Hearts relegated today?

[ian1964 10,761]

THE Lithuanian administrator who holds the key to Hearts’ survival hopes stressed last night that the stricken Edinburgh club will “probably” be saved from liquidation.

 

Gintaras Adomonis, who has been placed in charge of collapsed bank Ukio Bankas, told Record Sport the company’s creditors WILL rubber-stamp a rescue package for the Tynecastle outfit on Monday.

 

And he also claims that creditors of parent firm UBIG are unlikely to block the deal at a meeting on the same day which would pave the way for Ann Budge to move ahead with her takeover.

 

Budge has offered UBIG and Ukio Bankas £2.5m for their majority shareholding in Hearts.

 

As both firms have gone bust it is now up to their creditors to agree to the deal.

 

However, a spokesman for Adomonis said: “Most probably, the deal will have “‘yes’ on April 7.”

 

The assurances were cautiously welcomed in Gorgie last night although Hearts administrator Bryan Jackson is still hugely concerned about the club’s future.

 

Jackson has heard it all before, having spent the last five months trying to push the deal over the line despite originally agreeing the terms of a CVA back in November.

 

And a source close to the BDO chief said: “While we welcome any positive noises from Lithuania, the fact is such assurances are nothing new.

 

“They’ve been saying there should be no problems saving Hearts since November. They said the same again in February. But every time we think it’s almost there are ‘technical problems’.

 

“Not once have they elaborated on the nature of these problems or how they can be resolved.

 

“That is why no-one will get too excited until they deliver on their word.”

 

Record Sport revealed yesterday how Jackson has reluctantly begun drawing up emergency plans to keep Hearts playing for the rest of the season and avoid causing top-flight chaos – even if the liquidators are called in at the end of this month.

 

The club’s position is being described by those behind the scenes as “50-50” and “whites of the eyes time”.

 

And Jackson is believed to be furious with the stalling tactics of his Lithuanian counterparts which have been described as “dishonest”.

 

But Adomonis yesterday promoted the message that the deal is close to completion.

 

His PR man Vaidotas Vysniauskas said: “There are not any signs of discomfort in the camp of Ukio Bankas.

 

“Mr Adomonis assured me today that the only reason the Hearts deal was not approved by the creditors committee last Friday is due to incomplete paperwork.

 

“The documents have now been provided. There are no disagreements regarding the deal itself and approval will be granted at the next meeting of the creditors.”

 

But, somewhat alarmingly, he then alluded to a potential problem involving another Lithuanian firm, Siauliu Bank – UBIG’s biggest creditor.

 

Vysniauskas added: “We could not speak in the name of UBIG but as far as we know every major creditor is set to approve the deal during the creditors’ meeting on April 7.

 

“Siauliu Bank is the biggest creditor of UBIG and it has some alternative opinion towards the deal, but there are no known obstacles at a moment.

 

“So, most probably, the deal will have a “‘yes’ on April 7.”

[Gribz 919]

Cheerio Jambos......yet Monday is even more defining for them.

[Gribz 919]

This should be interesting.

 

Hearts administrators BDO are trying to establish if money due to be handed out at the end of the season can be paid to the club now.

 

BDO have approached the Scottish Professional Football League as they seek to raise cash to help Hearts fulfil their fixtures.

 

Relegation was confirmed on Saturday but Hearts will still be due a share of Scottish Premiership monies.

 

It is believed BDO only have enough money to keep Hearts going until April.

 

However, if extra funds can be found it is hoped full agreement over Anne Budge's proposed takeover can be finalised by the time the season ends.

 

Creditors of major shareholder UBIG have agreed to transfer their 50% holding to BIDCO, the Budge-backed vehicle for future fan control of Hearts.

 

But no deal has yet been reached regarding the 29% shares held by Ukio Bankas, which holds a charge on Tynecastle Stadium.

 

With the Premiership now splitting in two, Hearts have five fixtures remaining against their fellow bottom-six sides. The Tynecastle outfit's next match is against Ross County on 19 April.

[compo 7,230]

to be honest I would not like to see happening to hearts as what happened to us if the drop down a division and along with hibs it would make next season interesting

[RANGERRAB 3,771]

If they newco let's see if the corrupt cabal running our game give them their prize money......should be interesting.

People forget they've been in administration since June last year. It's clear the Lithuanians (ukios) don't much fancy what they're being offered and they hold the charge over tynecastle

[ian1964 10,761]

If they newco let's see if the corrupt cabal running our game give them their prize money......should be interesting.

