£25m debt has Hearts on the brink

The Jambos owe Vladimir Romanov’s crippled Ukio Bankas and its parent company UBIG £25MILLION.

SunSport understands a Glasgow-based auditing firm is on standby to act if the worst nightmare of Tynecastle staff and fans is realised — possibly even as soon as the next week.

And that scenario would hand current SPL bottom side Dundee a potential reprieve from relegation.

Second bottom St Mirren, still chasing the win to secure their top-flight status, would also be cheered.

Hearts, presently 10th and 11 points clear of John Brown’s men, would be hit with a 17-point deduction going into the last fortnight of the season.

Depending on this weekend’s results it could instantly relegate Gary Locke’s side.

It is believed that the February crash of Ukio Bankas — owed £15m by the Scottish Cup holders — immediately left Hearts in a precarious position.

Supremo Romanov and right-hand man Sergejus Fedotovas, also a Jambos director, quit the board of Kaunas-based parent company and effective club owners UBIG soon after.

Hearts — who late last year rushed out a share issue to raise £1m-plus to cover an HMRC bill plus running costs which threatened to kill them off — are also in debt to UBIG to the tune of £10m.

UBIG have a 79 per cent stakeholding in Hearts, who are desperate to stave off any possible administration until at least June 1 when it’s understood their ‘golden’ SPL share would be formally confirmed again for 2013-14.

In that event they would not be relegated but would start the new season with a minimum minus 12 points.

Hearts addressed the fears in a statement this afternoon saying: “The club will continue to do everything within its power to trade normally. It should be noted that Hearts has not required or received additional funding from UBIG or Ukio Bankas in over a year and is servicing its existing debt.

"The club is completely up to date with player salaries and taxes and the club continues to head towards operational self-sustainability.

"This has been made possible by reducing operating costs while continuing to focus on increasing revenues through season ticket sales, match ticket sales, merchandise, hospitality and sponsorship.

"While the general economic and Scottish football marketplace conditions remain challenging, Hearts is focussed on meeting its requirements as a business and a football club.

"The club's health and viability continues to be dependent on successful player identification, development and trading, careful cost control and building revenues.

"With the continued support of the Heart of Midlothian fanbase, the club has an opportunity to continue stabilising and then building for the future."