HEARTS have completed their exit from administration almost 12 months since their financial collapse.
Administrators BDO lodged paperwork at Edinburgh’s Court of Session this afternoon to formally complete the administration process, which has been approved by the court and submitted to Companies House.
Ann Budge now assumes complete control at Tynecastle with BDO’s work finished. She has been running the club through a management contract with BDO for the last four weeks. The restructuring firm moved in on June 19 last year when Hearts entered administration. They helped negotiate a £2.5million Company Voluntary Arrangement (CVA) with Lithuanian creditors and have now officially taken the club out of administration.
Budge will eventually pass control on the fans’ group, Foundation of Hearts. Her company, BIDCO 1874 Limited, are the current majority shareholders but plan to hand Hearts over to the Foundation within five years.
Crucially, with the new season just weeks away, the exit from administration allows Hearts to begin signing new players. They had been under a registration embargo for the last year but new recruits are already in the pipeline.
Head coach Robbie Neilson and director of football Craig Levein have been negotiating contracts with former Dundee United midfielder Morgaro Gomis and ex-Hamilton striker James Keatings. Goalkeeper Neil Alexander has also held talks after leaving Crystal Palace.
New signings are considered vital if Hearts are to mount a serious tilt at gaining promotion from the SPFL Championship next season. They were relegated from the Premiership last month after being deducted 15 points for entering administration.