Hearts receive liquidation boost

Heart of Midlothian are moving towards safety after it was reported that the clubs largest creditor agreed to sell its shares to administrators.

Heart of Midlothian are moving towards safety after it was reported that the clubs largest creditor agreed to sell its shares to administrators.

Ukio Bankas have delivered their 29.5% of the Edinburgh outfit to administrators BDO which has effectively ruled out any chance of the Jambos falling into liquidation.

Hearts’ other investors, Lithuanian bank UBIG, had already agreed to sell their 50% over to BDO which makes the Ukio decision even more monumental for the future of the Tynecastle club.

The news has been with plenty of positivity by Ian Murray of the Foundation of Hearts who revealed that there were still a few steps to be completed before the club was completely out of the woods.

“I think we said in November that it would be a five-stage process,” he said on Wednesday.

“Today probably takes us to stage four-and-a-half. There is still a sale and purchase agreement to be completed, which is obviously the formal contract. But if I was to put it into context: today is the second most important day in Hearts’ modern history, the most important day being when the contract is actually signed and is heading on a flight from Lithuania to Edinburgh.”

 
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