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.”
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Related information:
Hereford United facing administration
Leeds United MD says the club is safe from administration
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