Next Game

Hearts v Rangers

Saturday, 02 May 2015, 12:15

Scots Champ

Last Game

Cowdenb'th 1 - 2 Hearts

Saturday, 25 April 2015, 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

Upgrade in minutes or watch with a NOW TV Day Pass.

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

Upgrade in minutes or watch with a NOW TV Day Pass.

Related News

Most Commented

Readers' Comments

I

t's why Mourinho is so successful. He gives players a specific, limited set of functions to perform. They are but a cog in a machine. Do no more, do no less. I assume he learnt it from LvG :)

red_devil83
Fellaini Has Politely Become Undroppable

I

really hope that someone in the mainstream media spots that the Bayern manager played for and managed Barcelona quite well, and thinks to mention it in the build up. That would be really interesting.

megabrow (cufc)
Barcelona to face Bayern

Y

our gob says one thing, Brendan, the results say something else.

balls-to-monty
Rodgers bullish over Anfield future

Footer 365

Arsenal 0-0 Chelsea: Chelsea move within six points of Premier League title

Chelsea remain on course for a fourth Premier League title after a 0-0 draw with closest rivals Arsenal at the Emirates.

Marouane Fellaini: I never lost my quality during first Man Utd season

Marouane Fellaini has taken a swipe at his critics, saying his fruitful time at Everton was "quickly forgotten".

Everton 3-0 Manchester United: Louis van Gaal's side suffer second straight Premier League defeat

Everton beat Manchester United 3-0 at Goodison Park to inflict a second straight Premier League loss on Louis van Gaal's side.

Mail Box

Chelsea Millions Should Buy Better...

For the money they have spent, Chelsea should be playing like the Harlem Globetrotters rather than Atletico. We have mails on Cesc, Brendan Rodgers and...

Brendan Rodgers Is David Cameron...

Rodgers is compared to the Prime Minister, insomuch as he has a right to peddle bulls**t, apparently. Plus why comparing Arsene Wenger to Diego Simeone is a mug's game...

© 2015 Sky Ltd. All Rights Reserved A Sky Sports Digital Media company