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SBD Global/April 9, 2014/Franchises

Hearts Administrators Get 50% of Shares For Just $103K, Future Still Uncertain

Administrators for Scottish Premiership club Heart of Midlothian "got their hands on 50 per cent of the club" for just £75,000 ($103,000), according to Craig Swan of the Scotland DAILY RECORD. But the long-term future of Hearts "is still hanging in the balance with a decision from Ukio Bankas delayed for another week." BDO joint administrators Bryan Jackson and Trevor Birch "emerged from meetings in Lithuania having got a chunk of the deal done." Creditors of majority shareholder UBIG "agreed to transfer" their 50% shareholding to Edinburgh millionaire Ann Budge's BIDCO for future fan control, "for the small fee." However, "there was no deal struck" regarding the 29% shares held by Ukio Bankas (DAILY RECORD, 4/8). The BBC's Brian McLauchlin reported Hearts administrators BDO "are trying to establish if money due to be handed out at the end of the season can be paid to the club now." BDO has approached the Scottish Professional Football League "as they seek to raise cash to help Hearts fulfil their fixtures." There is "only enough money to keep Hearts going until the end of April." Foundation of Hearts Chair Ian Murray said that "receiving money early from the SPFL would not necessarily cause problems with a shortfall later in the year" (BBC, 4/8).
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