The Courier & Advertiser (Perth and Perthshire Edition)
Tense times as Hearts play waiting game
FOUNDATION OF Hearts chairman Ian Murray admits he is worried about the continuing delays to decisions in Lithuania that could send the club into liquidation.
The fans’ group hoped to discover last Friday that creditors of the club’s major shareholder and creditor, UBIG, backed a previously agreed deal to transfer shares and accept a £2.5 million Company Voluntary Arrangement offer — but the decision was deferred until next Monday.
Hearts’ situation is clouded by the fact that both UBIG and Ukio Bankas, the second major shareholder and creditor, are also in the hands of administrators.
The Edinburgh club are not believed to have enough cash reserves to see out the season should the process be delayed again.
The foundation, which is due to take over gradually after business woman Ann Budge puts up the initial cash, hopes creditors of the Lithuanian financial institutions will realise that they cannot get any more money by forcing the club into liquidation.
Murray told BBC Radio Scotland: “I think we are all worried. There is not enough information coming out of Lithuania.
“We just have to see what happens on April 7 and if it’s delayed a week then that’s something we can probably cope with.
Murray added: “There’s a strange irony that the only people who might be able to buy the club from the liquidators are the supporters and Bidco. So we are running around in circles here chasing our tails.
“It would be much, much better, in their (creditors’) interests as well as the interests of the club obviously, to get this CVA process done as quickly as possible, get Hearts out of administration and enjoy life in the Championship next season.”