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SBD Global/June 27, 2013/FranchisesPrint All
Scottish Premier League side Heart of Midlothian administrator BDO partner Bryan Jackson Tuesday night appealed to the Scottish FA "not to impose any financial sanctions on Hearts, warning that a fine would be a 'disaster' and could tip the Tynecastle club 'over the edge,'" according to Alan Pattullo of the SCOTSMAN. The SFA "is expected to instruct an independent judicial panel within weeks to assess Hearts’ financial position and to decide what punishment to hand down to the club." Jackson said, "Any monetary penalty would be a big, big concern in how we’d get over that. We understand why there has to be sanctions, we understand the rule is there, but it’s a real pressure on us in a lot of ways." The club owes £25M ($38.3M) to Lithuanian firms Ukio Bankas and UBIG, which "are also major shareholders in Hearts and enduring their own financial crises." Since BDO was appointed as administrators and revealed that 3,000 season ticket sales "were needed within 14 days simply to keep the club afloat throughout the summer, Hearts fans have responded well, with 1,200 sold already" (SCOTSMAN, 6/26).
Scottish Second Division Rangers Finance Dir Brian Stockbridge has been found discussed selling £5M ($7.7M) of shares in the club "to a convicted fraudster on Interpol’s most wanted list" on tape, according to Keith Jackson of the Scotland DAILY RECORD. Stockbridge is heard on tape talking to former Rangers Owner Craig Whyte and the club’s axed Commercial Dir Imran Ahmad "about a possible cash injection from Rafat Rizvi, who is being pursued by police." Interpol’s website carries a red notice int'l alert stating that Rizvi, 52, is wanted for "corruption, money laundering and banking crime" over his alleged role in the collapse of a bank in Indonesia. The Rangers Supporters Trust said the revelation that Rizvi was involved in talks was "highly disturbing." It called for fans to be told who has invested in Rangers and said, "We need to ensure the club have been cleansed of unwanted influences." The recorded meeting -- which took place before the attempt to save Rangers from liquidation last summer -- "appears to show that Rizvi’s cash was going to be used to help finance Charles Green’s ultimately successful Ibrox takeover." Green "has subsequently left the club" (DAILY RECORD, 6/26).