Labour MP Ian Murray tells Hearts chiefs to get real over asking price for crisis-hit club

Gordon Waddell
16 Jun 2013 10:52

THE Foundation of Hearts fans' spokesman Murray insists the Jambos are worthless but says those in control of the assets are trying to hold the club to ransom.

THE companies in control of Hearts have been told it's time to stop holding the club to ransom when dealing with potential buyers and get real with their price.

Ian Murray, the Labour MP leading the Foundation of Hearts fan-backed bid to take control of the club, insists the club is worthless as a going concern.

And after rallying the supporters to their cause at a meeting on Friday night, he believes the latest cash shortfall which left Hearts unable to pay their players again or meet all of HMRC's tax demands provides enough evidence to support his view.

However, he insisted punters should still do what they can to keep the Jambos afloat in the short term, including continuing to buy season tickets.

Murray, who apparently faces competition to land the club from an unnamed Scandinavian consortium, said: "Given Thursday's statement and the club accounts it's clear there is an annual funding gap at the club that is quite substantial.

"That obviously has an effect on what the club is worth and I would go as far as to ask whether it is worth anything.

"From a hard-nosed business outlook, the club only has value in terms of its history, its share in the SPL and the assets it holds.

"But given the funding gap it is only really worth what someone is willing to pay for it.

"From the Foundation's point of view, though, we are in a better shape than ever.

"We have more than 4,000 fans pledging cash to us and we are ready to go."

Friday's meeting was an attempt to give comfort to those who have already pledged cash that their donations will be put to good use – and to encourage them to get friends and colleagues to join what is, in effect, a membership scheme.

But Murray refused to encourage fans to spend with them rather than the current regime. Hearts have said they need £500,000 to see them through to the start of the season – and insist a 2000 shortfall in season-ticket sales is the cause.

However, Murray said: "The two schemes aren't mutually exclusive.

"We're encouraging fans to support the club in any way they can and Hearts have said they need money in the very short term.

"What we are looking to create is a mass membership scheme where fans can pay a monthly direct debit of £10, £20, £100 - whatever they want to donate. So if it's a tenner a month that's not stopping someone who feels they can afford to go out and spend £350 on a season ticket. It's not a case of one or the other."

Fans attend Friday's Foundation of Hearts meeting Fans attend the Foundation of Hearts meeting on Friday
SNS

The statement from Hearts in midweek claimed they were at a critical stage, putting their entire squad up for sale and imploring fans to help them.

The non-payment of wages also saw them incur a further transfer embargo from the SPL.

But it's the ownership issue which is muddying the waters for Murray and his group's bid to take control of the stricken Tynecastle side.

With Vladimir Romanov AWOL, both UBIG, which owns a 50 per cent stake in the club, Ukio Bankas, who hold 29.9 per cent and the rights to the stadium, are in the thick of insolvency proceedings back in Lithuania.

Murray said: "Things have to come to a head sooner rather than later.

"The fact things are happening in Lithuania doesn't trouble me particularly, because they're bound by the same EU insolvency directives as we are and the administrators of Ukio Bankas have been very helpful.

"UBIG is different because there are no clear lines of discussion.

"But all we were attempting to do on Friday night was to make fans feel comfortable about what we're asking them for and what we're trying to achieve.

"We've asked people to convert what they've pledged into direct debits and to become ambassadors for the scheme. Everyone left feeling quite positive, despite the unanswered questions."

Taken from the Daily Record