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Scottish Premiership Side Heart Of Midlothian One Step Closer To Exiting Administration

Scottish Premiership side Heart of Midlothian moved a "step closer to coming out of administration after creditors of a failed Lithuanian bank approved the sale of shares in the club," according to Brian McLauchlin of the BBC. Edinburgh businesswoman Ann Budge has been "awaiting an agreement" so she can complete a £2.5M ($4.2M) takeover of the club. Hearts supporters group Foundation of Hearts Chair and MP Ian Murray said, "Ukio Bankas creditors met this morning and approved the deal. Sale and purchase agreement needs completed, but we can say deal done." Ukio Bankas is Hearts' "biggest creditor and owns 29% of the Edinburgh club's shares as well as security over Tynecastle Stadium." But that will "now be sold following agreement at a meeting of the bank's creditors committee" (BBC, 4/16). The Scotland DAILY RECORD reported Budge will "become executive chair of the club 'on a no-fee basis' before transferring ownership" to the Foundation of Hearts within five years of gaining control. In the meantime, the Foundation's "8,000-plus membership has pledged to donate cash on a monthly basis that will be used to pay for the club's running costs before Budge is given back" the £2.5M (DAILY RECORD, 4/16).

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