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


Footer 365

Everton 1-0 Swansea: Roberto Martinez insists Romelu Lukaku is the club's designated penalty taker

Everton boss Roberto Martinez insisted Romelu Lukaku is the only penalty taker after his side's 1-0 win over Burnley.

Reading 1-2 Arsenal: Adam Federici's extra-time gaffe sends Arsenal to FA Cup final

Adam Federici's extra-time error gifted Arsenal a 2-1 victory over Reading and a place in the FA Cup final.

Chelsea 1-0 Manchester United: Eden Hazard winner sends Blues 10 points clear

Eden Hazard scored the only goal as Chelsea beat Manchester United 1-0 to move 10 points clear at the top of the table.

Mail Box

Wenger's Titles Down To United Woes...

Well, it's certainly one theory. Man United fans are out in force - decrying Wenger and defending FFP. We have mails on Coquelin, Coutinho and Mediawatch...

Mailbox: The Pros And Cons Of FFP

The mailbox has gone a little bit serious as they debate the pros and cons of FFP. Does it create a closed shop or opportunity? Plus, POTY nominations and...

© 2015 Sky Ltd. All Rights Reserved A Sky Sports Digital Media company