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Hearts exit administration

11 Jun 2014 16:31:56

Hearts exit administration

Hearts have brought their year-long administration nightmare to an end following a hearing at the Court of Session in Edinburgh.

The club called in finance troubleshooters on June 19 last year after mounting up debts of almost £30million.

But administrator Bryan Jackson of BDO confirmed the club had now been given the green light to resume normal operations.

He told Press Association Sport: "I'm relieved. It has been a difficult year but now the club can move forward."

Hearts' very future was put in doubt last year as former owner Vladimir Romanov's Lithuanian business empire crumbled around him.

But a £2.5million rescue bid was put together by new chairwoman Ann Budge and fans' group the Foundation of Hearts which ultimately saved the club from being liquidated.

Budge has now taken charge of shares owned by Ukio Bankas and UBIG - Romanov's former companies which were also Hearts' major creditors and shareholders - but she will eventually cede control to the FoH.

The fans' group has 8,000 paying members who moved to secure the club's future when it was under serious threat.

For accountant Jackson, Hearts become the latest club to be thankful for his efforts.

He has already helped pull Clyde, Dundee, Dunfermline, Motherwell and Portsmouth from the brink and he said: "I've not got a bad record - I've not lost a club yet.

"You need a lot of luck and the support of the fans and in this latest case, that is exactly what we got.

"The club have got a lot of rebuilding to do but now they can move forward without things like a transfer embargo inhibiting them.

"It also means Ann and her team can get cracking without the likes of me being in their way."


PA

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