Hearts in crisis: Jambos fears for their 127-year home grow as Lithuanians admit Tynecastle could be flogged

Keith Jackson

19 Jun 2013 07:28

AS we revealed yesterday, the collapsed bank Ukio Bankas are determined to appoint their own bean counters to the administration process at Hearts in a move which could see them cash in on the security they hold over Tynecastle Stadium.

FEARS of a doomsday scenario for Hearts are growing after it was confirmed in Lithuania that Tynecastle could be sold separately from the club.

Record Sport revealed exclusively yesterday the stricken Gorgie outfit could face eviction from their 127-year-old home if they lose a courtroom battle to appoint their own administrators.

And by lunchtime those fears were soaring when accountants in charge of Ukio Bankas' insolvency announced they do indeed intend to block the appointment of KPMG and bring in their own choice of financial experts to oversee the administration process.

Ukio will lodge their paperwork at Edinburgh's Court of Session today and expect to be given the power to appoint their own firm, with BDO believed to be front runners for the job.

Record Sport received further information from Vilnius last night that supports the theory the collapsed bank now plans to cash in on the security it holds over Tynecastle – and sell off the historic ground as prime real estate to the highest bidder.

Such a move would render Hearts homeless but allow administrators to sell on the club's name and history for a token fee.

A source close to Ukio confirmed: "As yet, no decision has been made about selling the real estate separately from the football club. This will be made by the administrator.

"But let's be clear on this, by getting their own administrator in charge, Ukio will make sure any such decisions are made in the best interest of their own creditors.

"It won't necessarily be based upon what is best for Hearts."

That warning came just hours after an official statement from Lithuania confirming yesterday's exclusive in this newspaper.

It read: "Following Hearts FC management's decision to apply to the court requesting to appoint an administrator of Hearts, Ukio Bankas will object to KPMG being appointed and will lodge a notice with the court to appoint an administrator of Heart of Midlothian plc proposed by Ukio Bankas."

Gintaras Adomonis, who is leading the bank through bankruptcy, said: "We still believe we should stay with our ultimate goal to defend the interest of the creditors of Ukio Bankas and sell the club to the appropriate investor as soon as possible.

"Thus, we want the administrator to be not only experienced but dedicated to football as well."

Last night Foundation of Hearts chairman Ian Murray insisted Ukio stand to make more cash for their creditors by keeping the club and the stadium together.

The MP for Edinburgh South said: "I can't see it is in anybody's interest to sell off the ground as part of a fire sale.

"Hearts have had difficulties getting planning applications to build a new stand because of proximity to the local distillery.

"These problems are not insurmountable. It's a complex situation.

"But it seems to me the only people who would have an interest in buying Tynecastle would be those who want to play football there."

Taken from the Daily Record