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Sunday 12 May 2024:  kick-off 3pm

Scottish Premiership - Hibernian v Aberdeen

🔴⚪️ Come on you Reds! ⚪🔴

THE OFFICIAL: "LET'S ALL LAUGH AT HEARTS"


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http://www.dailyrecord.co.uk/sport/football/football-news/hearts-assistant-billy-brown-transfer-2984555

 

Whilst I disagree that the transfer embargo should be lifted, it's pretty clear than they're suffering far more than a club that went under, but resurfaced thanks to preferential treatment and some "favourable" timing of a transfer embargo

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According to Evening News deal been done regarding shares that will allow them to exit administration.

 

DEAL to transfer Ukio Bankas Investment Group’s 50 per cent shareholding in Hearts to the Foundation of Hearts has been agreed, the Evening News can reveal. The agreement needs to be ratified legally in Lithuania, but would see a token £50,000 payment for the shares made to UBIG’s administrators, allowing the Edinburgh club to exit administration with the Foundation as their new owners.

Hearts’ administrators BDO are proceeding with caution in the hope that the deal can go through despite UBIG’s assets being frozen. Foundation of Hearts already have a £2.5million Creditors’ Voluntary Arrangement (CVA) in place to secure 29.9 per cent of the club’s shares from Ukio Bankas, who are also in administration. The CVA is conditional upon the fans’ umbrella group getting UBIG’s 50 per cent stake.

BDO have been in talks with UBIG’s administrators Bankroto Administrativo Paslaugos for some time trying to negotiate the handover of shares. This is the only remaining hurdle to Hearts exiting administration after the CVA was voted through last November.

There is now a verbal agreement between both parties for the transfer of shares at an agreed price. It has yet to be decided whether the £50,000 would come out of the £2.5m CVA fund – something Ukio Bankas administrators would need to agree to – or whether the Foundation would meet it as an additional payment.

As things currently stand, all of the CVA fund would go to Ukio Bankas, as they are Hearts’ only secured creditor and are owed £15m. UBIG, an an unsecured creditor, would get nothing from the CVA despite being owed around £9m.

BDO will continue to work on the deal and their hope is to have it finalised and signed as soon as possible, although they are relying on the legal process in Lithuania to move swiftly and in their favour. Hearts’ funding for the season is due to run out by the end of March and both BDO and the Foundation are keen for the club to be out of administration before then. Foundation of Hearts declined to comment on the matter.

Meanwhile, the Scottish Football Association have confirmed that Ryan Stevenson will miss Hearts’ League Cup semi-final against Inverness next month. He was red carded for violent conduct at St Johnstone on Saturday, meaning an automatic two-match ban for his club’s next two matches. Those are Saturday’s league trip to Ross County and then the semi-final.

 

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Manager Gary Locke fears a further delay to Hearts' bid to escape administration.

 

The Foundation of Hearts supporters group is waiting on final permission from the club's Lithuanian owners to sign off on a £2.5m rescue package.

 

Millionaire businesswoman Ann Budge would take control, but Locke admits he is growing increasingly concerned at the silence coming from Kaunas.  "It could collapse, but I pray that does not happen," he said.

 

"I'm trying to look at the positive side of things.

 

"We're hoping Ann will come in and take the club forward, which would be fantastic.

 

"But, at the back of my mind, there is still a lingering doubt about events in Lithuania, so the next month is crucial for Heart of Midlothian Football Club.

 

"Hopefully it will have the positive ending that we all want.

 

"Until it is signed off, we won't know. The best word to sum up this situation is 'frustrating'. Everyone here would love to get an answer and then move on."

 

 

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A meeting that could take Hearts a big step closer to exiting administration has been rescheduled for 7 April.

Creditors of UBIG, the failed Lithuania-based company with a 50% shareholding in the club, were due to gather this month.

And it was hoped they would ratify an agreement to transfer UBIG's stake in the Tynecastle club to fans.

A further delay would cause serious problems as Hearts only have enough money to trade until the end of April.

Even if agreement is reached, a 20-day period has to subside before a deal can be concluded.

The Foundation of Hearts and its financial backers are offering about £2.5m for the club, with the majority going to Ukio Bankas, which has a 28.79% stake in the club but also holds a charge on Tynecastle Stadium.

Creditors of Ukio were expected to meet on Friday.

For the purpose of negotiations, Ukio's holding has been collated with UBIG's, and Ukio representatives have previously served notice to Hearts administrator, BDO, that they agree with a draft proposal to transfer the combined stake.

But BBC Scotland has learned that one major creditor, Sauliu Bank, is unhappy with the money being offered for shares and the delay is to allow further talks to take place between the relevant legal teams.

Hearts, who are edging closer to relegation from the Scottish Premiership, entered administration on 19 June with debts close to £30m and started this season with a 15-point deduction.

UBIG, which was controlled by former Hearts owner Vladimir Romanov, had its assets frozen in April 2013 after declaring insolvency and is now in the hands of liquidators, while Ukio collapsed more than a year ago.

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My hopes and dreams for this season :-

 

1. Win the League Cup  -  Done

2. Finish 2nd in SPFL  -  Work in progress

3. Beat The rangers in the Scottish cup final  -  So far so good

4. Relegate Hearts  -  I'm almost hard at the thought of it

 

 

What. A. Season.  ;D

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Nipped out to the supermarket at FT yesterday, some really cuntish Jambos about. Firstly intimidating a hibs grandfather and about a 5y/o grandson screaming abuse in their faces as they waited for a bus, I honestly though the grandfather was going to get attacked. In the supermarket one drunken neep was knocking over displays shouting 5-1 and then three young guys dancing and loudy talking through how they had punched a hibs fan and ran away. Fucking hate them!

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