A FANS takeover of Hearts has been delayed after a court hearing to appoint administrators to UBIG was postponed today.
Kaunas District Court said the hearing would now take place on Tuesday.
UBIG owns half of the shares in Hearts, and the club can’t be sold until its future is decided.
Club administrator BDO was earlier this week given the go-ahead to negotiate a deal to pay off the club’s debts – paving the way for a Foundation of Hearts takeover. The company voluntary arrangement (CVA) must be agreed with the two major creditors, Ukio Bankas and UBIG, plus other creditors, owed a combined £28 million.
The administrator of Ukio Bankas, Valentas UAB, has agreed in principle to accept an offer from preferred bidder Foundation of Hearts in what has been hailed by the Hearts Supporters Trust as “a massive step to getting out of administration”.