Hearts in crisis: Administrators say there's just six weeks to save Tynecastle club

Fraser Wilson

ADMINISTRATOR Bryan Jackson says he has six weeks to save Hearts as the crisis club tries to scrape through a summer cash drought.

Jackson will meet players and staff today – with a stark message that survival hinges on making it through to the new season’s kick-off on August 3.

The finance expert insists the club can be saved but says job losses are inevitable. With no income from games and cash from season-ticket sales unlikely to be available with a queue of creditors beating down their door, Jackson admits his first task is simply to keep the club in business over summer.

He said: “We have a real problem in terms of funding over the next two months.

“First we need to get through June, in July there will be a few friendlies hopefully, then of course we’re into the season.

“But right now there’s a major cashflow problem and we have to look at ways we can get round that.

“The initial problem is how do we keep the doors open and that is what we are trying to work on.

“It’s obviously a huge task. We all know from the Press in the last few weeks we are starting from a situation where people haven’t been paid and cashflow is negative.

“And June is the worst month of the year with no income just now.

“Season-ticket sales have been underway but there is a problem with utilising that money going forward.

“At the moment all we are trying to do is get as much information as we can so we can then decide on a strategy going forward.”

Jackson will meet with staff at Tynecastle this morning. He added: "We intend to speak to all the staff at 11.30 this morning to let them know what the position is as far as we can at this time. Unfortunately there will be redundancies."
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Jackson and his colleagues at administrators BDO are due to meet staff today but at this stage it’s too early for him to have definitive answers on the plans ahead, prospective buyers or what level of job cuts they face.

Asked if job losses were inevitable, Jackson replied: “Yes, I would think so.”

But he called on fans to continue to get behind the club because without support and investment an administrator has no chance of saving any club.

Jackson added: “The next thing I need to do is address the staff and the players.

“At this point we have not spoken to anybody from the club, not even the manager, so it would seem disrespectful to say anything more.

“I’m encouraged by the level of interest but wouldn’t have expected anything less.

“One of the reasons for taking on a challenge like this is you know it’s a huge club with a huge support that will rally round. If you weren’t confident that would be the case then you’ve nothing much to work for.

“I’m in the hands of other people in these situations, I need their support.

“All we can do is facilitate everything as best as possible. But if there are not buyers there, if there’s not funding and if fans don’t come out and support in every way possible then obviously we can’t continue. We can’t keep the doors open.

“Clubs are always saveable – but that doesn’t mean it will be saved. As we have seen in the past some clubs do not get saved because of various circumstances – the money doesn’t come good, it runs out of cash or time or the CVA doesn’t come good for whatever reason.

“So they don’t all work but they are all potentially saveable. If they weren’t saveable you wouldn’t take the job on.”

Jackson was officially appointed yesterday – along with BDO colleagues Trevor Birch and James Stephen – at the request of absentee landlord Vladimir Romanov’s failed Ukio Bankas, which owns a 29.9 per cent share of the club.

Gintaras Adomonis, bankruptcy administrator for the Lithuanian bank, said: “I believe administrators with such a vast experience in football-related cases are one of the best options available.

“We do hope it will be possible to coordinate the interests of all the creditors and Hearts will find its new owner soon.”

Taken from the Daily Record