News
27 Jun 2013 10:43am

BDO sets Hearts deadline

BDO has set a deadline of 12 July for formal offers to buy troubled Scottish club Hearts FC

The administrators have sent a sales memorandum to all parties who have already expressed an interest in buying the club, and negotiations are ongoing with the relevant parties in Lithuania.

Last week BDO announced 14 redundancies and warned that more are likely to follow. It called on fans to buy 3,000 season tickets in next fortnight in attempt to retain the rest of the playing squad.

The West Edinburgh club, established in 1874, fell into administration earlier this week under the weight of £25m in debt and a potential winding-up order from HMRC. Of the £25m debt, £15m is owed to the largest shareholder and creditor Ukio Bankas. The remaining £10m is owed to the Tynecastle club’s parent company UBIG - which is also claiming insolvency.

There are reportedly six potential buyers, although an amalgamation of fan groups called the Foundation of Hearts is considered the most likely candidate.

BDO was nominated to handle the process by the administrators of Ukio Bankas. Hearts' directors wanted to appoint KPMG, however, a court ruled in favour of Ukio.  

Raymond Doherty

 

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