Thu, 03 Apr 2014 | ADMINISTRATION
Scottish football club Hearts is on the brink of company liquidation in what is said to be a critical week for the team.
Speaking yesterday (2 April), the club’s manager Gary Locke stated that the coming seven days represent the biggest week in Hearts’ 140-year history. The Edinburgh-based side, which entered administration in June 2013, is now waiting to see if its Lithuanian shareholders can release 80 per of shares to a new prospective owner – Ann Budge – by Monday, if not then it might be forced into liquidation before the end of the season.
Creditors are meeting at the Eastern European firms Ukio Bankas and Ukio Bankas Investment Group (UBIG) on Monday 7 April, with the club’s future resting on the outcome of the talks. BDO, the administrators for Hearts, is waiting for UBIG’s 50 per cent shareholding to be transferred to fans and their backers.
Ann Budge has offered to buy the shares for around £2.5 million on behalf of the fans. However, disputes are ongoing about the value of the shares.
BDO only has enough funds to keep the team afloat until the end of April and frustration is growing over the lack of progress. The club’s administrator Bryan Jackson told BBC Scotland: "This is probably the lowest ebb we've got to. This deal should've been over the line by now.
"We have to accept now that there is a threat of liquidation and we are doing everything we can to avoid it.”
Manager Locke added: “It’s the biggest week in the club’s history, there’s no doubt about that. There is a decision to be made about the future of Heart of Midlothian and it’s a massive week for everyone.”
______________________________________________________________________
Related information:
Hereford United facing administration
Leeds United MD says the club is safe from administration
This high-class restaurant in South Yorkshire is a rare opportunity, featuring a prime city-centre location and a vibrant, elegantly designed interior.
LEASEHOLD
This well-established stoves and cookers business in East Sussex offers a tastefully organised setting with spacious showrooms, a large office, and nearby warehousing featuring excellent facilities like a forklift.
LEASEHOLD
This well-established mechanical, plumbing, and electrical contracting and maintenance business boasts an exceptional reputation, having operated for around 50 years with a focus on the education and health sectors.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.