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SBD Global/November 9, 2012/Franchises

Scottish Government Says It Will Help Hearts As Club 'Teeters On The Brink'

The Scottish government has pledged to help Scottish Premier League club Heart of Midlothian FC survive as the club "teeters on the brink of going out of business over an unpaid tax bill" of almost £500,000 ($799,000), according to Martin Williams of the HERALD SCOTLAND. Saturday's game might be the 138-year-old club's last after Owner Vladimir Romanov admitted that Hearts faces "a winding-up order" about £450,000 ($719,000) due to U.K. tax authority HMRC. A government spokesperson said: "The Scottish government stands ready to assist in any way it can, including making contact with HMRC if necessary. It is in everyone's interests to find a solution which ensures Hearts can continue in business while also meeting their obligations to the tax authorities" (HERALD SCOTLAND, 11/8).

HEARTS "CAN BE SAVED": REUTERS' Keith Weir reported that Hearts Dir Sergejus Fedotovas said that the club "can be saved." Fedotovas: "I don't believe that this is the end of Hearts. I am confident a solution will be found." The club is "urging fans to support a share issue" that aims to raise £1.8M ($2.9M) and to ensure the club's Tynecastle stadium is sold out for upcoming games (REUTERS, 11/8). The SCOTSMAN reported former Hearts Chair Leslie Deans "believes fans should put aside any recriminations over their desperate financial situation and focus on saving the club." Deans told BBC Radio Scotland’s Good Morning Scotland program: “The financial situations shouldn’t have been allowed to get as bad as it has. Hearts were effectively living beyond their means." He added: "A new buyer would be desirable, highly desirable. Vladimir Romanov made it clear that he wanted out and would be happy to sell his shares, whether that be one individual, whether that be a consortium, whether that be a fans group, remains to be seen. But I think inevitably a new buyer will emerge (SCOTSMAN, 11/8).
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