Football

[DVL418]

RE: 2012/13 Football Season

(02/05/2013 17:28)wirralbus Wrote:  Seems like Hearts maybe on the verge of some financial trouble .

A Lithuanian court has ruled that bankruptcy proceedings should commence against Hearts' main creditor, Ukio Bankas,

Any party wishing to appeal against the decision of the hearing in the Kaunas court has 10 days to do so.

Hearts owe the bank around £15m and the debt could now be called in.

The Edinburgh club are about £25m in debt, with £15m of that secured by Tynecastle Stadium and now controlled by the administrators of Ukio Bankas.

Looks like another shady character using funny money to buy a football club has come unstuck - as ever it's the fans and local small businesses will suffer, whilst he will disappear with a pile of dosh hidden in a tax haven to ease the pain.