The almost certain liquidation of Hearts has been confirmed by Gintaras Adomonis, the administrator for UKIO Bankas in Lithuania.
Despite the regular upbeat messages from BDO that has brought about a surge in optimism and season ticket sales the reality of a £15m debt to foreign creditors is that a pennies in the pound deal will be rejected in favour of selling Tynecastle.
Three proposals for a CVA have been submitted to BDO with all three rejected. Unless around £10m can be found from one of the bidders Ukio Bankas will have no other option but to liquidate the club and obtain the best possible price from the sale or rental of Tynecastle.
Administrator Adomonis revealed: “I can repeat that we are doing everything we can to save the club functioning, however, I am obliged to protect solely the interests of Ukio Bankas and its creditors.
“If no feasible offer with terms and conditions acceptable to Ukio Bankas creditors is achieved, Ukio Bankas will remain with the only solution – liquidation of Hearts of Midlothian Plc and enforcement of the standard security over Tynecastle stadium.
“I sincerely hope this is the way of things we still can avoid.”
The liquidation of Hearts will present a massive problem to the SFA and SPFL with a new Edinburgh club likely to demand the same warm welcome that was afforded to Sevco a year ago.
While Sevco pulled off an incredible deal to get Ibrox and Murray Park for £5.5m, less expenses to Duff & Phelps, a realistic rental for Tynecastle could come in at around £1.5m a year in order to get approval from Ukio Bankas.
With that level of annual commitment it’s unlikely that any of the current bidders can run a viable club leaving the SPFL without one of Scotland’s oldest clubs.
Bryan Jackson of BDO admitted: “Liquidation is always a possibility when a business is in administration, but we are confident that we can work with the bidders to produce an outcome that saves the club and provides an acceptable return to the creditors of Ukio Bankas.”
The mini scum won’t be missed.
Ffs! When they come back from the dead like their cousins from down Govan way did Scotland will look like a scene from World War Z.
Disturbing images of ugly, disfigured, soulless hordes marauding around Scotland in XXXL replica Sevco and Hearts strips in their endless search for brains…..it will be like nothing has changed at all.
Hail Hail.
And we care why that they are in shit Good bye and good ridden to bigoted club run by a bunch of orange bastard Hail Hail
good riddance to the mini-scumbags
In a way I would have liked to have seen this shower of scumbags survive, maybe in a perverse sort of way, but I thought if some kind of Celt-hun, Glasgow-Edinburgh derby could surface it might help to cement the benefit cheats out of the game.
HH
Never mind this crap, Hooper just says on sky sports the celtic fans are good….. GOOD ??, wtf good riddance
Salt’n’sauce zombies to add to their big cousins the salt’n’ vinegar zombies.
Walking dead huns and richly deserved by all of them.
Neil Lennon says Get it right up ye’s all!
Ah smell shite
Keith
Take your nose oot yer erse then kieth! ;0)