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Consortium make Hearts offer

A UK-based consortium has lodged a takeover bid for stricken Scottish Premier League club Hearts.

Last Updated: 19/06/13 at 14:31 Post Comment

Tynecastle: Home of Hearts

Tynecastle: Home of Hearts

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The proposal is from a group of six wealthy businessmen and includes a draft Creditors' Voluntary Arrangement to help the Tynecastle club out of administration.

Administrators Valentas UAB of Ukio Bankas in Lithuania have indicated they would accept the CVA.

The consortium behind the bid wish to remain anonymous at this stage, but are fronted by Edinburgh businessmen Stephen Paterson and Fraser Kerr of Haines Watts accountants.

Paterson said: "We are acting for clients who don't wish to be named at this moment but they are Hearts-minded.

"The bid is for everything, it's not about splitting the ground from the team or anything. We want the club, the players, the ground, everything.

"The Lithuanian administrator has indicated he will vote for our CVA, albeit with a 15-point penalty for Hearts for entering administration.

"It is up to the administrator at Hearts to go through that process. Our bid is predicated on a CVA happening."

Ukio Bankas are to be liquidated but are owed £15m by Hearts and are the club's biggest creditors ahead of Ukio Bankas Investment Group, who are owed £10m.

Hearts stated their intention to enter administration on Monday with tax and player salaries unpaid and funding dried up on top of the combined £25m debts.

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