UBIG delay ‘won’t stop BDO process’

Hearts administrator Bryan Jackson. Pic: SNS

Hearts administrator Bryan Jackson. Pic: SNS

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BRYAN JACKSON insists a decision to postpone a court hearing to appoint an administrator to major Hearts shareholder UBIG in Lithuania “changes nothing” in relation to his attempt to save the club.

The BDO troubleshooter was this week given the go-ahead by the man now in charge of the club’s other major stakeholder, Ukio Bankas, to start the process of taking Hearts out of administration.

The stricken Tynecastle club have been unable to progress their battle to escape administration while there was uncertainty over the future of 50-per-cent stakeholder UBIG, itself declared bankrupt.

The Kaunas-based investment firm – once controlled by former Jambos owner Vladimir Romanov – is still waiting for a bankruptcy administrator to be appointed. A hearing was due to take place yesterday but will now go ahead on Monday, while the judge in charge has warned a final decision may take up to 30 days.

Ukio Bankas, which owns 29.9 per cent of the club and holds a floating charge on the stadium, and UBIG are owed around £24million.

BDO has already appointed fans’ group the Foundation of Hearts as preferred bidders but Jackson said the postponed hearing will not hold them back.

“It’s disappointing that the hearing has been delayed but it’s only a short delay until Monday,” said Jackson. “It doesn’t change anything in terms of what we are going to do. We will just carry on regardless.

“When the hearing happens, it happens. It’s not going to stop us from starting the process of taking the club out of administration.”