Business Directory

Browse the Directory

Sign Up to the Directory

FC Business Twitter
FC business Linked in
FC Business facebook
FC Business Youtube

Hearts Appoint KMPG As Administrator

Tue 18th Jun 2013 | Football Club Administration

Heart of Midlothian Football Club have served a notice of intention to appoint an administrator.

The Edinburgh club have been struggling financially following the threat of insolvency of owner Vladimir Romanov’s former businesses in Lithuania and have now served notice at the Court of Session in Edinburgh.

KMPG will act as administrator to the club who last week put the entire first team squad up for sale in a desperate bid to generate cash following the threat of action from HM Revenue and Customs over an unpaid £100,000 tax bill, although the majority of that sum has been paid.

Hearts also failed to pay its players on time this month drawing the Scottish Premier League (SPL) to enact an immediate transfer embargo under a Remuneration Default in terms of SPL Rules. The actions also indicate a potential breach of SPL rule A6.21 and a disciplinary hearing is expected to convene in due course. 

Ukio Bankas, which has been declared bankrupt is understood to be owed £15m and the liquidator of the Lithuanian bank has been given permission to sell the 29.9% shareholding it has in Hearts as well as Tynecastle Stadium, which was held as security for the debt.

In addition, another £10m is due to the club's parent company, UBIG - which has close to 50% of the shares and is claiming insolvency.


Posted by: Aaron Gourley

To subscribe to our range of football newsletters including news, products and jobs CLICK HERE.




If you have any football business related news stories you’d like to share then please contact us – agourley@fcbusiness.co.uk

Add to: Google Google | Yahoo Yahoo | Live Live | del.icio.us del.icio | Digg Digg |

Related Articles

Notts County Ladies Folds Following Huge Debts

Fri 21st Apr 2017 | Football Club Administration

Notts County Ladies Football Club have folded after Alan Hardy admitted defeat in his bid to save the club which faced a near-£1million bill to stay afloat this season. The Notts County chairman...

Bolton Wanderers Sell Training Ground To Wigan

Fri 19th Feb 2016 | Football Club Administration

Bolton Wanderers have today confirmed the sale of its Euxton training ground to ‘another North West football club’. The Championship club have debts totalling £172.9m and are...

Northampton Town Application For Administration Withdrawn

Fri 11th Dec 2015 | Football Club Administration

Northampton Town Football Club has confirmed that the application for administration has been officially withdrawn. Legal agreements had been reached this week between the club and Northampton Borough...

HMRC Hands Bolton Wanderers Winding Up Petition

Thu 10th Dec 2015 | Football Club Administration

Bolton Wanderers have been handed a winding up petition by HMRC it’s been confirmed. The club, who are currently bottom of the SkyBet Championship, have debts of over £170m and have failed...