Hearts: Parent company UBIG asks to be declared insolvent

[ian1964 10,761]

Hearts director Sergejus Fedotovas has confirmed to BBC Scotland that the club's parent company UBIG has asked to be declared insolvent.

 

And the potential impact on the club may include a points deduction which would lead to relegation.

 

Should Hearts be judged to have breached Scottish Premier League rules before the season ends, they would be deducted 17 points and finish bottom.

 

The Tynecastle side finish their season against Aberdeen on Saturday.

 

Lithuanian investment company UBIG has been placed on a list of companies "unable to meet their obligations".

 

The list is published on the Lithuanian government's Enterprise Bankruptcy Management Department website.

 

UBIG and their sister company Ukio Bankas, which has collapsed with debts of £380m, own 79% of Hearts' shares.

 

Hearts owe £10m to UBIG and £15m to Ukio Bankas, who are in the process of challenging a bankruptcy order in Lithuania.

 

The Scottish Premier League has been monitoring the situation, with some clubs having raised questions as to whether Hearts were in danger of being affected by an insolvency.

[Whosthedado 1,703]

3rd division beckons only in the interests of sporting integrity of course!

[ian1964 10,761]

3rd division beckons only in the interests of sporting integrity of course!

 

I can't see that happening mate!,the corrupt cabal will see that it doesn't, a wee change of rules here and there and all will be fine!..............

[54andcounting 0]

Dundee's chairman must've stood in shite last year.

[ian1964 10,761]

A6.8

 

Where a Club which was a member of the League in the immediately preceding Season takes, suffers or is subject to an Insolvency Event that Club shall be deducted the greater of 10 points and one third, rounded up to the nearest whole number, of the total number of points, excluding any points deducted for any reason, gained by that Club in the League in the immediately preceding Season and where a Club which was not a member of the League in the immediately preceding Season takes, suffers or is subject to an Insolvency Event that Club shall be deducted 10 points. Where the Insolvency Event occurs during a Season, the requisite points deduction shall apply immediately. Where the Insolvency Event occurs during the Close Season the requisite points deduction shall apply in respect of the immediately following Season, such that the Club starts that immediately following Season on minus the requisite number of points.

[ian1964 10,761]

Published on 21/06/2012 15:50

 

VLADIMIR Romanov, owner of Hearts, today released the following statement concerning Hearts’ plans to vote against admitting a newco Rangers to the SPL.

 

“The opinion of Heart of Midlothian FC in regards to the current situation of Scottish football is clear and robust.

 

“The football mafia represented by former owners of Rangers FC and Rupert Murdoch’s media are to blame for some of the worst problems to hit Scottish football and must not be allowed back in under any circumstances.

 

“As regards the club itself, we can only express our deepest condolences to its supporters, who have been lied to for so many years.

 

“It had to happen sooner or later. Victories were achieved not by sporting merits, but through slander, conspiracies amongst players and their poaching via third parties, unfair pressuring of referees, who in themselves are as valuable to the fabric of football as the football stars themselves.

 

“All of this brought hollow victories and destroyed football. We can also mention the attempts to eliminate Hearts with the help of the tax petitions, through false accusations and threats to revoke the club license. There is a saying about digging a grave for someone: you get it for yourself …

 

“Without these people football will become cleaner and stronger. Without Murdoch the whole of society will improve, in particular sport and culture.

 

“Supporters deserve a new beginning and have to accept the fact that their club has to start from the lower league, keeping order in the SPL and without creating unfair competition with other clubs.

 

“As regards the pitiful state of Scottish football finances, a lot of the blame should be placed at the doors of Murdoch’s media. They pay huge sums to English clubs, whilst in Scotland, where football is better supported per capita than anywhere else in Europe and there are more cable or Sky subscribers per capita than in England, clubs receive peanuts for their broadcasting rights.

 

“At the very least this is discrimination and protectionism for the English football product, which at the same time stunts the development of the game in Scotland, that is regarded as the cradle of football.

