The Joint Administrators of Heart of Midlothian FC plc have today named the bid submitted on behalf of Foundation of Hearts (FOH) as preferred bidder for the club. BDO have effectively dismissed a rival offer from Angelo Massone’s Five Stars Football Limited.
The Joint Administrators of Heart of Midlothian FC plc have today named the bid submitted on behalf of Foundation of Hearts (FOH) as preferred bidder for the club. BDO have effectively dismissed a rival offer from Angelo Massone’s Five Stars Football Limited.
After requesting further offers from the remaining interested parties and discussing these offers with the Administrator of Ukio Bankas, BDO has decided to move forward with the FOH-backed bid. Ukio are owed £15million by the club and own Tynecastle Stadium as security over the debt but, having threatened to liquidate Hearts, they are willing to negotiate a CVA at an acceptable price.
The Foundation has £3.75m available to them in cash pledges, but they would need more money to make an acceptable CVA offer. A figure of £5m has been mentioned as acceptable.
The Foundation of Hearts is the umbrella group of six key supporter organisations – Federation of Hearts Supporters’ Clubs, Foundation of Hearts, Heart of Midlothian Shareholders’ Association, Heart of Midlothian Supporters’ Trust, Hearts Youth Development Committee, and Save our Hearts to which over 6000 fans have pledged money in support of the bid.