People forget they've been in administration since June last year. It's clear the Lithuanians (ukios) don't much fancy what they're being offered and they hold the charge over tynecastle

 

Have the rules not been changed since we were hammered by the old SPL?.

[ian1964 10,761]

SPFL to offer crisis-hit Hearts early prize money pay-out

SPFL chiefs are ready to give Hearts their end-of-season prize money if they guarantee to fulfil their remaining league fixtures.

 

Administrators BDO have confirmed the club will run out of money at the end of this month.

 

And they will ask the SPFL to pay them the £100,000 they are due to receive in the summer.

 

Hearts’ prize money for finishing 12th is £790,000, but £690,000 of that has already been paid in stages during the season.

 

SPFL sources have told Express Sport that Hearts’ plea will be considered, but no official request had been lodged at the close of business last night.

 

An early bail-out is likely to be sanctioned if the club can put a strong enough case forward.

 

However, the SPFL want assurances from BDO that Hearts will fulfil their last five Premiership games.

 

If they don’t, it could prove chaotic for the bottom-six fixture list, given that five teams are battling to avoid the play-off spot.

 

Hearts’ remaining fixtures are against Ross County, Hibs, Kilmarnock, Partick Thistle and St Mirren.

 

If the Tynecastle club went bust in the middle of those fixtures then the SPFL would be left with the dilemma over whether to credit all five clubs with a 3-0 victory, or just those they hadn’t yet played.

 

The SPL often dished out prize money or television cash in advance and the likes of Livingston, Dunfermline and Hearts themselves have all been beneficiaries in recent years. Now the SPFL is set to continue in a similar light.

 

BDO had hoped they would be able to finalise the sale of the club’s 29.9 per cent shareholding from the now-defunct Ukio Bankas to Ann Budge’s BIDCO this week, but that remains in the balance as the Lithuanian liquidators have still to organise a creditors’ meeting.

 

It is hoped that meeting will be held before the end of next week, which would allow the administrators to secure the club’s long-term future and allow them to regain control of Tynecastle Stadium, which Ukio currently owns the deeds for.

 

Budge, who will eventually sell her shares to the Foundation of Hearts, had threatened to walk away if a deal wasn’t done, but she has decided to give BDO more time to push things through.

 

Administrator Bryan Jackson is in Lithuania in an attempt to come to an agreement with Ukio after they agreed a deal with UBIG for their majority 50 per cent shareholding earlier this week.

 

The latest hold-up has increased uncertainty among fans, players and staff, who know they won’t have a club unless Budge can secure the Ukio power.

 

They had hoped for some good news after relegation was confirmed on Saturday.

 

Other bidders have come to the fore in recent days but Budge is the only real contender.

 

http://www.express.co.uk/sport/football/469382/SPFL-to-offer-crisis-hit-Hearts-early-prize-money-pay-out

[ian1964 10,761]

FUGITIVE Vladimir Romanov was at the centre of a battle between Lithuania and Russia last night after he was arrested – then apparently freed – in Moscow.

 

The former Hearts chief had been detained on embezzlement charges on Monday, it emerged yesterday. But Romanov’s lawyer Adomas Liutvinskas says the 66-year-old was then released.

 

News of the arrest led to a flurry of messages from Jambos fans. On forum Kickback one posted: “Put Romanov in a cell where he belongs.”

 

Romanov is wanted in Vilnius on suspicion of embezzling £12 million from the bankrupt Ukio Bankas.

 

An international warrant was issued last year for the former bank owner but Romanov left for Russia.

 

Lithuanian prosecutors were later informed he had suffered a stroke.

 

Russian police have now confirmed Romanov was detained at the request of Interpol on a Lithuanian arrest warrant – although oddly, on a Latvian passport – but couldn’t say if he’d now been released.

 

And last night president of the Baltic state Dalia Grybauskaite said: “If this is true – I don’t yet have confirmation – this means somebody complied with the international obligations but later he was released, probably under political pressure.”

 

Hearts declined to comment but a Tynecastle source said: “We will follow this with interest.”

 

http://www.dailyrecord.co.uk/sport/football/football-news/hearts-watching-interest-confusion-surrounds-3391131

[ian1964 10,761]

It's nice to see the football association trying to help out a member club who is struggling financially!

[Doc 280]

It's nice to see the football association trying to help out a member club who is struggling financially!

 

Yes, sporting integrity and even-handedness seem to have been forgotten somewhere. Clearly one rule for Rangers and another for everyone else.