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Administrators appointed at Hearts

19 Jun 2013 14:46:55

Administrators appointed at Hearts

BDO has been appointed to control the financial affairs of Hearts two days after the club announced their intention to go into administration, Press Association Sport understands.

A formal announcement from the accountancy firm is expected later after the appointment was finalised on Wednesday afternoon.

Hearts had hoped to appoint KPMG but the administrators of Ukio Bankas, their major creditor and part owner, objected and instigated the appointment of BDO.

Hearts lodged their intention to go into administration on Monday after failing to pay wages to players last Friday and in the face of a winding-up order over a partially paid £100,000 tax bill.

The Lithuanian insolvency firm looking after the affairs of Ukio Bankas soon took control of the situation as the bankrupt financial institution is owed £15million from Hearts, two-thirds of the club's total debt.

Given the bank holds a floating charge over the club's assets, including Tynecastle Stadium, its choice of administrator was destined to succeed and the appointment went through without the need for a court hearing.

Once the paperwork is sent to the Scottish Premier League, Hearts will be automatically deducted a third of last season's points tally, meaning they will start their campaign at St Johnstone on August 3 on -15 points.


PA

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