Romanov is here for the long haul, says Deans

THE inside story of the most volatile chapter in the turbulent history of Hearts began with a confidential meeting at the Carlton Highland hotel in Edinburgh, early in 2004, when Les Deans, the Edinburgh property lawyer and former club chairman, was first introduced to Vladimir Romanov, the Lithuanian banker who would go on to invest more money in the club than all of his predecessors combined.

Steve Cardownie, the Edinburgh councillor, arranged the two-hour get-together between the men, which was also attended by Sergejus Fedotovas, Romanov's close associate. It was from this meeting that the dramatic chain of events would unfold which eventually rescued Hearts from financial oblivion and persuaded Romanov to invest more than £25million in the club.

Still certain Romanov, over the next four or five seasons, will make good on his promise to turn Hearts into a significant force both in Europe and in Scotland, Deans yesterday gave an insight into how the Tynecastle club was saved from the gallows and the roller-coaster set in motion.

The first Hearts chairman in 36 years to bring a trophy back to Gorgie, in 1998, thinks the Lithuanian is less dogmatic than some fear. "People here don't really know him," said Deans. "My impression of him as a businessman is that he's successful. He's also steely, determined and listens to those he trusts. Yes, he has his views on players, but which chairman doesn't?

"I was sure when I first met Vladimir Romanov - and nothing has happened since to change my mind - that he intends to take Hearts to the top. I know there will be many who say 'he's got a damn funny way of going about it'. Yet Romanov has done what he said he would do. He said he would buy up the shares and he's done that. He said he would stop the sale of Tynecastle and he's done that. He said he would sort out the debt and has taken the first steps in doing that. He promised to make money available for players and he's done that too.

"Of course I share the sense of bafflement about some of the other decisions. Not everything seems to make sense. Equally, some of the negative comment about Romanov has verged on the hysterical. My guess is it will cost him upwards of £8-10million to redevelop the old stand at Tynecastle. And he's already put in upwards of £25 million. If you look at the debt that was transferred to his bank in Lithuania, the share purchases, the payment to Scottish Media Group and the interest bill which was cancelled, as well as all the player signings and increased wages, maybe people need to understand the scale of his investment. Romanov has put more money into Hearts than every other owner or chairman combined in the club's history."

Even those cursed by short-term memory lapses can't have forgotten how Hearts finished 40 points adrift of the Old Firm last season. Moreover, two years past, the future of the club itself was in peril. Deans can still sniff the lingering waft of disintegration.

"The debts were piling up to nearly £20 million and the announcement had been made about the sale of Tynecastle," he recalled. "This stemmed from SMG's decision not to convert their loan into shares. I remember being the lone voice in 1999 expressing concerns. But there was no pleasure in being proved right.

"When Hearts agreed a contract with Cala to sell Tynecastle for housing, the club was poised to move to Murrayfield where crowds would have slumped to their lowest level since the 70s. Paul Hartley would have gone to Celtic Park, Andy Webster to Ibrox and Craig Gordon would have been sold as well. In this scenario, guys like Rudi Skacel, Takis Fyssas and Julien Brellier would never have been seen in a maroon jersey.

"I've no doubt if Hearts had gone to Murrayfield, it would have been the death-knell for the club. It was claimed the move was only temporary. But how could it be temporary when debts would not have been fully paid off and the club could offer no security to borrow the £25 million to build a new stadium?"

Then came that phonecall from an Edinburgh politician in March 2004 inviting a key Hearts shareholder to meet the men from Lithuania over a glass of wine. "Romanov wanted me to tell him more about Hearts," said Deans. "And I was keen to discover his financial capabilities as well as his long-term strategic aim for the football club. When I went home that evening and spoke to my wife, I told her I'd met a millionaire businessman who spoke very little English but was keen to buy Hearts. Her first reaction was to check the calendar hadn't reached 1 April."

Deans made a number of discrete checks to find out if Romanov's interest was legitimate. "Don't forget there was a guy a few years back who wanted to buy Hearts who turned out to live in a caravan in Penicuik. But I soon found out Romanov was a businessman of some substance and began to hope this could be the real deal," he said. "I also sensed he didn't see buying Hearts as an exercise in asset-stripping.

"Although Robert McGrail and myself could count 27 per cent of the shares between us - at that time we were the largest holding group - there were many stumbling blocks still to overcome. We were anxious not to lose Romanov and conscious if it dragged on for too long he might up sticks and look for another club. Time was also the enemy because of the imminent move to Murrayfield. So we decided to involve George Foulkes, who had succeeded Doug Smith as chairman. He was very enthusiastic and played a big part in opening the door for Romanov. George also managed to negotiate a year's delay over the move to Murrayfield and that was crucial.

"Over the next six months, when none of this was public knowledge, Robert and I shook hands with Vladimir on selling our shares. We knew he needed more, of course, and what followed was a race against time."

That August, The Scotsman first broke the story of Romanov's interest in Hearts and, with momentum gathering, Chris Robinson, chief executive and Deans's former partner, also agreed to sell his stake to the Lithuanian.

After Romanov called an egm, against the wishes of SMG, to overturn the sale of Tynecastle to Cala, a new beginning was in sight for Hearts. "Though it irritates me to this day that Hearts had to pay all of Cala's expenses, around £250,000, to break that agreement," Deans added. "It was just another example of how, at that time, Hearts' money was poured down the drain."

If the rest of 2004-05 passed off relatively quietly, the twists and turns of this season have given even Romanov's staunchest supporters pause for thought. Deans insists, like everyone else, he was surprised by the removal of manager George Burley, chief executive Phil Anderton and the resignation of Foulkes. Like Liutauras Varanavicius, the president of the Lithuanian FA who recently left the Hearts board, however, he understood the logic behind the dismissal of Burley.

"At a meeting last November with Vladimir and his son, Roman, the reasons behind George Burley's departure were explained to me in detail," the former chairman went on. "While I'm not at liberty to disclose that information, I could see why he did what he did. The explanation was credible."

As to the future, speculation over who picks the team notwithstanding, Deans is optimistic. "I believe Hearts are on the verge of a golden era which the club hasn't experienced for 50 years," he said. "There may be a few more casualties along the way, but Romanov is here for the long haul."

Taken from the Scotsman