Day: June 18, 2013

It was inevitable. And while the international wrangling over who should administer the process may go on today, be clear – Hearts are going into administration. 

The fragile edifice that was the complicated financial world of Vladimir Romanov has finally come crashing down. First Ukio Bankas, then UBIG and now – Heart of Midlothian FC, formed in 1874.

It seems hard to believe now, but when Lithuanian businessman Vladimir Romanov took control at Tynecastle back in 2005 there were some who welcomed him as a saviour. Now, eight years and SIXTEEN managers later, dreams of building a side to challenge the might of the Old Firm at home, and the cream of Europe abroad, lie in tatters. The challenge now is simply to stay alive.

In a game that lives by clichés, it’s been a rollercoaster ride. From the highs of Scottish Cup wins in 2006 and 2012, European adventures – and a 2005/6 season that might even have seen Hearts crowned SPL champions if only Vlad hadn’t started meddling with team selections and sacking managers – to the lows of unpaid bills, unpaid wages and now the ignominy of liquidation, there’s never been a dull moment under Vlad’s reign; for a while he was the man who gave the Hearts fans a dream.

But now, though, the dream is well and truly over. In the cold light of day reality has kicked in and the scale and complicated nature of Hearts’ predicament is truly frightening.

The Club owes £25 million to two of Romanov’s other companies – UBIG and Ukio Bankas, both of which went into liquidation last month, thus bringing the financial woes at Tynecastle to a head. Hearts also owe an undisclosed amount to Her Majesty’s Revenue and Customs, having only partially paid an outstanding tax demand for £50 million, and last week the club’s players and staff found that their wages and salaries would not be paid on time.

Against this background the entire Hearts squad was put up for sale last week and an appeal went out to fans – unsurprisingly, despite Hearts’ fans undoubted loyalty, season ticket sales have been slow.

So what happens next? There are a number – perhaps as many as four – serious prospective purchasers, but meaningful negotiations have been hampered by the club’s complicated financial setup. What exactly would potential investors be getting for their money – what are the assets, and what potential time bombs may be unearthed within the club’s accounts? Until that becomes clear, it’s unlikely that any bid will be forthcoming.

While fans loyalty has been stretched to the limit they continue to rally to the cause, but they too should think before committing their own hard-earned cash: by donating money are they supporting the survival of and future of the team they love, or are they pouring cash down the drain as lawyers and accountants pick over the carcass of a once great club and argue expensively back and forward between Edinburgh and Vilnius?

While the current situation is bleak, it’s certainly not hopeless and Hearts will surely survive in some form. A fifteen point deduction at the start of the forthcoming season is probably the least of their worries; after all, SPL chiefs will surely at long last restructure the league setup at the end of the season, because the current ‘model’ certainly isn’t working.

For Hibs fans who are revelling in the Jambo’s current plight, I would only ask: what are the games you look forward to most every season, the games that get your pulse racing and your mouth dry with nervous anticipation? No, Kilmarnock or Ross County don’t really do it for me, either. Take away the Edinburgh derbies and the whole season is not quite meaningless, but seriously devalued. Derby games may well be p*sh – and they usually are – but there’s atmosphere and excitement that is lacking at so many other games. So should the unthinkable happen, I for one won’t be gloating.

And for fans of other clubs, beware – given the parlous state of football finances in Scotland, it could well be your lot next.

Good luck, Hearts. Here’s hoping you’ll aye be ‘making your mark’ for a good few years yet.

 By the way, those managers were: John Robertson, Steven Pressley/John McGlynn, George Burley, John McGlynn, Graham Rix, Valdas Ivanauskas, Eduard Malofeyev, Riabouas Eugenijus, Valdas Ivanauskas (again), Anotoly Korobochka, Stephen Frail, Csaba Laszlo, Jim Jeffries, Paulo Sergio, John McGlynn (yes, once again!) and Gary Locke.