I knew from the beginning, from the very first time that we met, that Ann Budge was right for the foundation and right for the club,' he said. 'We wouldn't be here if it wasn't for her. The position we're in just now is far better than we could have anticipated at the start. I can't overemphasize how much we are indebted to her. 'Back in the early days of the foundation, my wife and I had our business at one end of Dean Path in Edinburgh and Ann had her Newell and Budge business at the other end. So I knew of her. But it was Gary Mackay (the former Hearts and Scotland centre-half) who suggested I get in touch with her. He knew that she attended games with her daughter. 'Part of my vision for the foundation early on was to bring in people with talent who could cover all the bases of what we needed for a fan ownership group - we needed a lawyer, we needed an accountant, we needed a marketeer, we needed someone who understood about corporate governance and football, we needed someone who was involved in IT. 'We got to a position where we had to move the foundation to a new level and needed to find people to man the board who worked at a high level in their respective fields and who the fans would trust implicitly. The Save Our Hearts boys and the fans who were driving things had never formed a legal entity before. So I was conscious of this. (Image: SNS Group Alan Harvey) 'When we were looking for someone with IT expertise, Gary said, 'Well, do you realise that Ann Budge is a big Hearts fan?' I decided to write her a personal letter. She responded and we met up. From the moment we met, I knew that this was the right thing. We have had a good friendship and working relationship since.' Mackie continued, 'That was always our vision from the very start – that good, professional, credible Hearts fans would not take the club back down the same road that it had been down. We didn't want success to mean the club getting into major debt. That is what happened in the late 1990s right into the 2000s. 'I think that is what Ann liked about us, that we wanted to have an adherence to a high level of corporate governance. We never pressed her for money by the way. We always thought the fans would come up with the money. But things accelerated with the banking crisis and when Ukio Bankas (the Lithuanian bank that was owned then Hearts owner Romanov) went into administration she stepped up. 'I am eternally grateful for her doing that because I was running a business with my wife, and still am in fact, and had a lot of plates spinning. But we always knew that Ann was on board. She advised us and brought other professional people on board who gave us invaluable advice. 'I can remember having a two hour conversation with our solicitor about whether the foundation should be a community interest company or a company limited by guarantee. We have now greenlighted the arrival of Tony Bloom into our midst with 29 per cent of non-voting shares. But the foundation still has controlling interest and can still hold the club accountable. 'But from the first moment that I met Ann I knew she was right for the foundation, that she would do well for us and that we could trust her. I am saddened that she has decided to step down, but I understand why. She has done her stint and has done very well. In fact, she has done a great job. I couldn't say anything negative about her at all.' Read more: Not all Hearts fans feel the same way despite the enviable position the Tynecastle club are now in. Budge, who stayed on as chairwoman after the foundation became the majority shareholders, has come in for criticism from the stands in recent seasons as the team has struggled both at home and abroad. But Mackie feels the flak has been completely unjustified. 'A lot of people who own or run football clubs are full of ego,' he said. 'They think they know how to run a football club, but football clubs are unique entities. The one thing about Ann was that it was never about ego, it was always about the fans. She knew they needed the club, knew it was part of their lives. She was grounded and did what she did on their behalf. 'Fans need leadership and Ann provided that leadership at that time. Now she has to pass the baton on to somebody else. But she was great for the football club and I am sure she will still be around on match days going forward. 'There are people who have been pillars and giants of Heart of Midlothian Football Club over the years and Ann Budge is undoubtedly one of them.'
