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.
_______________________________________________________________________
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
Founded in 2018, this business has grown from a passion project into a leading manufacturer of luxurious, bespoke shepherd huts and glamping products.
Established in 1990, this company has evolved into a market leader in the dynamic field of digital signage solutions, building on over 30 years of expertise in computer graphics, animation, and technology integration.
Langleys of Norwich is believed to be the second oldest continually trading toy shop in the UK after Hamleys, with its history traceable to the 1880s. It has touched the lives of many generations, and the grandchildren of its very first customers now...
LEASEHOLD
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.