Hearts shares: Ukio fails to agree deal

Hearts' future will become clearer later today
Hearts' future will become clearer later today
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HEARTS face an anxious wait over their future after meetings in Lithuania today failed to end in a deal to take the club out of administration.

Bryan Jackson and Trevor Birch, the BDO administrators in charge at Tynecastle, are in Lithuania and will hold further talks with Ukio lawyers in the coming days in the hope of reaching an agreement. The bank conditionally approved a £2.5million Company Voluntary Arrangement (CVA) for the share transfer last November but it has not yet been made clear why the deal has not been finalised.

UBIG have agreed to be paid a token amount of almost £100,000 for their 50 per cent shareholding. Ukio’s creditors stand to benefit from all of the CVA pot as they are Hearts’ only secured creditor. Both companies are being run by administrators themselves as a result of Vladimir Romanov’s financial collapse last year.

BDO cannot afford any lengthy delay given they only have enough money to run Hearts until the end of April or early May at the latest. They want a quick resolution to complete the CVA, take Hearts out of administration and hand the shares over to prospective owner Ann Budge.

See Also:

• Hearts relegation: Bid to stop liquidation