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

H

ilarious, thanks for that. But if I may, I do suspect the reason of your partners' ire is not Tottenham, but most probably all the compusilve gambling :)

DannySmith
Backing Costa To Keep Banging 'Em In

T

wo police horses in a paddock. Horse 1: What's with the long face? Horse 2: I'm working St James Park this weekend.

hump3.
Pardew braced for protests

T

wo things. First, I can't stop reading your name as 'Dane Bowers'. Second, you used the words 'philosophy' and 'Redknapp' in the same sentence.

ajsr1982
Can United's Defence Handle Ulloa?

Footer 365

Premier League: Crystal Palace beat Everton 3-2 at Goodison Park

Crystal Palace came from behind to beat Everton 3-2 and pick up their first win of the Premier League campaign.

Premier League: Frank Lampard haunts Chelsea as he earns Manchester City earn 1-1 draw

Frank Lampard stepped off the bench to score against his former club and salvage a 1-1 draw for Man City at home to Chelsea.

Premier League: Frank Lampard has mixed emotions after scoring against Chelsea

Frank Lampard was almost speechless after scoring the equaliser for his Manchester City side in the 1-1 draw with Chelsea.

Mail Box

Liverpool Aren't Even Exciting This Season

Liverpool fans are seemingly resigned to slipping back into mediocrity, which in September isn't exactly ideal. Plus better Arsenal, Allardyce praise and an excited Saint...

Be Careful What You Wish For, Gooners

That's the message from a Man United fan in the mailbox. Plus, thoughts on Paul Lambert's new contract, the Alan Pardew dilemma at Newcastle and lots more...

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