Foundation to offer £2.5m to buy Hearts

Creditors will meet on November 22. Pic: Ian Georgeson
Creditors will meet on November 22. Pic: Ian Georgeson
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THE FOUNDATION of Hearts has offered £2.5 million to buy the club and the stadium.

It is reported creditors will meet on November 22 to consider the offer from the fan-led group which consists of £1 for the 29.5% shareholding of Ukio Bankas and the 50% shareholding held by UBIG.

A further £2m would be paid up front to secure Tynecastle Stadium, with the final £500,000 delivered after ten months.

The deal needs the acceptance of Ukio Bankas which is itself in administration to go ahead.

It is understood the FoH would also be responsible for Hearts’ £535,000 of football debt but unsecured creditors would receive nothing.

STV quoted Ian Murray, chairman of the Foundation, as saying: “We welcome the news that BDO is progressing the CVA for November 22 and hope that there will be a positive outcome.

“There is much work to be done, and again I cannot stress enough the importance of supporters who have not yet signed up to FoH, and who are able to do so.”