Next Game

Hibernian v Hearts

Sunday, 26 October 2014, 12:15

Scots Champ

Last Game

Hearts 5 - 1 Dumbarton

Saturday, 18 October 2014, 15:00

Scots Champ

Hearts go for administration

Stricken Scottish Premier League club Hearts have signalled their intention to go into administration.

Last Updated: 19/06/13 at 14:16 Post Comment

Tynecastle: The home of Hearts

Tynecastle: The home of Hearts

More of the games that matter

2 years free Sky Broadband Unlimited for Sky Sports customers

The Tynecastle club are in the process of lodging papers at the Court of Session in Edinburgh and have approached accountancy firm KPMG to act as their administrators.

A club spokesman said: "We are not in administration yet but we have served our intention to appoint administrators."

Hearts were faced with a winding-up order last week after Her Majesty's Revenue and Customs threatened action over an unpaid £100,000 tax bill - although the majority of that sum has been paid.

And the entire playing staff has also been placed on the transfer list as Hearts look to make further cuts to try and save money.

Hearts were also hit with an immediate transfer embargo by the Scottish Premier League last Friday after admitting they could not afford to pay their players.

The news came just 24 hours after the Gorgie board released a statement saying they had entered a "critical" stage in their battle to pay off debts of £25million as well as financing tax and running costs.

The situation at the two Lithuanian companies which hold large stakes in the club has also raised fears for the future of the Edinburgh club.

Majority shareholder UBIG - which owns a 50 per cent stake in the club - and 29.9 per cent shareholder Ukio Bankas were both once controlled by Vladimir Romanov but are now in the midst of being declared insolvent by Kaunas-based authorities.

Ukio Bankas - which lost an appeal against liquidation last Wednesday - is due £15million by Hearts, who also owe another £10million to UBIG.

Politician Ian Murray is leading the Foundation of Hearts supporters' group who hope to buy the club, with a formal bid expected to be lodged by the end of the month. There is also interest from a number of other parties, including a Scandinavian consortium.

The club are now likely to face a 15-point penalty when the new SPL season kicks off on Saturday, August 3.

Top-flight rules state any club suffering an insolvency event will be stripped of 10 points or a third of their previous season's tally, whichever is the greater.

Hearts finished the 2012/13 campaign in 10th place with 45 points.

More of the games that matter

2 years free Sky Broadband Unlimited for Sky Sports customers

Related News

Most Commented

Readers' Comments

F

ergie, aren't you supposed to make a beep beep noise when backing up like that?

simonthfc
Ferguson: Club made Moyes decision

S

ome of these are quality! Why you no like him F365?? :(

left right out
The, Erm, 'Best' Of Henry James Redknapp

W

e're our own worst enemy. We're suicidal in defence, and we may just get slaughtered on Sunday. Other than that, I am very pleased with my team.

bob the manc
Van Gaal: We can catch Chelsea

Footer 365

Champions League: Liverpool boss Brendan Rodgers rues defensive mistakes in Real Madrid defeat

Brendan Rodgers says he could have asked for no more from his side after seeing them taken apart by Real Madrid.

Champions League: Real Madrid ease past Liverpool with 3-0 win at Anfield

Real Madrid produced a first-half masterclass as they overpowered Liverpool 3-0 in the Champions League at Anfield.

Champions League: Late goals give Arsenal 2-1 victory at Anderlecht

Arsenal scored twice in the final two minutes to come from behind and secure a 2-1 Champions League win at Anderlecht.

Mail Box

Do Man City Have A 'Small Mentality'?

That's one claim in the mailbox after Vincent Kompany focused on a few hundred CSKA fans sneaking into the ground instead of City blowing a two-goal lead...

City: Like A Deer Caught In The Headlights

...while Chelsea just live for Champions League nights. That's one view in a mailbox that also includes several happy football fans and looks forward to Michael Carrick's return...

© 2014 British Sky Broadcasting Ltd. All Rights Reserved A Sky Sports Digital Media property