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SBD Global/May 15, 2013/Franchises

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).

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