Hearts: Scandinavian group considers takeover

By STUART BATHGATE
Published on 23/05/2013 00:25

AN Edinburgh-based management group confirmed last night that it is still working on behalf of a Scandinavian consortium interested in taking over Hearts.

Crest Sports Group said that, since last summer, it has had “a mandate” from the 
Scandinavians to investigate a possible takeover of the Edinburgh club.

“We have made contact with the appropriate authorities in Lithuania and elsewhere to gain access to the necessary information, as well as make it known that this group of businessmen may be interested in fielding a bid for the club,” a statement on the Crest website said. “We currently have a team working full-time in Kaunas to monitor the situation and keep contact with the appropriate parties in 
relation to the situation at Heart of Midlothian FC.

“This team includes the necessary local legal capacity to field a bid for the club and negotiate the terms of a takeover, should a decision to move ahead be taken. We must stress, though, that the final decision whether to field a bid has not been made, and will depend on the outcome of current processes surrounding Ukio Bankas and UBIG as well as other companies related to Vladimir Romanov and UBIG. A bid would be based on a single cash payment to take over the club without the debt owed to UKIO and UBIG and other companies owned and controlled by Vladimir Romanov and his ­family.”

The statement added that Crest had had “initial talks” with the Foundation of Hearts, but that no formal agreement had been reached. Foundation sources had previously said they had had no more than informal discussions with one of the 
Scandinavians involved.

Hearts will hold their 107th annual general meeting at Tynecastle this morning, when the re-appointment of Roman Romanov as a director of the club will be one of the motions put to shareholders. In common with the other four resolutions, it will almost certainly be approved by a ­substantial majority of the ­shareholding, which is still ­controlled by Vladimir ­Romanov, Roman’s father.

But a show of hands from the floor, if called for, would give shareholders a chance to express their feelings about the Romanov regime, which has controlled Hearts since 2005 but is now close to collapse.

Roman Romanov, who is not expected to attend, is one of three remaining directors of the Hearts board following the resignation of his cousin Julija Goncaruk. Although it was only confirmed yesterday by Companies House, her resignation was officially dated 8 May, 2013.

The other two directors, Sergejus Fedotovas and Vitalijus Vasiliauskas will attend, with Fedotovas expected to conduct proceedings in the Gorgie Suite. Resolutions will be ­followed by questions from the floor and ­Fedotovas can expect some sceptical ­reactions from the audience, who are concerned by Hearts’ debts of nearly £25 million.

Meanwhile, assistant manager and former striker Edgaras Jankauskas has left the club after a season on the coaching staff. The Lithuanian was part the squad that took the SPL by storm during the opening months of the 2005-06 season, and played in the Scottish Cup final victory over Gretna at the end of that campaign. “Tynecastle is a special place and I always retain fond memories of the stadium and ­especially the supporters,” Jankauskas said yesterday.

Taken from the Scotsman