Glasgow Times
7 days ago
- Business
- Glasgow Times
Celtic should fear Hearts more than Rangers with Tony Bloom on board
Chairperson Ann Budge expressed hope the gap between her home town heroes and the two biggest clubs in the country could be reduced if a smart strategy was put in place and some shrewd signings made after Bidco 1874 had assumed control in 2014 and the calamitous reign of Vladimir Romanov finally brought to end. A few years later, Stuart Wallace, the then chairman of the Foundation of Hearts fan ownership group, echoed her sentiments. 'We split the Old Firm in 1998 and that's the next step,' he said. 'Can we split them again? There is a next level and the job of the foundation is to help us find it.' Alas, since Wallace's bold pronouncement the Gorgie outfit have finished fifth, sixth, sixth, twelfth, third, fourth, third and seventh in the top flight. Several semi-finals and finals have been reached, but no major silverware has been lifted. Realising their vast potential, never mind punching above their weight, has often proved problematic for a variety of reasons. Read more: Poor recruitment, bad managerial appointments, the Covid-19 pandemic and draining European campaigns have all impacted on their domestic efforts. An extraordinarily hard-to-please fanbase has not exactly been slow to voice its displeasure when standards on the park have fallen short of what has been expected either. So it was maybe no great surprise when seasoned observers of the game in this country were unperturbed when Tony Bloom pledged to try and 'disrupt the pattern of domination of Scottish football which has been in place for far too long' when his £9.86m investment in Hearts was completed earlier this week. They have heard it all before and such fighting talk has never amounted to very much. But there are reasons why things may be different this time around with Bloom, the professional gambler, poker player and entrepreneur who has received a 29 per cent stake in non-voting shares in the Tynecastle club in return for his welcome cash injection, involved. He has, to borrow a phrase made infamous by former manager Craig Levein following an Edinburgh derby win over Hibernian at Tynecastle in 2018, upset the 'natural order' before elsewhere on more than one occasion. It is 65 years now since Hearts lifted the Scottish title for the fourth time in their history. It is four decades since a club other than Celtic or Rangers were crowned champions. But back in May the Royal Union Saint-Gilloise side which the Englishman had revitalised after becoming their majority shareholder in 2018 won the Pro League in Belgium for the first time in no fewer than 90 years. (Image: Steven Paston) RUSG, as they are known for short, have a smaller transfer budget, player wage bill and average home attendance than those of Anderlecht, Club Brugge and Standard Liege, or The Big Three. Genk, Gent and Royal Antwerp should also by rights be finishing above them given their economic advantages. But the data-led approach to player recruitment that Bloom instigated when he first got involved has transformed the unfashionable Brussels club into the dominant force in their homeland as well as formidable rivals in European competition. The London-based betting consultancy Starlizard has provided the gen which has underpinned their success. An army of analysts, statisticians and researchers supply information on every facet of the game in an attempt to gain a competitive edge. The decibel levels of the crowd when a particular player is on the ball is even considered when a potential transfer is being weighed up. Bloom reduced his stake when both they and Brighton, where he is majority shareholder and chairman, both qualified for the Europa League two years ago in order to avoid breaching strict UEFA multi-club ownership rules. He has, however, very much been involved in their inexplicable and unexpected rise. The billionaire has, too, worked wonders at his home town team by investing heavily in their infrastructure, fostering a positive environment for staff to work in and prioritising the development of young players. Kieran Maguire, host of the Price of Football podcast and a Seagulls season ticket holder, this week described him as the smartest man he has ever met. Read more: Jamestown Analytics, a company that is closely linked to Starlizard, have been working with Hearts for some time now and it has by no means revived their ailing fortunes. Quite the opposite, in fact, has been the case. They were instrumental in the ill-advised appointment of Neil Critchley as manager. However, it took three years for RUSG to win promotion back to the top flight on his watch, four years to qualify for Europe and seven years to win the title. Progress is never made overnight, a long-term strategic approach which will yield results in due course is always taken. Strong foundations are laid, quick fixes are avoided. Scepticism has been expressed about how Critchley's replacement Derek McInnes will cope with Bloom's way of working since the former St Johnstone, Aberdeen and Kilmarnock man was brought in back in May. Such cynicism does one of the sharpest, most progressive and experienced coaches in the Scottish game a gross disservice. Can Hearts challenge defending champions Celtic and Rangers for the Premiership in the 2025/26 campaign? Probably not. Can they do so in the future? It would be a major surprise if they were able to end the Old Firm duopoly. But the Ibrox and Parkhead hierarchies should look out for The Lizard, as he is known on the professional poker circuit. Only a fool would bet against him achieving his ambitious objective.
