Hearts: No bail-out from SPL says Neil Doncaster

Published on 14/06/2013 12:00

HEARTS have been told the Scottish Premier League will not step in to bail them out of their latest financial crisis.

The SPL has hired lawyers in Lithuania to monitor the ongoing insolvency situations with UBIG, the investment firm formerly controlled by Jambos owner Vladimir Romanov that still holds 50 per cent of the club’s shares, and Ukio Bankas.

But SPL chief Neil Doncaster says the league will not be able to hand Hearts a crisis loan.

He said: “We are continuing to monitor the situation very closely and we will see what arises.

“The SPL has very clear rules about what fees are provided to clubs and when.

Those rules are absolutely being complied with. There is no slush fund that exists to loan extra money to any one club.

Meanwhile Hibs chairman Rod Petrie has said the situation Hearts find themselves in is the fault of the club’s directors.

But he said he had no wish to see the club go out of business – saying the retention of one of the biggest clubs in the country was vital.

Taken from the Scotsman