VSI
Dallmeier

Business Directory

Browse the Directory

Sign Up to the Directory

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

Hearts Parent Company Creditors Agree Share Transfer

Wed 16th Apr 2014 | Football Club Administration

The creditors committee of Ukio Bankas has today agreed the transfer of its shareholding in Hearts of Midlothian FC to Bidco, the Ann Budge backed company taking over the club.

Bryan Jackson, joint administrator of Hearts and a business restructuring partner with BDO LLP, commented: “I am delighted that the creditors committee has today agreed the transfer of shares to Bidco. This is one of the final hurdles in the transfer of ownership of the club.”

“I would like to thank the creditors of both UBIG and Ukio Bankas for agreeing to this deal and also the patience and forebearing of Ann Budge and the Foundation of Hearts. I appreciate that many fans will have wondered whether this day would ever come but we have been working tirelessly on behalf of the club to make this deal work.”

“There is still some work to be done to conclude proceedings but we are now very close to a successful conclusion of the CVA.

“However, I would caution that there is a cooling off period for the consent for the UBIG creditors which ends on 28th April, although not one for Ukio as they have a creditors committee, and we are working to have the sale and purchase agreement concluded, hopefully, before the end of the season.”

Gintaras Adomonis, bankruptcy administrator of Ukio bank, commented: "The deal is very significant for us in several aspects. For the fans of Hearts this has been a very emotional and difficult period and we are happy that this has now been resolved in an amicable way.”

Image: Action Images / Craig Brough

Posted by: Aaron Gourley 

Icondia (Icondia-C-468x60.gif)
 
RETURN TO LATEST NEWS SECTION
SUBSCRIBE TO THE FCBUSINESS RSS FEED
 
If you have any football business related news stories you’d like to share then please contact us –
agourley@fcbusiness.co.uk

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

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

Related Articles

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...

HMRC Withdraw Cobblers Winding Up Petition

Mon 30th Nov 2015 | Football Club Administration

The winding up petition against Northampton Town FC has been withdraw it’s been confirmed. The SkyBet League 2 side has confirmed that the HMRC winding up petition has been officially withdrawn...