Anxious wait for Hearts

Hearts face an anxious wait over the weekend before the Scottish Premier League board meets on Monday.

Last Updated: 18/05/13 at 14:12 Post Comment

Hearts: Facing anxious wait

Hearts: Facing anxious wait

Hearts face an anxious wait over the weekend before the Scottish Premier League board meets on Monday to determine whether the club should be sanctioned over the apparent financial collapse of their majority shareholder, UBIG.

The club could still receive an 18-point deduction - and instant relegation - if it is decided that SPL rules have been breached by UBIG's declaration of insolvency.

UBIG was on Thursday listed on a Lithuanian government website of insolvent firms after reportedly declaring itself unable to meet its liabilities.

The firm owns about four-fifths of shares in Hearts and SPL rules can lead to points deductions if an owner suffers an insolvency event.

The SPL has been consulting with its lawyers over its rules and whether UBIG's action breaches them.

The league has made no comment but it is understood the timing of events will be crucial - if the developments of the last few days are deemed to be an insolvency event which breaks the SPL rules, then the punishment will be a points deduction this season.

However, court action is needed to trigger an insolvency event in Scotland and the lack of news about any court proceedings in Lithuania could work in Hearts' favour.

The relationship between UBIG and Hearts will also come into consideration. The club will argue that they have been self-sufficient since early last year so have not benefited from the funding of an insolvent company this season. However, they owe UBIG about £10million of their £25million debt.

The cost-cutting measures continued at Tynecastle this week when 19-year-old right-back Fraser Mullen was told he would not be offered a new contract in the summer despite making eight appearances this season before a broken foot ended his season in March.

But Hearts midfielder Jason Holt insists his former youth-team colleague will have no trouble picking up a new club.

He said: "It's disappointing as Fraser is a good mate of mine. We came through the youth team together but it's not my decision, that's down to the club.

"I spoke to him the day he found out. It's one of those ones that he just needs time to take it in. He's a good lad and I'm sure he will not be short of offers.

"He's a good player so I hope he does go on to bigger and better things once he's fit again from his injury."


Click here for completely free £10 bet with Sky Bet


Related News

Most Commented

Readers' Comments

I

really enjoyed this. Thanks F365 for another year of work avoidance - happy Christmas.

megabrow (cufc)
Our Person Of The Year: Alan Pardew

I

m no Sam Fan and this article sums him up beautifully. I always like to imagine that when he watches anything on TV and hears clapping, he stands up and aknowledges the applause, thinking its for him!

cozens
Football Managers On TV: Sam Allardyce

N

ah, Fergie is just having another pop at Rooney. He just wants to put him down whenever he gets a chance. Rooney is by far the best English player. Carrick is not far behind, mind. However, by elevating Carrick like that, Sir is having a dig at Wayne. Fergie is well-known for mind games like that. Good to see he's still feisty.

timbo
Van Gaal will thrive - Ferguson

Footer 365

Arsene Wenger admits Olivier Giroud deserved his red card for headbutting Nedum Onuoha

Arsene Wenger admits Olivier Giroud deserved his red card for headbutting Nedum Onuoha in Arsenal's 2-1 win over QPR.

Premier League: Alexis Sanchez and Tomas Rosicky give 10-man Arsenal 2-1 win over QPR

Alexis Sanchez and Tomas Rosicky gave Arsenal a 2-1 win over QPR despite Olivier Giroud's second-half sending off.

Premier League: Manchester City respond to Chelsea's victory by winning at West Brom

Manchester City won 3-1 at West Brom to reduce the gap on Chelsea at the top of the Premier League back to three points.

Mail Box

Van Gaal's Half-Term Report Card...

One Man United fan isn't happy with the rate the team is progressing under Louis van Gaal, while the mailbox also wishes Liverpool fans a Merry Mid-Table Christmas...

Hang On, Rafa's Success Is No Fluke...

The afternoon mailbox kicks the morning mailbox's arse after claims that Rafa Benitez has fluked his success. Plus, big talk about Liverpool's progress and lots more...

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