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SBD Global/July 30, 2013/Franchises
Scottish Premier League Club Heart Of Midlothian Once Again Under Liquidation Threat
Published July 30, 2013
BAD TIMING: The Scotland DAILY RECORD reported the news "will cause panic, not only at the club, but among the ranks of the new Scottish Professional Football League" -- with the start of the new season just days away. Adomonis said, "I can repeat that we are doing everything we can to save the club functioning. However, I am obliged to protect solely the interests of Ukio bankas and its creditors" (DAILY RECORD, 7/29). The PA reported Ukio Bankas holds a 29.9% shareholding in Hearts and "has a floating charge on Tynecastle as security against the money it is owed." Meanwhile, Kaunas-based investment firm UBIG is owed a further £10M ($15.3M) by the club. It owns a 50% stake. Both companies "were once controlled by former Hearts Owner Vladimir Romanov but are now insolvent" (PA, 7/29).