Hearts face the prospect of having hostile administrators appointed after Ukio Bankas moved to bring in BDO.
The crisis hit Edinburgh side had hoped to appoint KPMG as administrators today but that was blocked by the Lithuanian’s who are fearful of a cosy Duff & Phelps style operation likely to leave creditors penniless.
Ukio Bankas are owed £15m by Hearts and have security in the form of a floating charge over Tynecastle- the only worthwhile asset of the club.
By appointing their own administrators, BDO, Ukio Bankas can ensure that their interests are protected with no cut price deal to friendly hands to provide any Hearts newco with a home for next season.
The appointment of Duff & Phelps, backed by Craig Whyte, saw creditors in Rangers lose out with Ibrox Stadium and Murray Park sold for £5.5m then valued at £60m by Charles Green six months later.
In a statement to Press Association Sport tonight, Gintaras Adomonis of Lithuanian administrators UAB Valnetas, acting for Ukio Bankas, said: “We thoroughly analysed (the) financial and legal framework of Hearts’ case and, taking into account failure by Hearts to cover the debt to HMRC, it appeared that administration of the club is the only option available at the moment.
“We still believe that we should stay with our ultimate goal to defend the interest of the creditors of Ukio Bankas and sell the club to the appropriate investor as soon as possible.
“Thus, we want the administrator to be not only experienced but dedicated to football as well.”
Despite the troubles at Hearts neither the SPL or SFA have made any statement on their websites.
Tomorrow morning the fixtures for the new look SPFL will be announced with the shadow of administration and liquidation hanging over Hearts.
Should Hearts be liquidated it will create a gap in the top division which would probably be disputed for by Morton and Dundee- with a knock on effect throughout all the divisions.
CONSIGN ‘EM TIT SCRAPHEAP LADS ( C.G.)
honest will this be on bdo shooy in administration
Pmsl
Hearts and Sevco are cut from the same cloth both spent money they never had and have disgraceful scumbag fans that are detested ! send them to the 2nd division with that other team that can’t pay what they owe !
They have bitter and disgraceful scumbags,the same as the scum at ibrheox. They tried to be clever -spend spend…..
My heart bleeds p**h to be honest. They have had it coming for a long time, and so have most of they’re supporters/fans.
Where’s Craig Whyte when ye need him
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That’s a funny comment….hail hail
I hope the Hearts take the Sevco route, not in a bad way, SFA Will try to avoid teams using the ‘tunnel’ Ogilvie ‘dug’ for SFA/Sevco.
Take the SFA to Court HMFC use all the bent rules for Sevco and ram it right up Ogilvies whatsit! I dont like yer support, but not in a bad way, go throw Stewart Regan about like an empty track suit, its shootie in, many teams will follow follow until FiFa get a wiff so hurry along before Sevco do…a Sevco!
Beep….Beep……..Beep……….Beep……Beeeeeeeeeep……………………..R.I.P.
Bye bye scumbags you won’t be missed the air will be a lot cleaner without your poison, as we say in Glasgow T A L hh
BLOODY MORE ZOMBIES .
Its hardly comparable to uncle sam bending over and taking a taliban howitzer up the jacksie, whilst his wee uk lap dog looks on with relief, but …
Good riddance to the diet huns!
2011: ‘Bring on the Hearts, the Hibs the Rangers…’
2012: ‘Bring on the Hearts the Hibs…’
2013: ‘Bring on the Hibs..’
2014: ‘Anybody fancy a kick about?’
First the sons o Satan,now his nephew’s.
Pmsl.
Keith.
the domino effect has begun. im sure many more will fall.
my worry is not for them but for us. how can we thrive when the game here is falling fast ?
SOS we need uefa to come up with a plan to take us out of the scottish league as their wont be one left soon.
i think our league is the first to totally go tits up.
If all the teams whose fans hate us die, we’re not going to have much of a league left. Celtic versus Celtic reserves anyone?
Just a thought.
Certainly bad news in the short term for the competitiveness of our game as Hearts are generally a worthy opponent. However in the long term it might help Scottish football if more of our clubs live within their means and nuture more Scottish talent instead of throwing daft money at average foreigners or paying over the odds.
We only need to look at the likes of ICT or Ross County to see what well organized small
clubs / fan bases can achieve…so the challenge is there for such as Hibs – Hearts – Aberdeen & Dundee Utd etc to prove they can do better with greater resources. With Sevco out of the running for some time these clubs SHOULD be stepping up to the plate and making a significant challenge for Euro places.
Totally agree.
Let them go to the wall they are scum nobody will miss them as we did not miss their pals who died in Glasgow last year