Thu, 17 Apr 2014 | ADMINISTRATION
Edinburgh-based football club Hearts are on the verge of exiting administration as a deal that will see owner Ukio Bankas transfer its shares is close to completion.
The Scottish club entered administration in June 2013 after its Lithuania shareholders – Ukio Bankas and Ukio Bankas Investment Group (UBIG) – collapsed. The administrators, BDO, had stated that Hearts would be facing liquidation if they could not transfer the banks’ shares to a new owner Ann Budge, who has put forward around £2.5 million on behalf of the fans, by the end of this month.
On Monday 7 April we reported that the first half of this process had been completed as UBIG agreed to the transfer of its 50 per cent share in Hearts.
Yesterday (16 April) the news broke that Ukio Bankas had also approved the sale of its shares, leaving the club on the brink of moving out of administration and securing its long-term future. Ukio is the side’s biggest creditor and owns 29 per cent of its shares, as well as its home ground – Tynecastle Stadium.
Millionaire Ms Budge, who has bought the shares, has said that she is acting in the fans’ interests and plans to transfer ownership of the club back to the supporters – the Foundation of Hearts group – over the next five years.
Ian Murray, independent chair of the Foundation of Hearts, said: "Ukio Bankas creditors met this morning and approved the deal. Sale and purchase agreement needs completed but we can say deal done.
"This is absolutely fantastic news and a great development. It is vindication of our wonderful supporters' decision to support the club during the most difficult times. Without them Hearts would not be here.”
Hearts have already been relegated from the Scottish Premier League but this news, which all but confirms their step out of administration, will secure the club’s future for years to come.
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Related information:
Track the story over the past month here:
Hearts FC facing the biggest week in its history as liquidation looms
Hearts take a step closer to avoiding liquidation but club's future remains in doubt
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