SPL to Wait on Hearts Situation, Scandinavian Consortium Set to Bid

By iSportconnect | June 14, 2013

The Scottish Premier League (SPL) will keep an eye on the situation with Hearts, order as a Scandinavian consortium lines up a bid for the stricken club.

Lithuanian company Ukio Bankas, generic order who hold 29.9% of Hearts’ shares, is set to be liquidated whilst the club face a winding up order over a £100,000 ($155,500) unpaid tax bill.

Neil Doncaster, CEO of the SPL said: “It’s always difficult when any club faces financial stresses.

“But ultimately, any league has to fall back on its rule book, monitor the situation and apply the rules evenly. That’s what we’ll do.

“There has been no change because there has been no insolvency event within the SPL rules.

“We have a firm of Lithuanian lawyers out there advising us and monitoring things for us, enabling us to look at our rules and apply them to what appears to be going on there.

“This isn’t a new situation at Hearts. It’s been ongoing for some time.”

Scandinavian bid in two weeks

In other news reports have emerged that a consortium of Scandinavian business figures will bid for Hearts within two weeks.

The group is believed to have been planning their bid for the past 11 months and now STV Sport has revealed they are in the ginal stages of their bid.

Tom Grahn, project manager of the Scandinavian takeover bid through the Crest Sportsgroup, who helped the consortium come up with a plan for a bid told STV: “The Scandinavians have talked to both the administrators and other potential buyers, including the Foundation of Hearts, for some time and expect to make a move, alone or in co-operation with others, within the next two weeks.”