Despite his success in securing a CVA for Dunfermline Bryan Jackson has warned that the future is bleak for Hearts.
BDO have been handling both administrations but while Dunfermline were treated leniently by their bankers the same situation is unlikely at Tynecastle.
Ukio Bankas are owed £15m by the Gorgie club and hold security over the stadium.
As a football stadium Tynecastle is perhaps worth £5m but on the open market it could raise a far larger sum from property developers.
The administrators of a Lithuanian bank are unlikely to allow sentiment to play a part in the decision making process with the liquidation of the club and asset sale looking increasingly likely.
Jackson had previously hinted at the newco blueprint established last year by Sevco but with a cut price deal for the land assets unlikely the future for Hearts with or without a CVA is uncertain.
Stressing the need for a CVA including the stadium Jackson said: “I believe you’ll get a quicker sale as a football club. It will be cleaner because if you don’t sell it as a football club, you have all the problems of mothballing the stadium, the hostility that would go with that, the loss of the local community club, the loss to Edinburgh.
“I know from the point of view of the creditor that might not be important, but it will be a knock-on effect. Because the knock-on effect will be ‘Who is going to buy this property? Who is going to buy this land?’ That’s something we’ve conveyed overseas: that it’s not as simple as that. You could be left with a property that might take years to sell. You may or may not get more eventually by going down that route.
“Obviously we have the other administration objective of keeping it as a football club – that’s a huge objective. But we do think they both go together, and that’s our argument.”
Should Hearts go into liquidation in mid-season it will create a major crisis for the SPFL who will have to decide what do with any results achieved by the club.
Hearts will start the season with a 15 point penalty with their liquidation ensuring that no club will be relegated. The complication will set in at the top end of the table when clubs will have points deducted from games against Hearts meaning that points dropped to the Edinburgh side pre-liquidation will have no impact on the league table.
Any explanation from the SFA on why cheatco got 10pt deduction for administration and Hearts get 15pt deduction? Should’ve been same same no?
I think Sevco got a 10 point deduction because they went into the grubber during the season, whereas their scummy cousins went into admin pre season, though I could be wrong as the secret 5 way agreement is unlikely ever to be known.
At the end of the day,the funny handshake/trouser leg up/goat shagging brigade made sure Sevco got every break, legal or illegal, going.
I feel for the people who earn a living at tynecastle,for example canteen staff ,office staff but the demise of this institution is to be celebrated. It Is a torch for the bigots and Catholic haters in our country so the the day it no longer trades has to be a good day. I am not a Catholic but it doesnt make me any less of a celtic man than someone of that faith,I just have zero time for bigots of any kind,Including the ones who attach themselves to our club. We are seeing all the Anti-Celtic People and influence fail so As I say,Lets Celebrate.
Good to see them go. They will not be missed.
If every team in Scotland with an anti-Catholic or Irish sentiment were to go bust, I think then we could honestly say that Celtic ‘were in a league of their own’ and mean it.
HH