Hearts administration: FoH preferred bidders

SUPPORTERS group the Foundation of Hearts are front-runners to be granted preferred bidder status for the Tynecastle club, according to reports.

Angelo Massone’s Five Stars Football Ltd are the only other viable group, but the former Livingston chairman’s organisation are yet to provide proof of funding to Hearts administrators BDO.

Five Stars have been given a deadline, along with a request to provide details of their financial backers.

BDO are reportedly keen on confirming preferred bidder status by the end of the month, but any deal must have the agreement of the club’s major creditors.

Meanwhile, the BBC are reporting that objections have been lodged in Lithuania over the planned liquidation of Hearts’ parent company UBIG.

The investment group own 50 per cent of the Gorgie side’s shares and no sale of Hearts can be finalised until a decision is made on UBIG’s future.

It is believed that a decision will be made by Lithuanian courts by the end of September.

Hearts have debts exceeding £28 million, with Ukio Bankas the other major creditor along with UBIG. The Tynecastle side started the season minus 15 points as a result of their financial issues.

Taken from the Scotsman