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SBD Global/May 16, 2013/International Football

Scottish Premier League Chiefs Face Club Quiz Over Finances Of Hearts

Scottish Premier League Heart of Midlothian "faces further scrutiny over the state of their finances" as reports suggest that four SPL clubs have written to league bosses amid suspicions that Tynecastle chiefs "are masking their money problems in order to avoid relegation," according to the SCOTSMAN. SPL chiefs have been asked to provide "clarification" on Hearts’ immediate future after the collapse of majority shareholder Vladimir Romanov’s Ukio Bankas empire. Hearts owe Ukio Bankas about £15M ($22.8M), an amount which, if administrators for the bank called it in, "would in turn spell administration for the club." Rival SPL clubs "suspect that Hearts are delaying an announcement on their administration in order to avoid relegation from Scotland’s top flight." If Hearts were to declare themselves insolvent before the end of the season on Monday, the club "would be relegated to the First Division by way of a 17-point deduction that would automatically place them below Dundee" (SCOTSMAN, 5/15).
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