Michael Stewart says it’s absolute Vladness

The ex-Jambos skipper says the writing was on the wall when massive salaries were paid out to thje likes of Edgaras Jankauskas, Takis Fyssas and Roman Bednar.

Stewart sighed: “It really is the darkest hour. When it gets to the stage that you’re effectively putting the whole team up for sale there are clearly not many other avenues you can go down.

“The statistic which shows how it has come to this is the fact the latest accounts — up to June 2012 — represent the first year in the Romanov era when wages have been below turnover.

“In every other year wages have been above 100 per cent of total turnover.

“When you look at that it shows that it was inevitable that something of this magnitude was going to happen sooner or later.”

The former Hibs and Scotland midfielder now believes administration is the only choice.

Stewart added: “I would see Hearts still being in the SPL next season, but with a points deduction.

“It is not a nice thought — but it looks as though they will be going into administration some point between now and the start of next season.”

Meanwhile, it has been revealed Hearts must plug a £500,000 black hole if they’re to survive until the new season kicks off on August 3.

The club has failed to pay this June’s £150,000 wage bill and must also find cash to fund both players and staff salaries for next month.

They are also short of an existing £100,000 bill to HMRC for PAYE money — and face another tax bill in two weeks’ time.

Club insiders reckon the full bill is just short of £500,000.