The threat of liquidation has lifted from Hearts after failed Lithuanian bank Ukio Bankas agreed to sell its shares in the club for a reported £2.5m. The bank was the club’s biggest creditor and held 29 per cent of the shares as well as security over the stadium. Hearts should now be able to come out of administration before too long.
The threat of liquidation has lifted from Hearts after failed Lithuanian bank Ukio Bankas agreed to sell its shares in the club for a reported £2.5m. The bank was the club’s biggest creditor and held 29 per cent of the shares as well as security over the stadium. Hearts should now be able to come out of administration before too long.
Edinburgh business woman Ann Budge is now expected to become the club’s new owner. Millionaire former IT specialist Budge, 66, has fronted the cash for the company which looks set to take over the running of the club.
Budge will become executive chair of the club ‘on a no-fee basis’ before transferring ownership to fans’ group the Foundation of Hearts within five years of gaining control. The Foundation’s 8,000-plus membership has pledged to donate cash on a monthly basis that will be used to pay for the club’s running costs before Budge is given back her £2.5m