Hearts reassure fans over future

Hearts have told fans that that club is not in danger - despite administrators moving into Vladimir Romanov's Lithuanian bank.

Last Updated: 12/02/13 at 16:48 Post Comment

Latest Articles

Transfer news: Kenny Jackett looking for another addition at Wolves

Post comment

Kenny Jackett is searching for a player who can give Wolves 'another 10 to 15 per cent in terms of quality'.

Transfer news: Norwich City still in the market for further summer signings

Post comment

Neil Adams says Norwich remain in the market for further additions after signing Cameron Jerome and Carlos Cuellar.

All Articles

Hearts have told supporters the club isn

Hearts have told supporters the club isn

Hearts have told their supporters that that club is not in danger - despite administrators moving into Vladimir Romanov's Lithuanian bank.

Operations at Ukio Bankas - which is also controlled by the Jambos owner - have been suspended amid fears it has taken too many risks.

An administrator has been appointed after its value fell to an eight-year low as investors speculated about the unprofitable lender's perilous state.

But Tynecastle director Sergejus Fedotovas insists the bank's current predicament will have "very little" effect on Hearts.

Kanus-based Ukio Bankas - which Romanov owns 64.9 per cent of - provides the club with banking and debt services but is separate from another of Romanov's firms Ukio Banko Investicine Grupe (UBIG), the company which controls the Gorgie side.

Fedotovas told the club's official website: "The Board wishes to make it clear that Heart of Midlothian plc and Ukio Bankas are two separate companies.

"Hearts is majority-owned by UBIG, a multi-national business conglomerate. UBIG is an entirely separate entity and stands alone from Ukio Bankas.

"At a service and operational level, Ukio Bankas does provide the club with some banking services and debt facility and the Board is liaising with Ukio Bankas on these matters.

"The supporters of Hearts can be assured that the Board of the club continues to be diligent in financial matters and we believe that today's events in Lithuania will have very little affect on our day-to-day business."

Tuesday's development is the latest in a long-running financial saga at Tynecastle.

The club's 2012 accounts show that it owes UBIG £24million while it has faced two separate bills from Her Majesty's Revenue and Customs in recent months.

Hearts had to appeal to their supporters for help late last year when the taxman issued them with a winding-up order over an unpaid £1.75million sum.

A share issue brought in £1.79m as fans rallied to the cause, while the club struck a deal with the Revenue that will see £1.5m repaid over three years.

The club also paid a separate £450,000 bill to the tax authorities just before Christmas, but financial concerns remain with an expected £2million shortfall in turnover that has already affected payment of wages and bonuses to players, leading the Scottish Premier League to issue Hearts with a series of transfer restrictions.

Shares in Ukio Bankas fell as much as 16 percent on Tuesday in Vilnius, the biggest drop in a single day since February 2000, closing down 12 percent at 0.095 euro.

The company's value of 32.9 million euros (£28.2 million) is less than half what it was a year ago.


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


Football365 Facebook Fan Page

The Football365 fan page is a great place to meet like minded people, have football related discussions and make new friends.

Footer 365

Women's Football: England beat Wales 4-0 to make World Cup

England's women secured their place in the 2015 World Cup courtesy of an emphatic 4-0 victory over Wales in Cardiff.

Transfer News: QPR sign Eduardo Vargas from Napoli on loan

Queens Park Rangers have confirmed the signing of Eduardo Vargas from Napoli on a season-long loan deal.

Roy Hodgson says England youngsters should try their luck overseas in future

Roy Hodgson feels future generations of England stars would benefit from going overseas rather than being bit-part players at home.

Mail Box

Man United Fans Clutching At Straws

While the focus is on Liverpool's move for Mario Balotelli, one Man United fan tries to convince the mailbox with nine reasons why Angel Di Maria would prefer them to PSG...

Rojo Is A Better Signing Than Hummels

There's some big talk in the morning mailbox, which claims that Man United were right to sign Marcos Rojo instead of Mats Hummels. Plus, one Gooner's happy Arteta's out...

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