Next Game

Hearts v St J'stone

Sunday, 02 August 2015, 12:30

Scots Prem

Last Game

Hearts 4 - 2 Arbroath

Thursday, 30 July 2015, 19:45

Scot League Cup First Round

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

Y

ou can't blame De Gea for wanting to leave, he has enough to do in front of goal as it is as well as taking on the role of Man Utd's version of Derek Acorah in trying to contact and organise a defence that isn't there.

rodger's gusset
Van Gaal downbeat on De Gea

I

f you want to take six points off Arsenal, then that's a great strike force. Can't imagine either of them showing much for the rest of the season though...

foot in mouth
Adebayor & Berbatov: You Have To Admire The Balls

L

ooks like Real get their man, most likely at their own valuation, yet again. Resistance is futile.

paul7702
Van Gaal downbeat on De Gea

Footer 365

Leicester agree club-record fee for Charles Aranguiz

Leicester are discussing terms with Chile midfielder Charles Aranguiz after agreeing a club-record £10.5m fee with Internacional.

Andre Pirlo backs Liverpool's Mario Balotelli to prove his potential

Andrea Pirlo thinks Mario Balotelli can still be one of the "top forwards in Europe" despite his struggles at Liverpool.

Liverpool beat HJK, Villa draw at Forest and Leeds see off Everton

Liverpool beat HJK, Aston Villa drew 3-3 at Nottingham Forest, while Leeds beat Everton 2-0 and Newcastle lost at home on Saturday.

Mail Box

Neville Has It Wrong On Chelsea...

One Mailboxer says that the Neviller has it slightly wrong on Chelsea. Plus thoughts on sexy Saints, pre-season reviews, Connor Wickham and televised analysis...

De Gea Disrespectful? Remember RVP...

We got dozens of mails from people pointing and laughing at Brian D for suggesting David de Gea has acted disrespectfully; we printed some. And there's more...

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