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

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

No concerns over Steven Gerrard, says Liverpool manager Brendan Rodgers

Brendan Rodgers remains confident that Liverpool skipper Steven Gerrard will continue to deliver at the highest level.

Arsenal boss Arsene Wenger hails strength of Abou Diaby ahead of return

Arsenal manager Arsene Wenger has hailed the strength of character in Abou Diaby following his latest injury comeback.

Premier League: Brendan Rodgers says Mario Balotelli is a 'good guy'

Liverpool boss Brendan Rodgers says he is enjoying working with Mario Balotelli.

Mail Box

Will Rodgers Finally Drop Gerrard?

The mailbox wants to know if Brendan Rodgers has the stones to drop Steven Gerrard. Plus, thoughts on Wayne Rooney's display, sitting down, and thanking United fans...

Clattenburg And Assistants Should Be Suspended

It's a Mailbox containing Manchester United fans taking defeat to Leicester pretty well, plus some long thoughts on Gerrard and Liverpool, plus Southampton congratulations...

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