Thu, 14 Feb 2013 | ADMINISTRATION
Calls are being made to sell the Heart of Midlothian FC after its owner, Vladimir Romanov’s Lithuania-based Ukio Bankas, entered temporary administration.
Hearts fans are concerned after temporary administrators were brought in to sort through the bank’s finances after its value plummeted to an eight-year low. They have been granted six days to determine the best outcome for the bank.
It could turn out to be a positive situation for the Federation of Hearts Supporters Clubs, however, as its general secretary Steven Kilgour told Edinburgh Evening News: “Perhaps I have too much faith, but I think this problem with his bank is more likely to strengthen the hand of fans to buy the club from him.
“If he has financial difficulties that could make him more likely to sell – and sooner.”
Mr Kilgour continued to say that Romanov has already stated his intention to sell the club. The members of the Foundation - a not-for-profit organisation created in 2010 by local business people who are devoted Hearts fans - are thought to be watching to see how the situation unfolds.
If the ailing bank should enter administration the football club’s as yet unknown amount of debts to the bank could be recalled. Hearts is believed to have £25 million of borrowed cash from parent firm UBIG, which is related to Ukio Bankas though not affected by its distress.
Sergejus Fedotovas, Hearts director, reassured fans that the club’s daily operations are not impacted by the situation with the Lithuanian bank.
“The board wishes to make it clear that Heart of Midlothian plc and Ukio Bankas are two separate companies,” he said.
There are concerns, however, that should the bank demand its money back from Hearts and the club does not have the funds to repay it, its stadium could be sold off as a way to regain the lost money.
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