The National
7 days ago
- Business
- The National
Celtic should fear Hearts more than Rangers with Tony Bloom on board
Chairperson Ann Budge expressed hope the gap between her home town heroes and the two biggest clubs in the country could be reduced if a smart strategy was put in place and some shrewd signings made after Bidco 1874 had assumed control in 2014 and the calamitous reign of Vladimir Romanov finally brought to end. A few years later, Stuart Wallace, the then chairman of the Foundation of Hearts fan ownership group, echoed her sentiments. 'We split the Old Firm in 1998 and that's the next step,' he said. 'Can we split them again? There is a next level and the job of the foundation is to help us find it.' Alas, since Wallace's bold pronouncement the Gorgie outfit have finished fifth, sixth, sixth, twelfth, third, fourth, third and seventh in the top flight. Several semi-finals and finals have been reached, but no major silverware has been lifted. Realising their vast potential, never mind punching above their weight, has often proved problematic for a variety of reasons. Read more: Poor recruitment, bad managerial appointments, the Covid-19 pandemic and draining European campaigns have all impacted on their domestic efforts. An extraordinarily hard-to-please fanbase has not exactly been slow to voice its displeasure when standards on the park have fallen short of what has been expected either. So it was maybe no great surprise when seasoned observers of the game in this country were unperturbed when Tony Bloom pledged to try and 'disrupt the pattern of domination of Scottish football which has been in place for far too long' when his £9.86m investment in Hearts was completed earlier this week. They have heard it all before and such fighting talk has never amounted to very much. But there are reasons why things may be different this time around with Bloom, the professional gambler, poker player and entrepreneur who has received a 29 per cent stake in non-voting shares in the Tynecastle club in return for his welcome cash injection, involved. He has, to borrow a phrase made infamous by former manager Craig Levein following an Edinburgh derby win over Hibernian at Tynecastle in 2018, upset the 'natural order' before elsewhere on more than one occasion. It is 65 years now since Hearts lifted the Scottish title for the fourth time in their history. It is four decades since a club other than Celtic or Rangers were crowned champions. But back in May the Royal Union Saint-Gilloise side which the Englishman had revitalised after becoming their majority shareholder in 2018 won the Pro League in Belgium for the first time in no fewer than 90 years. (Image: Steven Paston) RUSG, as they are known for short, have a smaller transfer budget, player wage bill and average home attendance than those of Anderlecht, Club Brugge and Standard Liege, or The Big Three. Genk, Gent and Royal Antwerp should also by rights be finishing above them given their economic advantages. But the data-led approach to player recruitment that Bloom instigated when he first got involved has transformed the unfashionable Brussels club into the dominant force in their homeland as well as formidable rivals in European competition. The London-based betting consultancy Starlizard has provided the gen which has underpinned their success. An army of analysts, statisticians and researchers supply information on every facet of the game in an attempt to gain a competitive edge. The decibel levels of the crowd when a particular player is on the ball is even considered when a potential transfer is being weighed up. Bloom reduced his stake when both they and Brighton, where he is majority shareholder and chairman, both qualified for the Europa League two years ago in order to avoid breaching strict UEFA multi-club ownership rules. He has, however, very much been involved in their inexplicable and unexpected rise. The billionaire has, too, worked wonders at his home town team by investing heavily in their infrastructure, fostering a positive environment for staff to work in and prioritising the development of young players. Kieran Maguire, host of the Price of Football podcast and a Seagulls season ticket holder, this week described him as the smartest man he has ever met. Read more: Jamestown Analytics, a company that is closely linked to Starlizard, have been working with Hearts for some time now and it has by no means revived their ailing fortunes. Quite the opposite, in fact, has been the case. They were instrumental in the ill-advised appointment of Neil Critchley as manager. However, it took three years for RUSG to win promotion back to the top flight on his watch, four years to qualify for Europe and seven years to win the title. Progress is never made overnight, a long-term strategic approach which will yield results in due course is always taken. Strong foundations are laid, quick fixes are avoided. Scepticism has been expressed about how Critchley's replacement Derek McInnes will cope with Bloom's way of working since the former St Johnstone, Aberdeen and Kilmarnock man was brought in back in May. Such cynicism does one of the sharpest, most progressive and experienced coaches in the Scottish game a gross disservice. Can Hearts challenge defending champions Celtic and Rangers for the Premiership in the 2025/26 campaign? Probably not. Can they do so in the future? It would be a major surprise if they were able to end the Old Firm duopoly. But the Ibrox and Parkhead hierarchies should look out for The Lizard, as he is known on the professional poker circuit. Only a fool would bet against him achieving his ambitious objective.
