Foundation of Hearts named preferred bidder for club
Last updated on .From the section Football
Fans' group the Foundation of Hearts has been named preferred bidder for the club.
Hearts entered administration in June and BDO, which has taken over the running of the club, revealed last month that
Two other parties submitted formal offers for the club.
"This is an important day in the pathway towards putting Heart of Midlothian back on its feet," said the foundation's chairman, Ian Murray MP.
"We are proud that the bid backed by the Foundation of Hearts has been named preferred bidder.
"Let us be clear though. The journey is only beginning. Our bid has not yet been accepted, albeit we are hopeful an agreement can be reached.
"Now, for the first time, the fate of Heart of Midlothian really is in the hands of us, the supporters of this remarkable football club."
Hearts manager Gary Locke welcomed the news and urged fans to support the foundation's bid.
"It's great news, fantastic news," he said. "The fans have been unbelievable and we're asking them to put their hands in their pockets once more.
"But, if they can come on board, it will leave the club in a stronger position.
"Obviously we've got a long way to go, but now we know the Foundation of Hearts are the preferred bidder - they're Hearts people and have the club at heart - that's the news myself and all the playing staff were looking forward to hearing.
"It's a big day for the football club and hopefully now we can move forward.
"It'll be Hearts people running the football club and that's the most important thing."
Any deal to exit administration via a company voluntary arrangement (CVA) must be agreed with the major creditors of the club.
Objections have been lodged in a Lithuanian court over the proposed liquidation of Hearts' parent company, UBIG.
The Lithuanian investment company owns 50% of Hearts shares and, until the court makes a decision on the future of the company, no sale of Hearts can be completed.
A decision from the courts on UBIG could be made before the end of September.
Lithuanian bank Ukio Bankas, itself in administration, is Hearts' other main creditor.
Bryan Jackson, of BDO, commented: "We all still have a lot of work to do to demonstrate to the major creditors that the bid can offer them the best possible outcome. Let's not get carried away - now is the time for everyone to get behind FOH to make this bid work.
"This is a positive development but does not guarantee that a CVA will be successful. That will require a considerable combined effort from FOH and BDO to ensure that all interested parties are satisfied.
"At the moment, we cannot put a timescale on the process as a number of negotiations with various parties still need to take place and we are waiting for the appointment of administrators to UBIG to be ratified.
"However, we can ensure that collectively we make as much progress as possible on our side so we are able to finalise the matter quickly once the opportunity presents itself."
The Edinburgh side started the season with a 15-point deduction due to their insolvency problems, but the weekend win over city rivals Hibernian has reduced their points total to -12 after two Scottish Premiership fixtures.
Nothing to do with Celtic or DU. Rules are in place.
Hearts are in Admin with a 15 pt penalty and signing embargo. If FOH bid is successful they come out of Admin, serve above penalties and start with a clean slate.
If FOH bid fails then Hearts will go into liquidation. If they were re-formed as Hearts Newco they would have to apply for re-entry in to the lowest SPFL league set up.
We recently avoided liquidation again 20 years after going out of business and reforming in 1993.
Luckily; we found a buyer and the fans chipped in and raised £80k to save the club.
We started the season on -10 points but at least the club survived.
Chin up and best of luck!
stay focused and stay up
Count Biolly,Aberdeen supporter,living abroad
Hopefully all sorted soon.
who or what are the 'wee rangers' and what does that have to do with Heart of Midlothian
Also get to see Hibs fan and Aberdeen fan backing us. No genuine fan ever wants to see a team go the way of rangers
Phil, if Hearts go into liquidation then for the sake of "Sporting Integrity" they must be put out the SPFL and have to apply to the Scottish Second Division to try and get back in. You can't have one rule for one team and another rule for others, otherwise our game becomes corrupt with favouritism and paranoia. Hearts are in this position through heir own doing.
Well I'm a Hibs fan and I agree that I hope Hearts don't go bust. Doesn't mean I don't want to see them punished, though.
Fact is, Hearts have been breaking the rules for more than a decade, to the expense of everyone - none more so than Hibs. So I think it's fair enough that we revel in seeing them harvesting the seeds of disaster, and right as well for sporting integrity and all that.
Good luck to you
It could be worse....you could follow Coventry city fc.
KEEP COVENTRY IN COVENTRY
GIVE US OUR CLUB BACK.
Increased, surely? :D
It is good news in that Massone and the other chancers are now out of the picture.
UKIO have agreed that they want to negotiate with FOH - and they own the deeds to the stadium.
Not out of the woods yet but this is a huge step forward.
All fans should be applauding FOH effort save their Club and get it back in the hands of the people who really count - the FANS!
His hatred has no boundaries and he is one of many that contribute to the embarrassment of wanting another human beings football team to not exist
I wish Hearts all the best, however if the company running the football club does fold, I hope they come through it similar to Rangers quickly
You are correct. If Hearts go into liquidation we will accept the consequences - there will be no "who are these people" tirade from Tynecastle and no threats from Hearts fans.