No hitches from Lithuania as BDO push to finalise Hearts deal

Ann Budge. Pic: SNS
Ann Budge. Pic: SNS
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Hearts administrators BDO are pushing to complete a sale and purchase agreement for the club after receiving the go-ahead from creditors in Lithuania.

A 20-day cooling-off period for Ukio Bankas Investment Group (UBIG) creditors to object to the release of their 50 per cent stake in the club has passed without any objections.

That means UBIG’s stake and the 29.9 per cent shareholding held by Ukio Bankas can now be grouped together and transferred to Ann Budge’s BIDCO 1874 holding company via BDO’s lawyers. Once the sale and purchase agreement is signed, Hearts can begin exiting administration.

Budge is expected to take control of the club imminently once a management agreement has been signed with BDO.

Those involved want to complete the paperwork as soon as possible to allow Budge’s takeover to proceed. She is funding the £2.5million Company Voluntary Arrangement (CVA) to acquire Ukio’s 29.9 per cent shareholding. The UBIG deal was a separate agreement.