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Three bids for Hearts 15 July 2013

Administrators to Heart of Midlothian FC plc have confirmed three formal offers have been submitted for the insolvent club.

Bryan Jackson, joint administrator of Heart of Midlothian FC plc and a partner in the Business Restructuring team at BDO LLP, warned the process will take some time to complete.

He explained: “Further discussions will now take place with the bidders and also with the legal
representatives of the administrators of Ukio Bankas.

“We would then hope to be in a position to name a preferred bidder. At this stage we cannot say how long that process will take.

“The Corporate Voluntary Arrangement— will need the support of the other major creditor and shareholders, and there may be a delay in securing that support while administrators are appointed to those entities.

“Therefore the sale process may take some time before a deal can be concluded and the club
exits administration.

“In the meantime, we will continue to run the club and support the manager in his preparations for the forthcoming season.”

Although administrators cannot disclose the identity of bidders, fan group Foundations of Hearts confirmed their bid last week.

The club entered administration on 19 June with debts of over £25m – owed to companies formerly owned by Vladimir Romanov, who first invested in the club in 2005.

Jackson said: “We all want the club to exit administration as quickly as possible but it’s important not to get carried away – we’re still much closer to the start of the process of concluding a sale
rather than the end.”

 

 

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