Hearts in Limbo after Financial Collapse of Majority Shareholder UBIG

May 18, 2013

Scottish Premier League (SPL) side Hearts will have to wait until Monday to learn what sanctions the league will take after the reported collapse of majority shareholder UBIG.

UBIG was listed on a government website of insolvent firms and the Lithuanian firm reportedly said they were ‘unable to meet its liabilities.’

Hearts are not reliant on the company for funding but do owe UBIG £10m and SPL rules mean insolvent club owners can lead to a points deductions.

Court action is needed to trigger an insolvency event in Scotland and the lack of confirmation of court proceedings in Lithuania give Hearts hope that they will not face sanctions which would ultimately relegate them to the First Division.

The SPL were unavailable for comment but will meet on Monday.