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Scottish Premiership Side Heart Of Midlothian Set To Exit Administration

Scottish Premiership club Heart of Midlothian "looks set to exit administration after creditors" voted in favor of a company voluntary arrangement, according to Paul Nicholson of INSIDE WORLD FOOTBALL. Fan group Foundation of Hearts (the preferred bidders of the administrators BDO) offered £2.5M ($4.1M) toward debts of £30M ($49.1M). In effect this means that creditors "will receive about 10p for every pound of debt owed by the club if the CVA is completed." The CVA "comes on condition that the club's majority shareholding (80%), held by Lithuanian group UBIG, is acquired" (INSIDE WORLD FOOTBALL, 11/29).

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