Ibrox Stadium

Next Game

Rangers v Hearts

Sunday, 10 August 2014, 13:30

Scots Champ

Tynecastle Stadium

Last Game

Hearts 3 - 1 Annan

Saturday, 26 July 2014, 15:00

Petrofac Training Cup First Round

Hearts creditors vote for CVA

The first stage of the process to take Hearts out of administration has passed after 87 per cent of the club's creditors voted in favour of a Company Voluntary Arrangement.

Last Updated: 29/11/13 at 16:24 Post Comment

Tynecastle: Conditional agreement reached over CVA

Tynecastle: Conditional agreement reached over CVA

Free £50 bet

Daily Offers and Promotions, sign up for a free £50 matched bet

The club entered administration in June with debts of nearly £30m, with Lithuanian firms Ukio Bankas and UBIG, who own 80 per cent of the shares, due the bulk of the money.

UBIG abstained from the Friday's vote but the vast majority of those taking part backed a £2.5m rescue bid being offered by fans group Foundation of Hearts.

Ian Murray MP, chairman of FoH, said: "Today I'd like to thank our supporters - without them it would not have been possible to get this far.

"Whilst the journey is not over yet and there is much work to be done, we can move forward with a degree of optimism that Heart of Midlothian can have a future we can be very proud of.

"It is because of you, our supporters that we have achieved this significant step, but bigger challenges lie ahead and there is much to do. We must remain united with purpose."

UBIG's 50% holding cannot be sold or assigned until they have their own creditors' meeting, which is scheduled for late January, so any exit from administration could not happen until February at the earliest.

Gintaras Adomonis, bankruptcy administrator of Ukio Bankas, said: "I should admit the fact that our decision has a substantial part of emotion in it. We are impressed by the efforts the fans of Hearts FC have put in the process and we were convinced that the CVA proposal was the best way to save the club.

"Therefore Ukio Bankas voted for approval and will be looking forward to implementing the CVA if all the outstanding issues are sorted and positions clarified."

Hearts entered administration in June and started this season with a 15-point deduction in the Scottish Premiership.

Free £50 bet

Daily Offers and Promotions, sign up for a free £50 matched bet

Related News

Most Commented

Readers' Comments

H

e made his power play to try and get Sheikhy to raise his wages or trade him to PSG. PSG were probably not interested and he is stuck with no cake and no vacation. @Jay_D> Surely you jest about FFP being real, right? All Platini is doing is making billionaries pay measly fines, so he and his cronies can get rich. If a fool can pay 50 mil for David Luiz, he will happily pay some fine to UEFA. FFP has failed as for it to succeed UEFA had to take it...

Synergy
Toure: I am staying with City

G

uess we can expect Toure's explanation of his behaviour around the same time Pete Townshend publishes his book then.

ceeps
Toure: I am staying with City

D

amn you Yaya, don't scare me like that! I only ate the icing. I didn't eat the soft and scrumptious middle - I will buy you another cake!

MCFC87
Toure: I am staying with City

Footer 365

Premier League: Manchester United's Juan Mata backs Louis van Gaal's winning mentality

Juan Mata has hailed Louis van Gaal and believes that the Dutchman will bring a winning mentality to Manchester United.

Transfer news: Arsenal boss Arsene Wenger prepared to take gamble on Calum Chambers

Arsene Wenger admits signing Calum Chambers from Southampton is somewhat of a gamble, but one he believes will pay off.

Friendly: Raheem Sterling earns Liverpool 1-0 pre-season win over Olympiakos in Chicago

Raheem Sterling scored a lone early goal as Liverpool beat Olympiakos 1-0 in Chicago in the International Champions Cup.

Mail Box

Reasons To Believe That Van Gaal Will Be The Best

Some supporters sound oh so confident on Louis Van Gaal's excellence. Plus thoughts on shirt sales, best signings, football sevens and a good deal more besides...

Are Pre-Season Tours Really A Problem?

Are pre-season tours really a problem? Liverpool went to Australia last summer and it didn't prevent them from having a good season. Plus, thoughts on LvG and keepers...

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