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SBD Global/May 1, 2013/Franchises

Scottish Side Heart Of Midlothian Says Finances Are Under Control

Scottish Premier League side Heart of Midlothian responded to reports of imminent administration at Tynecastle by claiming that "its finances are under control," according to Barry Anderson of the SCOTSMAN. Club officials "did not deny administration is a possibility amid suggestions that Ukio Bankas administrators in Lithuania are about to call in" up to £15M ($23.3M) of debt. However, Hearts "expect finance agreements with Ukio Bankas Investment Group and Ukio Bankas to continue." Vladimir Romanov, the club’s majority shareholder, "claims to be bankrupt and has been powerless to stop Lithuanian authorities shutting down his bank and splitting up its assets." The future of Hearts "is at stake as any major recall of debt would force the Edinburgh club into administration, with the knock-on effects including a points deduction and possible relegation from the Scottish Premier League" (SCOTSMAN, 4/30). In Glasgow, Fraser Wilson wrote responding to reports of imminent administration, a statement on the club's website read: "The club has been made aware of rumours concerning the possibility of administration. The club will continue to do everything within its power to trade normally. The club is completely up to date with player salaries and taxes and the club continues to head toward operational self sustainability" (DAILY RECORD, 4/30).
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