The future of Hearts has grown even more uncertain amid reports that majority shareholder UBIG has declared itself insolvent.
Reports in Lithuania stated that UBIG had, at its own request, been placed on a list of companies unable or unwilling to meet its obligations. UBIG has been named at the top of a list of companies on the Lithuanian Ministry of Economy's department of enterprise bankruptcy management website.
UBIG controls about four-fifths of Hearts' shares and is owed about £10million of the club's debt. A further £15million of debt is owed to Ukio Bankas, which was recently declared bankrupt, although the bank has launched an appeal.
Hearts said on Wednesday they were unconcerned by reports surrounding the effects of the collapse of Ukio Bankas but it is unclear what the latest development will mean for the Clydesdale Bank Premier League club's trading ability.
Source: PA
