Deal Secures Future Of Scottish Side Heart Of Midlothian, But Cash Could Run Out
The future of Scottish Premiership side Heart of Midlothian "has effectively been secured after majority shareholder Ubig agreed to sell their stake to the Foundation of Hearts," according to Darren Johnstone of the SCOTSMAN. But now BDO administrator Bryan Jackson "is facing a race against time to complete the fans group’s takeover before the club runs out of money." The transfer of fallen Lithuanian investment company Ubig’s 78.97% stake for a five-figure fee "is regarded as the last major hurdle in a complex process to save the 140-year-old institution." Would-be owners the Foundation, which is backed by more than 7,600 fans making monthly donations, "had already agreed to buy secured creditor Ukio Bankas’ 29.9 per cent shareholding" for £2.5M ($4.1M). Should the closing negotiations stretch into April, Jackson "would then have to source more working capital." This could mean "selling next term’s season tickets or asking the Foundation to help out" (SCOTSMAN, 2/4).