Sat, 10 May 2014 | BUSINESS SALE
Hearts have confirmed that the football club has been bought out of administration after a lengthy takeover process.
The Edinburgh-based side’s fans were celebrating as the news broke yesterday (9 May) that businesswoman Ann Budge has finalised her purchase of the team. The announcement came after a long and stressful April for all involved with the club.
We reported on the story as it unfolded last month; Hearts’ administrators BDO had said that the club could only stay afloat until the end of April if the takeover was not complete. While an initial deal was finalised with the Ukio Bankas Investment Group (UBIG) – one of the two failed Eastern European banks that owned the club – on 7 April, a deal with the second owner Ukio Bankas took far longer to push through.
Ukio Bankas held the other 50 per cent share of Hearts as well as holding a charge on the club’s ground: Tyncastle Stadium. However, yesterday Ann Budge, who had offered to buy the shares for around £2.5 million on behalf of the fans, was finally able to finalise the deal.
Ms Budge will start her stewardship over Tyncastle on Monday but she is already being hailed a hero for her role in bringing the club out of administration, 11 months after BDO were first called in.
Despite the fact that Hearts have already suffered relegation from the Scottish Premier League, the club will celebrate the end of the season in style this weekend as their financial future finally seems to be safe.
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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
Hearts on the brink of exiting administration
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