Hearts investors to put Romanov on the spot

MARK WILSON November 02 2005

TWO of Hearts' leading shareholders yesterday demanded that Vladimir Romanov explain the controversial departures of George Foulkes, chairman, and Phil Anderton, chief executive.

Leslie Deans, the former Hearts chairman, said: "I am seeking a meeting for myself and my co-shareholder, Robert McGrail, with Vladimir Romanov. I was certainly surprised when I heard what had happened.

"There are quite a few things I would like to get answers to, and hopefully that will be sooner rather than later."

Mr Anderton was sacked at a board meeting on Monday and Mr Foulkes resigned in protest. Mr Romanov, who is the majority shareholder with 55.5% of the club, has installed his son, Roman Romanov, in both posts.

The moves, which followed the removal of George Burley as manager 11 days ago, have alarmed many Hearts supporters and could jeopardise Mr Romanov's chances of taking the club into private ownership.

The Lithuanian banker will this week offer to buy other shares at a price of 35p. His primary aim is for 75% control, enough to de-list from the stock exchange. However, Mr Romanov hopes to acquire a 90% holding by the end of the year.

Mr Deans has an 18% stake in conjunction with his associate, Mr McGrail. Their block of shares is the largest remaining obstacle to Mr Romanov's plan and it is clear that Mr Deans will require some convincing to sell.

Mr Romanov raised his stake in the club two weeks ago when he bought out shareholdings of Halifax Bank of Scotland and Scottish Media Group. Beyond 90% ownership he would be able to invoke the compulsory sale of remaining shares to gain full private ownership.

Some observers fear that could mean an end to financial transparency at Tynecastle, where debts of £19.8m had threatened the sale of the stadium before Mr Romanov's intervention.

Mr Deans is aware of the scepticism now being expressed by many supporters but would only add: "I've heard people expressing their concerns and I think that is understandable. Commenting further on it before obtaining all the facts could lead to me saying something I may later regret. That's why we need this meeting."

Roman Romanov insisted that Mr Anderton's sacking was necessary.

"Drastic decisions have to be made. Saving Hearts was the easiest part," he said.

Taken from the Herald