Consortium believe Vladimir Romanov has no intention of selling Hearts, but Tynecastle is a different matter

I MAGINE a house you've always admired suddenly appears on the market.

You phone for the schedule but, puzzlingly, the estate agent won't let you have it. Well, can I at least take a look around the house so I can size up what to bid? No, sorry, that won't be possible. Well, what about a survey? Can I get one of those done to get a better idea of what the property's worth, to ensure there are no hidden surprises? No, again that can't be done right now. Just give us an offer and we'll get back to you. Well, we might. We might not.

Welcome to the wacky world of Hearts, a club that announces that it is up for sale but then won't release the sort of information that would expedite a transaction. Little wonder that those who have expressed an interest in buying out Vladimir Romanov are becoming increasingly exasperated in their futile attempts to make any headway.

There has always been a sense of the opaque with Hearts ever since Romanov assumed command six years ago, the feeling that there was always more going on behind closed doors than met the eye. And so, even as we approach what could be his endgame with Scottish football, it is surely not a surprise to those who have observed this drama unfolding that Romanov continues to do things differently. To those new to his particular brand of operating, however, it is all somewhat baffling.

"It's absolutely bizarre; I've never before seen anything like this in all my years doing business," said a source close to a five-man consortium looking to conclude a takeover. "I've never seen a potential transaction where [the selling party] won't actually give out the information. The consortium can't believe what's going on there. Hearts are not even answering the telephone half the time."

Only the bold or the foolish would try to work out what goes on inside Romanov's head. Amid distracting talk of wanting to buy a theatre, he announced last month that he would be willing to sell his shareholding in Hearts and sever all ties with the club. The asking price was optimistically pitched at £50m and, although there was little chance of anyone paying that for a club in debt to the tune of around £35m, there was still some interest from groups who saw the potential within the Edinburgh club.

Further enquiries, however, did not get very far. Such has been the level of obfuscation and obstinance that those with a genuine interest in taking Hearts forward are left only with the conclusion that perhaps this might not be Vlad's last act after all. "The feeling among the group is that he doesn't actually want to sell," the source added. "I know of two other people from bona fide London-based financial practices who also requested information on behalf of the consortium and they've not even had a response from Hearts.

"The guys have even asked for basic stuff like current trading statements and they won't even give them that. They were offered a meeting with Romanov but he's unwilling to set foot in either London or Edinburgh. They would happily go to Lithuania to meet him but not when they don't know what they would be going out for."

The claim that Romanov has now listed the stadium and the club as separate entities adds a further level of intrigue. "The group think selling off the stadium separately could be Romanov's angle. They reckon he's going through a process in which he's put the club up for sale, comes back later and says 'Nobody bid for it' – and no one will if you can't get hold of the figures – and then uses that as an excuse to then say that he'll write off the debt and take the stadium.

"From the club's perspective there's no logic to separating the stadium from the club as you can't then list the stadium on the balance sheet, which makes it much more difficult to borrow money. The advantage for Romanov, however, is that it means he can sell the stadium without selling the club or vice versa."

The consortium – comprising two London-based financiers, two Edinburgh-based businessmen, and a former footballer – believe there is potential to develop a debt-free Hearts at a time when the Old Firm have lost their sheen of invincibility. A deal that didn't include Tynecastle would be a non-starter, however. "This is probably the best strategic time in a decade to buy a club in Scotland. You can probably put out a decent side without spending a lot of money and put up a challenge to Rangers and Celtic. But it doesn't work without the stadium.

"You have to be in a position to invest in the players and also, at some point, to move to a better stadium. The group know about the problems at Tynecastle and so there's got to be a move one day to somewhere nearby. A new stadium could cost £30m to build but if you could sell the old asset you could then afford to buy a new one. Without that, there's just nothing there.

"The only way any transaction works is if someone pays Romanov a sum and he agrees to write off all the debt. That's what the consortium would like him to do."

With players threatening to walk out if they are made to wait for their salaries for a third successive month, the potential investors believe any takeover needs to happen sooner rather than later. "The reality is the club is insolvent and, as it stands, it should be in administration. You can't trade if you can't pay your bills; it's illegal. Romanov has run the club into the ground. It's probably in a worse state now than it was under Chris Robinson [former Hearts chief executive].

"I think there are 10 days in January – from the first onwards – in which this club needs to be sold. Otherwise it will probably fall into the abyss."

Taken from the Herald