Hearts ‘could be liquidated’ over rival bid

Ian Murray of FoH. 'Picture: Neil Hanna

Ian Murray of FoH. 'Picture: Neil Hanna

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The Foundation of Hearts’ battle for control of the clubhas taken a blow after Bob Jamieson’s HMFC Limited made an offer to Ukio Bankas Investment Group (UBIG) for their 50 per cent shareholding.

FoH had their Creditors’ Voluntary Arrangement (CVA) accepted last Friday, but that is conditional upon them obtaining UBIG’s 50 per cent stake.

The fans’ umbrella group are concerned that Jamieson’s intervention could lead to Hearts being liquidated, for without UBIG’s shares their CVA offer would collapse.

The Foundation believe UBIG’s shares are effectively worthless and that HMFC Limited would be paying money for shares in a club which would then be liquidated.

“We would urge any third party who is attempting to place an unfunded and fanciful rival bid to reflect on the potential damage this could do to the CVA process,” said a Foundation of Hearts spokesperson.

“This is too important to the future of Heart of Midlothian to have a Walter Mitty character destabilise the progress of getting the club out of administration.”

Jamieson was dismissed in the race for preferred bidder status for Hearts earlier this year, but has denied that his bid is fanciful.