Fedotovas plays down Hearts concern

Director Sergejus Fedotovas has expressed optimism that Hearts can secure an agreement over their debt to bankrupt Ukio Bankas.

Last Updated: 07/05/13 at 22:11 Post Comment

Directer Sergejus Fedotovas is confident an agreement over Hearts' debt can

Directer Sergejus Fedotovas is confident an agreement over Hearts' debt can

Hearts director Sergejus Fedotovas has expressed optimism that the club can secure an agreement over their £15million debt to bankrupt Ukio Bankas.

Fedotovas on Tuesday insisted the debt would not be recalled immediately by Valentas UAB, the insolvency practitioner which took control of the bank's assets when it was declared bankrupt in a Kaunas court last week.

Hearts, whose annual figures for last season recently revealed a £24.7million debt, have an interest repayment plan in place and hope to continue with that arrangement despite fears from supporters that the Lithuanian firm could view Tynecastle as a means to recoup the bank debt.

Fedotovas told the Edinburgh Evening News that the £15million "will not be called automatically".

He added: "We plan to perform to the agreement and seek in co-operation with the administrator's long-term future solutions.

"We believe that a sensible solution can be reached that satisfies the administrator and maintains the positive business momentum that the club has created."

Fedotovas predicted the bank liquidation process could take many months and claimed it was possible to sell a majority shareholding in the club.

Several fans' groups are attempting to come to a deal to acquire the stake held by UBIG, the investment firm set up by financially-troubled Vladimir Romanov.

"We believe certain possibilities exist given that all concerned parties will be in agreement," Fedotovas said.


Click here for completely free £10 bet with Sky Bet & £5 free every week


Related News

Most Commented

Readers' Comments

O

K FIFA we're done, you can ban us now

jimmyjazz
Barcelona transfer ban upheld

A

h Daniel. I could spend hours on this subject putting the world to rights. You can even take a step back and ask why football fans (and society in general) have this need to know that something will happen before it actually does. There are times this important, when it comes to things like war, food production and natural disasters. A man you've never met changing his job? Not so much.

ajsr1982
Time To Burst The ITK Bubble

G

reat article. Hits the nail on the head. Encapsulates why I don't read tabloid newspapers anymore. The only thing worse is the 'told you so first' headline when they get lucky.

ianonabeach
Time To Burst The ITK Bubble

Footer 365

Transfer News: Bruce confirms Hull are eying Vincent Aboubakar

Hull City manager Steve Bruce has revealed the club are considering a move for Lorient forward Vincent Aboubakar.

Premier League: Edin Dzeko signs new four-year Manchester City deal

Edin Dzeko has signed a new four-year contract with Manchester City.

Champions League: Callum McGregor on target in Celtic draw

Celtic claimed a 1-1 draw with Maribor in Slovenia in the first leg of their Champions League play-off clash.

Mail Box

So Long And Good Luck To Nani

A Mailbox that offers best wishes to a departing hero, defends Olivier Giroud, tells us to steady on over Calum Chambers and makes some amusing predictions...

Mailbox: Feeling Sorry For Poor TC23

If there's one loser in all the machinations at Man United, it's poor TC23. We have mercifully few mails on United, but lots on Arsenal and in particular Olivier Giroud...

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