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SBD Global/April 30, 2014/Franchises

Scottish Premiership Side Heart Of Midlothian Administrator BDO Gets Green Light

Scottish Premiership side Heart of Midlothian administrators BDO "are set to finalise the sale and purchase agreement for the Tynecastle club after getting the green light from Lithuanian creditors," according to the SCOTSMAN. A 20-day "cooling-off" period for UBIG creditors to "raise objections to the release" of their 50% stake in Hearts has "passed without any incident." UBIG's stake and the 29.9% shareholding held by fellow Lithuanian firm Ukio Bankas can now "be combined and transferred to Ann Budge's Bidco 1874 holding company via lawyers working for BDO." Once the sale and purchase agreement is "signed off, Hearts can begin their exit from administration" (SCOTSMAN, 4/29). STV's Jamie Borthwick reported a sale and purchase agreement "must be concluded" between Budge and the Lithuanian parties involved, which will trigger the £2.5M ($4.2M) CVA payment to Ukio and the "nominal fee agreed to pay UBIG for their shares." Budge must "also sign a management agreement with BDO to take control of the club in the intervening period between taking ownership and the end of administration being rubber stamped" at the Court of Session -- a process which is "expected to take around six weeks" (STV, 4/29).
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