Hearts exit administration

Scottish Championship side Hearts are officially out of administration.

Last Updated: 11/06/14 at 18:38 Post Comment

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Glasgow-based accountancy firm BDO, appointed to run the club last June, officially ended their involvement at the Court of Session in Edinburgh on Monday. 

The news comes after businesswoman Ann Budge bought the club for £2.5m last month, ending almost an entire year of uncertainty over the future of one of Scottish football's oldest and most successful clubs.

Hearts were deducted 15 points after slipping into administration on June 19 last year, with £25m worth of debts accrued by previous owner Vladimir Romanov, which resulted in their relegation from the Scottish Premiership for the first time in 32 years.

But the club, who appointed a new managerial team of former Scotland coach Craig Levein and Robbie Neilson in May, will now be able to build for next season in a Scottish Championship which includes Rangers and city rivals HIbernian.

A delighted Mrs Budge, Hearts' executive chairwoman, told Sky Sports News: "As you can imagine everyone in the office is swinging from the rooftops at this news.

"We are really, really pleased. To be honest there have been lots of days when I thought this day would never come. but clearly since we managed to get the deal over the line this was only going to be a matter of time.

"The hard work starts now, but we are very optimistic about the future for the club. It is going to be a fantastic season next year which everyone can look forward to with great hope and enthusiasm."

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