London Hearts Supporters Club

Report Index--> 2008-09--> All for 20080803
<-Page <-Team Sun 03 Aug 2008 Hearts 1 Hull City 0 Team-> Page->
<-Srce <-Type Scotsman ------ Report Type-> Srce->
Csaba Laszlo <-auth None auth->
8 of 011 Audrius Ksanavicius 33 F H

Vlad's bank comes to Hearts' aid with debt deal

HEARTS' deficit has been cut by £12million after a 'debt-for-equity' scheme was approved at an EGM today.
The move sees UBIG bank, which is controlled by Vladimir Romanov, increase its stake in the club from 82% to 95% in return for reducing the debt to around £25million.

The club say the plan will cut interest payments by £600,000 a year, while it could help them raise funds to pay for the proposed £51million redevelopment of Tynecastle's main stand.

A statement on the club's website,, read: "The debt for equity plan provides further evidence of UBIG's aim to continue to develop Hearts on and off the field and, together with continued cost efficiencies, help the club reach profitability.

"The conversion allows Hearts to benefit from a much stronger capital position and provides opportunities to raise external funding for the redevelopment of Tynecastle Stadium.

"The directors of Hearts are also exploring what additional measures may be taken to further improve the financial situation of the company.
"Shareholders will retain their existing number of shares and continue to be part of the club."

Meanwhile, Hearts manager Csaba Laszlo has told striker Christian Nade that he must lose weight before he will be considered for selection.

The Frenchman has failed to impress since a £500,000 switch from Sheffield United in January, but Laszlo has seen an eagerness to improve.

"We must be careful not to get him injured," Laszlo said.

"His weight is very high and he must be a little bit slimmer. He must work very hard and he is doing this but I think he still needs time.

"If we are very realistic, maybe in one month he will be ready.

"The player is making a big effort to come back, maybe that was not there before."

Taken from the Scotsman

<-Page <-Team Sun 03 Aug 2008 Hearts 1 Hull City 0 Team-> Page->
| Home | Contact Us | Credits | © |