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Hearts unable to fight off liquidation

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tynecastleDespite the euphoria of their derby win over Hibs there is one opponent Hearts are struggling to shake off- liquidation.

Delaying relegation until Wednesday’s visit from Aberdeen or even by a week means little in the big picture as the club’s major creditors eye up the continuing success of the Foundation of Hearts which has brought together 9,000 fans paying a monthly subscription to ensure some sort of future.

UBIG of Lithuania own 50% of the stricken club and are under pressure from their own creditors not to accept a token CVA that allows the club to continue playing at Tynecastle with Lithuanian creditors losing millions of pounds.

Rather than accept a knock down deal of £2.5m for Tynecastle UBIG could veto the CVA then lease back the ground to the new club on an annual rental of over £1m a year.

That sort of deal would represent some value for money to the creditors of UBIG with major creditor Sualiu Bank unhappy at the speed at which a £2.5m deal is being pushed through.

Sualiu are believed to be alarmed at the £5.5m deal with which Duff & Phelps transferred the £80m assets of Ibrox Stadium and state-of-the-art Murray Park to Craig Whyte’s Sevco 5088 and don’t want to fall victim to a similar type of deal.

While BDO investigate the downfall and liquidation of Rangers Sualiu Bank are protecting their investment in UBIG with a creditors meeting being held on April 7.

That meeting is unlikely to agree to the Foundation of Hearts offer forcing the club into liquidation and Tynecastle onto the open market.

So far administrators BDO have refused to put season-tickets on sale for the 2014/15 season.

While some Championship clubs are apparently rubbing their hands at the prospect of Sevco and Hearts in the division next season there seems a better than even chance that both clubs are heading to the graveyard to join Third Lanark, Airdrieonions, Gretna and Rangers.

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