£25m debt has Hearts on the brink

[ian1964 10,720]

FEARS were growing last night that Hearts are set to plunge into administration.

 

The Jambos owe Vladimir Romanovâ??s crippled Ukio Bankas and its parent company UBIG £25MILLION.

 

SunSport understands a Glasgow-based auditing firm is on standby to act if the worst nightmare of Tynecastle staff and fans is realised â?? possibly even as soon as the next week.

 

And that scenario would hand current SPL bottom side Dundee a potential reprieve from relegation.

 

Second bottom St Mirren, still chasing the win to secure their top-flight status, would also be cheered.

 

Hearts, presently 10th and 11 points clear of John Brownâ??s men, would be hit with a 17-point deduction going into the last fortnight of the season.

 

Depending on this weekendâ??s results it could instantly relegate Gary Lockeâ??s side.

 

It is believed that the February crash of Ukio Bankas â?? owed £15m by the Scottish Cup holders â?? immediately left Hearts in a precarious position.

 

Supremo Romanov and right-hand man Sergejus Fedotovas, also a Jambos director, quit the board of Kaunas-based parent company and effective club owners UBIG soon after.

 

Hearts â?? who late last year rushed out a share issue to raise £1m-plus to cover an HMRC bill plus running costs which threatened to kill them off â?? are also in debt to UBIG to the tune of £10m.

 

UBIG have a 79 per cent stakeholding in Hearts, who are desperate to stave off any possible administration until at least June 1 when itâ??s understood their â??goldenâ?? SPL share would be formally confirmed again for 2013-14.

 

In that event they would not be relegated but would start the new season with a minimum minus 12 points.

 

Last night a Tynecastle source insisted: â??As far as weâ??re concerned itâ??s business as usual.â?

 

 

Read more: http://www.thesun.co.uk/scotsol/homepage/sport/spl/4908386/25m-debt-has-Hearts-on-the-brink.html#ixzz2Rtj19dJ8