SBD Global/May 15, 2013/Franchises

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  • Bankruptcy Appeal Launched In Fight Over Hearts' Owner Vladimir Romanov's Assets

    Scottish Premier League Heart of Midlothian's future "under stricken majority shareholder Vladimir Romanov took a fresh twist when it emerged an appeal has been launched against the bankruptcy proceedings started on the Lithuanian's bank, Ukio Bankas," according to Iain Collin of the SCOTSMAN. The court decision to proceed with a bankruptcy order against the bank "sparked speculation over the future of Hearts." Fears that the Tynecastle club, which survived a winding-up order in November over a £450,000 ($684,900) debt to U.K. tax authority HMRC, "could be plunged into administration have been dismissed by officials and financial experts." However, with Hearts owing Ukio Bankas around £15M ($22M), "it remains to be seen just how the bank's problems will impact on the SPL outfit" (SCOTSMAN 5/14). The DAILY RECORD wrote a fan group led by MP Ian Murray is trying to engineer a takeover of the Jambos, "but it's understood any buy-out is not permitted after Romanov's assets were frozen" (DAILY RECORD, 5/14).

    Print | Tags: Franchises, United Kingdom
  • Cronulla Sharks Expect ASADA Investigation Will Cost Club Up To $2M

    The drugs crisis gripping National Rugby League Cronulla "is expected to deliver a crippling" A$2M ($1.98M) financial hit for the club, as the Australian Sports Anti-Doping Agency investigation "continues to drag on," according to Andrew Webster of the Sydney DAILY TELEGRAPH. Newly elected Cronulla board members "will hold a crisis meeting" with NRL CEO Dave Smith Wednesday. That includes Vice-Chair Damian Keogh "ahead of what is expected to be a tense Sharks board meeting" Wednesday night when "serious questions about the drugs issue will finally be addressed." Simply, Cronulla "needs to act." Club insiders "predicted the ASADA investigation would cost the club 'between A$1-A$2 million' in lost sponsorship revenue and legal fees" (DAILY TELEGRAPH, 5/15).

    SEEKING REINSTATEMENT: In Sydney, Margie McDonald reported lawyers for sacked Cronulla doctor Dave Givney "have approached the club asking for him to be reinstated as soon as possible" (THE AUSTRALIAN, 5/15).

    Print | Tags: Franchises, Australia
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