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SBD Global/April 3, 2014/Franchises

New Hope For Heart Of Midlothian As Administrator Says Rescue Package On Way

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Lithuanian administrator Gintaras Adomonis, who holds the key to Scottish Premiership club Heart of Midlothian's survival hopes, "stressed that the stricken Edinburgh club will 'probably' be saved from liquidation," according to Keith Jackson of the Scotland DAILY RECORD. Gintaras Adomonis said that the company’s creditors will "rubber-stamp a rescue package for the Tynecastle outfit on Monday." He also claimed that creditors of parent firm UBIG "are unlikely to block the deal" at a meeting on the same day which would "pave the way for Ann Budge to move ahead with her takeover." Budge has offered UBIG and Ukio Bankas £2.5M ($4.1M) for their majority shareholding in Hearts. The assurances "were cautiously welcomed in Gorgie" although Hearts administrator Bryan Jackson "is still hugely concerned about the club’s future." Jackson "has heard it all before," having spent the last five months trying to push the deal over the line despite originally agreeing the terms of a CVA back in November. And Jackson "is believed to be furious with the stalling tactics of his Lithuanian counterparts" which have been described as “dishonest” (DAILY RECORD, 4/2).
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