Will Hearts’ Financial Woes Save Dundee From Relegation? Tough Choices For the SPL

The SPL have decided to discuss the situation at Hearts on Monday, after the SPL season ends.

The majority owner of Hearts and the main creditor, UBIG and UKIO Bankas, are both in, or have applied to go into, administration.

Mr Romanov’s always interesting stewardship of Hearts seems inevitably at an end.

The Lithuanian administrators will see what they can realise from Hearts – perhaps only the ground will prove worth anything?

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The Administration of Ukio Bankas and its Effect on Hearts

Whilst the Rangers story last year was about, as it is now presented, the company which owned the assets and business which made up the football club, going into administration, the situation this year at Hearts comes from the opposite perspective.

Here it is the bank which is owed huge sums by the company which owns the assets and business which make up the football club going into administration. Simples!

Ukio Bankas, the Lithuanian Bank largely owned by Vladimir Romanov and his UBIG Group has been placed into administration, and the administrators are looking for buyers for the assets. That suggests that the value which UBIG can attribute to its involvement in Hearts will be slim to zero, and slim left town.