Romanov has reached his decision following the collapse of his business Ukio Bankas, which is in interim administration with debts near £380m.
The Lithuanian businessman, who claims to have spent around £60m on Hearts, does not expect a quick resolution though.
Hearts have been forced into selling several players in the last year due to financial difficulties, but Romanov hinted the club are unlikely to enter administration.
"All of our savings, all our companies, all of our activities were all in the bank," Romanov said. "We have lost it.
"We have a plan to sell 51% of the club to the fans. Maybe it won't happen straight away but we would like to realise it.
"Before, the club always had losses but now they are making a tiny profit and now it does not require an injection of money."