Hearts avoid relegation from SPL despite insolvency of parent compancy

By Ewing Grahame, and agencies

Reports from Lithuania had claimed that the Kaunas-based Ukio Banko Investicine Group had been placed into administration.

The bank, effectively controlled by Vladimir Romanov, owns 79 per cent of the shares in Hearts and, had they gone under, Gary Locke's team would have been docked 18 points (a third of last season's total, under new rules drawn up following the collapse of Rangers in 2012) and that would have placed them below relegated Dundee at the foot of the table.

Fortunately for long-suffering supporters of the club, the legal experts the SPL consulted in Lithuania assured them that the bank was still a going concern.

"I think this is a legal matter,” said SPL chairman Ralph Topping. "We met at 9am, which was specifically to talk about the Hearts situation. We wanted to ensure that in the afternoon we would have all the information available to us.

“It was quite clear at that time that there were people in Lithuania defining the facts for us as they saw them.

“We were trying to establish the legal position. Weighing up that position against our SPL rules, it's quite clear that there is no insolvency event at this point based on the information we have.

“We're looking at things as they currently stand. You can only play what's in front of you, and you can only muster the facts as as they are. If anything else emerges over the next week or so, we'll be duty-bound to look at the information we get.

“I don't want to add to speculation that perhaps there is information to come out, because I can assure you I know nothing.”

Asked whether Hearts may still be demoted in the light of fresh, damning information concerning UBIG, Topping replied: “It would depend on what came out.

“I can't envisage a set of circumstances where that might occur. Again, it would be on an interpretation of the information given to us, and whether it would be appropriate to do that, and that would be a decision for the full board.

“UBIG are the largest shareholder in Hearts. All we've done is to say there's nothing there in the information we have to say that there is an insolvency event facing Hearts.”

Scottish Football Association chief executive Stewart Regan admits alleged links between Charles Green and Craig Whyte are a "very serious issue" but the governing body will wait on the outcome of a Rangers-commissioned report before deciding on any course of action.

Rangers last month appointed financial investigators from Deloitte and law firm Pinsent Masons to probe allegations made by former owner Whyte surrounding his relationship with Green during the change of ownership at Ibrox last summer.

The claims led to major shareholder Green stepping down as Rangers chief executive, although he has denied any wrongdoing.

Regan said: "We wrote to the club and expressed our concerns on a number of points related to the revelations in the press about the links between Craig Whyte and Charles Green.

"The matter was then handed over to Pinsent Masons under the stewardship of Roy Martin QC and we have agreed that we will wait until that report is concluded.

"The report is being done very much on an independent basis. The club have agreed to share the findings of that report with us so that we can get transparency on the questions that we asked.

"And until that comes out it's probably wrong to speculate on what might or might not happen."

St Mirren chairman Stewart Gilmour believes a Scottish Premier League vote on reconstruction plans could take place in the coming days following positive talks between the 12 top-flight clubs on Monday.

The SPL clubs were in unanimous agreement two weeks ago on pushing for a merger with the Scottish Football League and the introduction of top-flight play-offs and Gilmour was happy with the continuing consensus on Monday.

On his way out of the Hampden talks, Gilmour said: "I think we'll vote very soon. It could well be (this week). We agreed we can take a short notice (vote). Then it's up to the SFL clubs to make their decision."

Topping later confirmed the clubs had resolved to hold a vote on their original plans after maintaining unanimity.

A vote is set to be held in the next 10 days with the plans then put to the Scottish Football League, whose proposed amendments were rejected by top-flight clubs.

William Hill has extended its sponsorship of the Scottish Cup for a further two years.

The betting firm and the Scottish Football Association announced the seven-figure deal, which sees the relationship continue until 2016, ahead of Sunday's final between

Motherwell have completed their first summer signing after securing Ross County midfielder Paul Lawson on a two-year deal.

The 28-year-old will officially join on June 1 when his contract with the Dingwall club expires.

Preston North End are favourites to sign Motherwell winger Chris Humphrey.

The 25-year-old Jamaica international is out of contract at Fir Park and, in spite of finishing second in the SPL and qualifying for the Europa League, the League One outfit are able to offer a significantly better package than the Lanarkshire club.

St Johnstone goalkeeper Alan Mannus has given the Perth club a further boost after they clinched Scotland's final Europa League slot by signing a new contract with Steve Lomas' side.

The 31-year-old from Northern Ireland has been a stand-out performer for Saints and has now been rewarded with a one-year contract extension.

Taken from telegraph.co.uk