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Saturday, 02 May 2015, 12:15

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Hearts' Hampden hearing delay

Hearts must wait to discover if they will be handed a financial penalty for going into administration after a meeting at Hampden Park, scheduled for Thursday, was postponed until August 1.

Last Updated: 18/07/13 at 22:40 Post Comment

Hearts: Hampden Park hearing delayed

Hearts: Hampden Park hearing delayed

Club officials had been due to travel to Glasgow after they were issued with a notice of complaint by the Scottish Football Association after deciding to call in administrators BDO.

However, one of the compliance officers involved in the case is unavailable and the meeting has been put back two weeks as a result.

The Edinburgh side, who are £25m in debt and will begin the new season with a 15-point penalty, will find out whether they have breached disciplinary rule 14, which relates to insolvency.

They now face a maximum fine of £1m or suspension or termination of membership from the governing body.

Hearts owe £15m to Lithuanian bank Ukio Bankas, who own 29.9 per cent of the club and hold a floating charge over Tynecastle as security on money owed to them.

A further £10m is owed to UBIG, another firm that, like Ukio Bankas, was once controlled by ex-Hearts owner Vladimir Romanov and who hold a 50 per cent stake in the club.

Both institutions are insolvent, although UBIG has not yet had an administrator appointed.

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