Massone back in picture as Hearts attract three offers

HEARTS administrators BDO have admitted they are "much closer to the start of the process of concluding a sale than the end" after the deadline for formal offers closed last night with three bids on the table.

Foundation of Hearts, the amalgam of supporters groups chaired by Ian Murray MP, lodged their offer on Thursday and were joined yesterday by HMFC Limited, a consortium brought together by Bob Jamieson, a Peebles-based businessman, and Club 9 Sports, an American sports agency, as well as a third unidentified party thought to include Angelo Massone, the former Livingston owner.

Massone, who oversaw the West Lothian club's descent into administration four years ago, had a £4.5m bid for Hearts turned down by Vladimir Romanov, the club's former majority shareholder, last December and insisted at that time he would only bid again if it was in conjunction with the Foundation. BDO said they would "preserve confidentiality" unless the bidders elected to make their interest public and Massone, when contacted yesterday, would neither confirm nor deny that he had tabled an offer. It has been reported, however, that the bid was made through Five Stars Football Ltd, which he is a director, and is the largest of the three.

The administrators will evaluate each offer before deciding which they feel gives the best chance of taking the club out of administration via a Company Voluntary Agreement (CVA). In the case of Dunfermline Athletic, BDO took approximately two-and-a-half weeks before naming fans group Pars United as preferred bidder and they will not rush into a decision this time around either. The Hearts situation is complicated further by events in Lithuania, where parent company UBIG await the appointment of an administrator and Ukio Bankas, who hold the floating charge over Hearts' assets including the stadium, already insolvent. Hearts went into administration with debts in the region of £25m.

In a statement, Bryan Jackson, one of the joint administrators, said: "We can confirm we received three bids. To preserve confidentiality, unless disclosed by the bidder themselves we will not be naming the parties. Further discussions will now take place with the bidders and also with the legal representatives of the administrators of AB Ukio Bankas. We would then hope to be in a position to name a preferred bidder in due course. At this stage we cannot say how long that process will be.

"The delivery of the CVA solution will need the support of the other major creditor and shareholders and there may be a delay in securing that support while administrators are appointed to those entities. Therefore the sale process may take some time before a deal can be concluded. Under the right guidance, the club has the potential to be successful both on and off the pitch, and it is encouraging to see that a number of prospective owners have clearly recognised this.

"We all want the club to exit administration as quickly as possible but it's important not to get carried away: we're still much closer to the start of the process of concluding a sale than the end. We ask all fans, players and staff for their continued support and patience."

Hearts, meanwhile, have rejected an improved offer for Jason Holt. The the club confirmed they turned down a "second bid from a Championship club" for the midfielder following reports that Nottingham Forest had renewed attempts to sign the 20-year-old. Hearts fans have allowed the club to rebuff offers after generating in excess of £750,000, mainly through the sale of season tickets.

David Southern, Hearts managing director, told the club website: "It's thanks to the fantastic fundraising efforts of the supporters that we are in a position where we do not have to sell our best talent for below market value. Gary Locke has a small squad and will face a challenging season so to rid him of another player, and such a talented one as Jason Holt, would not benefit him or the club."

Taken from the Herald