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SBD Global/August 16, 2013/Franchises

Heart Of Midlothian Supporter Foundation Of Hearts Named Club's Preferred Bidder

Scottish Premiership side Heart of Midlothian supporters group Foundation of Hearts has "been named preferred bidder for the club," according to the BBC. Foundation of Hearts Chair and MP Ian Murray said, "This is an important day in the pathway towards putting Heart of Midlothian back on its feet." Any deal to "exit administration via a company voluntary agreement (CVA) must be agreed with the major creditors of the club." Objections "have been lodged in a Lithuanian court over the proposed liquidation of Hearts' parent company, UBIG." The Lithuanian investment company "owns 50% of Hearts shares and until the court makes a decision on the future of the company, no sale of Hearts can be completed" (BBC, 8/15). In Edinburgh, Barry Anderson reported around 6,000 supporters have "pledged money to the Foundation, who plan to run Hearts through a monthly membership scheme for fans." Involved with the umbrella group are "six key supporter organisations" -- Federation of Hearts Supporters’ Clubs, Foundation of Hearts, Heart of Midlothian Shareholders’ Association, Heart of Midlothian Supporters’ Trust, Hearts Youth Development Committee and Save our Hearts. Ukio Bankas administrators Valnetas UAB gave permission "for BDO to name the Foundation as preferred bidder and will now work with them in an effort to save Hearts from liquidation." The Foundation has £3.75M ($5.9M) through pledges to "fund Hearts over the next three years" (THE SCOTSMAN, 8/15).
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