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Hearts hoping to exit administration

Hearts look set to exit administration after their majority shareholders agreed to transfer their shares in the club.

Lithuanian investment firm UBIG have agreed to transfer their 78.97 per cent shareholding to holding company BIDCO who, as part of a company voluntary arrangement (CVA) agreed in November, will gradually hand over control of the club to Foundation of Hearts, an organisation set up by the fans of the Scottish Premiership outfit.

BDO, the club’s administrators, expect the sale of the club to be completed within the next eight to 10 weeks, subject to being ratified through the Lithuanian courts.

Hearts were docked 15 points at the start of the season for entering administration, and currently sit 17 points adrift at the foot of the table, only reaching a positive points tally with a 2-1 win against Ross County on January 25.

Ian Murray MP, chairman of the Foundation of Hearts says the announcement came as a massive boost.

“This is very welcome news from BDO,” he said.

“We are edging closer to getting the club out of administration and we are now talking about when rather than if.

“This is a very significant hurdle overcome and we are delighted but more work is required.”

Joint administrator Bryan Jackson, meanwhile, took time to praise everyone involved with the club for their understanding.

“I would again like to thank the fans, the staff and the players for their continued patience,” he said.

“For all those involved with Hearts, on and off the pitch and on the terraces, it has been a very difficult period and their assistance and support has been greatly appreciated.”

Mon 3 February, 2014
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