Demoted Hearts in rescue talks
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Last Updated: Monday, April 07, 2014, 18:23
  
Demoted Hearts in rescue talks
Edinburgh: Relegated Scottish Premier League side Hearts remain hopeful of trying to secure a rescue deal with their Lithuanian creditors.

The Edinburgh club were condemned to the second-tier Championship despite coming from behind to secure a 4-2 win over Partick Thistle at Firhill on Saturday following St Mirren`s dramatic 3-2 win against Motherwell.

Hearts` Lithuanian creditors met Monday to consider a proposal to transfer the majority shareholding of their parent company UBIG to a fans rescue group bankrolled by Edinburgh businesswoman Ann Budge.

She is offering to buy the shares for around £2.5m on behalf of fans` group Foundation of Hearts, with the long-term aim of handing over control at Tynecastle to supporters.

The majority of the money would go to Ukio Bankas, which has a 28.79 percent stake in the club and holds a charge on Tynecastle Stadium.

And according to Britain`s Press Association, BDO administrator Bryan Jackson said UBIG had agreed, by majority, to back the agreement with the Foundation of Hearts.

However, failure to complete the deal could see Hearts head towards liquidation and it is not clear when the Ukio creditors will meet.

Hearts went into administration in June last year with debts of about £30 million ($50m, 36m euros). They were deducted 15 points and hit with a transfer embargo.
AFP

First Published: Monday, April 07, 2014, 18:23


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