Hearts administrators say quick sale is best

Bryan Jackson wants a 'clean' sale of Hearts. Picture: SNS
Bryan Jackson wants a 'clean' sale of Hearts. Picture: SNS
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BDO’S Bryan Jackson believes that Ukio Bankas administrators Valnetas would save themselves a host of problems by agreeing to the sale of Hearts as a going concern.

Valnetas knocked back all three offers – from Angelo 
Massone’s Five Stars Football Ltd, the Foundation of Hearts and HMFC Ltd – for the club earlier this week.

Bob Jamieson’s HMFC Ltd were dismissed altogether, but Massone and the Foundation of Hearts have both been given the opportunity to improve their offers.

Ukio are Hearts’ biggest creditor and Valnetas have threatened to liquidate the club if they don’t receive a bid they consider acceptable for both the club and their stadium. Jackson is keen to strike a deal that keeps both parties happy, however, and said: “I believe you’ll get a quicker sale as a football club. It will be cleaner, because if you don’t sell it as a football club, you have all the problems of mothballing the stadium, the hostility that would go with that, the loss of the local community club, the loss to 

“I know from the point of view of the creditor that might not be important, but it will be a knock-on effect. Because the knock-on effect will be ‘Who is going to buy this property? Who is going to buy this land?’ That’s something we’ve conveyed overseas: that it’s not as simple as that. You could be left with a property that might take years to sell. You may or may not get more eventually by 
going down that route.

“Obviously we have the other administration objective of keeping it as a football club – that’s a huge objective. But we do think they both go together, and that’s our argument.”