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Hearts administration: Update 25 June 2013

Embattled football club Heart of Midlothian have announced a third senior player has agreed to a pay cut in order to keep the club from liquidation.

Defender Jaime Hamill has agreed a 50% pay cut to stay at the club, joining goalkeeper Jamie MacDonald and midfielder Ryan Stevenson who have already agreed reduced deals.

Last week joint administrator Bryan Jackson of BDO announced that four players were likely to be made redundant, as well as confirming the departure of 14 administrative staff.

Jackson has also indicated that a fifth player may be made redundant if he did not agree to a salary reduction.

Jackson said: “It is never easy to make people redundant but the choices were stark.

“Without some immediate job losses the club would be unable to operate in the coming weeks. Even with these cuts, the club can only be saved if the fans get involved.”

The administrators urged fans to support the club by buying a further 3,000 season tickets in order to raise enough capital to keep the club afloat for “the next four months”.

1,000 season tickets have already been sold since the announcement.

Joint administrator Trevor Birch had previously confirmed there were “three or four UK-based parties” interested in buying the club, including Foundation of Hearts, a coalition of fan groups, and a consortium fronted by Gordon McKie, the former Scottish Rugby Union chief executive.

Any bid would need to take into account the value of club stadium, Tynecastle.

Ukio Bankas, owed £15m and owner of a 29.9% stake in Heart of Midlothian plc, hold a security over the ground and will only accept an offer for the club and the stadium that meets its valuation of the land.

 

 

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