 

“I feel that it is absolutely realistic to create a company that would bring to Scottish clubs at least the same broadcasting income, and even grow it by 50-100% over the next two to three years. This company should be in the hands of Scottish clubs and work with those who want to earn money the honest way, instead of conducting business the Murdoch way.

 

“They have lived beyond law and all morals, and should now be declared beyond the pale. A society that allows the destruction of integrity in sport, which is a crucial part of Scottish culture, is destroying itself - and all for the benefit of a media aborigine.”

 

http://www.scotsman.com/edinburgh-evening-news/football/hearts/in-full-vladimir-romanov-s-statement-on-rangers-1-2368602

[54andcounting 0]

Vladimir is 100% correct with this observation....

 

 

“As regards the pitiful state of Scottish football finances, a lot of the blame should be placed at the doors of Murdoch’s media. They pay huge sums to English clubs, whilst in Scotland, where football is better supported per capita than anywhere else in Europe and there are more cable or Sky subscribers per capita than in England, clubs receive peanuts for their broadcasting rights.

 

“At the very least this is discrimination and protectionism for the English football product, which at the same time stunts the development of the game in Scotland, that is regarded as the cradle of football.

 

I couldn't agree more.

[ian1964 10,761]

Lifted from jomboskickstart:

 

 

JJ's Barmy Army

 

Squad Member

Registered Users D

2,844 posts

 

Posted Today, 18:58

 

Yang Guang, on 16 May 2013 - 06:47 PM, said:

You don't think other clubs and fans will want us out the SPL? We're the next hated team in the league after Celtic. Everyone holds the view that we cheated to get success, and don't see us as much different from Rangers in that sense.

 

The fact is, the SPL had to get rid of Rangers, Rangers were got rid off. The exact same will happen with Hearts.

 

 

Rangers were not "Got rid of" they went into liquidation and the consequence of liquidation meant having to start as a new company. That liquidation automatically lost them their SPL share which every club has that plays in the SPL. Rangers were given special dispensation to allow them to start immediately in the 3rd division, only after Doncaster, Regan and co tried every scaremongering tactic in the book and lied to everyone to try allow the immediate entry into the SPL, then Division 1 when entry to the SPL was declined by the clubs.

 

The same would happen to us IF we were liquidated, however I doubt very much we would be given the same grace as sevco were given. We wont have the beaks at the SFA, SPL and SFL trying to pull clubs strings. Up until Rangers were liquidated all they were facing was an automatic point deduction.

[ian1964 10,761]

audrey65

 

Junior Member

Registered Users D

958 posts

 

Posted Today, 19:23

 

jamboinglasgow, on 16 May 2013 - 07:20 PM, said:

exactly, and after fans have demanded Rangers get relegated for their financial issues, we cant then expect to be treated as a special case. If we are relegated, directly or indirectly from our punishment, we can hardly complain. Its been our own fault. I want us to do it a dignified way, accept the punishment and get back up through our own ability. Of course I would prefer for us not to be relegated.

 

Rangers ceased to be and, IMO, were favourably treated in that they were allowed to rejoin the SFL at division three in front of other clubs who had been applying for years.

[RANGERRAB 3,737]

audrey65

 

Junior Member

Registered Users D

958 posts

 

Posted Today, 19:23

 

jamboinglasgow, on 16 May 2013 - 07:20 PM, said:

exactly, and after fans have demanded Rangers get relegated for their financial issues, we cant then expect to be treated as a special case. If we are relegated, directly or indirectly from our punishment, we can hardly complain. Its been our own fault. I want us to do it a dignified way, accept the punishment and get back up through our own ability. Of course I would prefer for us not to be relegated.

 

Rangers ceased to be and, IMO, were favourably treated in that they were allowed to rejoin the SFL at division three in front of other clubs who had been applying for years.

 

Rangers' SFA membership & licence was transferred from oldco to newco and the club's history was preserved intact. The SFA, UEFA, ECA etc all recognise this. Only those of an extremely low intellect cannot grasp this fact. Perhaps it's their upbringing.