Four UK Parties in for Hearts

Three or four UK-based parties are interested in buying Scottish Premier League (SPL) club Hearts according to their administrator.

Hearts have debts of around £25m and ten members of office staff lost their jobs yesterday.

Now, administrator Trevor Birch has said there a three or four companies looking to take over the Edinburgh team.

Birch said: “I’ve not spoken to all of them yet, I’ve spoken to two of them but I would say they’re serious [about bidding].

“There is a sustainable business here, we just have to get through the short-term.”

The complication for any bidder is the majority of shares are split with Ukio Bankas and UBIG, who are also major creditors.

Ukio Bankas has been declared insolvent and its liquidator can sell the 29.9% shareholding it has in the club and their home, Tynecastle Stadium.

Bryan Jackson, who works alongside Birch with BDO said: “From our limited dealings with them [Ukio Bankas and UBIG], they seem very professional and very reasonable and sympathetic to the club continuing as a club, because they obviously could look at it in a different way with different options.

“So, the early indications have been good, but they have a duty towards their creditors therefore they’ll be looking to maximise value.

“We have talked to the secured creditor and we have said that we will not be taking a fee until we know what’s happening with the sale of the actual property.”