Administrators receive improved offers for Hearts after deadline

The three groups interested in purchasing Hearts all submitted improved offers to buy the club on the day a deadline for proof of funding passed.

Administrators BDO had asked for proof of funds by 5pm on Wednesday and though only the Foundation of Hearts group provided information before the deadline, the other two interested parties submitted improved bids later in the evening.

HMFC Limited, the consortium fronted by businessman Bob Jamieson, and Five Stars Football Limited, the group headed by former Livingston owner Angelo Massone, remain in the running to buy the Tynecastle club.

STV has learned that BDO still have concerns about all three bids but are satisfied with the documentation they have received so far.

Administrator Bryan Jackson has forwarded the details of all three offers to Ukio Bankas' administrators in Lithuania and expects to hold discussions with them on Thursday afternoon.

A CVA at Hearts still hinges on former parent company UBIG entering administration in Lithuania.

The holding company is expected to have a court-appointed insolvency process confirmed some time in August.

At that moment BDO would be able to start negotiating to release UBIG's 50% shareholding in Hearts.