BDO: Progress being made

Bryan Jackson, joint administrator of Heart of Midlothian FC plc and a partner in the Business Restructuring team at BDO LLP, today released the following statement.

"We are continuing to work with the administrator of Ukio Bankas and the bidders to enable the club to exit administration as a going concern.

"However, it should not be forgotten that it is the duty of the administrator of Ukio Bankas to achieve the best financial result for the bank's creditors, and he will act to ensure that this happens.

"Liquidation is always a possibility when a business is in administration, but we are confident that we can work with the bidders to produce an outcome that saves the club and provides an acceptable return to the creditors of Ukio Bankas.

"I believe that we are making progress towards a constructive solution and hopefully all parties will recognise that the best value will be realised by selling the club as a going concern."

Hearts World