It may get worse before it’s better

The Foundation of Hearts chief, above, is spearheading a supporters-led buy-out of the Edinburgh club, which is teetering on the brink of financial collapse.

He hopes they will have a deal in place by the end of the month — but fears finding more problems as they attempt to get to the bottom of the club’s crippling debts.

Local MP Murray, who urged 300 fans at a Q&A session last night to back their plan, said: “We’re still planning to bid by the end of the month and the work is going on. In terms of the financials, we now have information on what they look like.

“The club is on its knees. It’s £25million in debt and it looks as though the future is very bleak indeed.

“I think the value of this football club, at the moment, is what someone is willing to pay for it.

“We’ve only been able to see what anybody else has. We’ve only got what information is in the public domain and what people are telling us.

“In terms of due diligence, it would have to be done and that isn’t going to be quick.

“To be honest, we’re worried about opening some drawers and what we might see in them.

“There is a long, long process to go before any transfer of ownership happens.”

Murray is keen to avoid the soul-sapping misery of administration, which would leave the futures of 150 Tynecastle employees on the line.

Control But he did confess it may be the easiest way to wrestle control of Hearts away from the disgraced Vladimir Romanov regime.

He said: “Administration is something that is completely outwith our control.

“We’re working as hard as we possibly can, a group of 12-20 people working in our spare time trying to get something together.

“I think the progress we have made is significant and all we can do is get something together as quickly as possible.

“Anything which clears up the ownership of the club certainly helps.

“Even the liquidator of Ukio Bankas does not know what the position is with UBIG.

“But nobody wants the club to go into administration, there is a significant human cost. People tend to think football clubs are about scoring goals, but there are 150 staff in these buildings and we don’t want them to suffer administration.

“But if administration did happen then there would at least be some certainty about the contents of those drawers.”

SunSport revealed that a Scandinavian consortium was interested in a rival bid.

They have indicated they would be willing to team up with the Foundation and Murray last night urged them to make contact before it’s too late, with mounting debts and a £500,000 summer shortfall bringing the club’s very future into doubt.

He said: “I have been in touch with anyone who is interested in the club and I have spoken with those leading the Scandinavian bid and we are due to have further conversations.

“They have not indicated to me that they are putting in a bid, they have done that through the media.

“I would say to anyone who is interested in the club to pick up the phone and do their bidding properly — that is the only way we are going to be able to iron this out.”

Despite some doubts over the financial muscle behind the Foundation’s buy-out, Murray is adamant they are serious players, but knows time is running out.

He added: “Recent events have provided some clarity, which might give a little bit of impetus for people to pledge who might have been reluctant.

“We are now in a position to say ‘If you didn’t think the club was in trouble, now you know’.”