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Hearts set for more delays in Lithuania

Bryan Jackson. Picture: Colin Hattersley

Bryan Jackson. Picture: Colin Hattersley

Hearts are braced for further frustrating delays in Lithuania despite learning that UBIG’s creditors meeting will take place on 7 April.

Even if Hearts’ administrators BDO get the result they are seeking, they could have to wait until the end of April to have the collapsed investment company’s 50 per cent stake transferred due to a 20-day appeal window.

A creditors’ meeting involving the club’s largest creditor Ukio Bankas, scheduled for tomorrow, is set to approve the handover of the bank’s 29.9 per shareholding to BIDCO, Hearts’ prospective chairwoman Ann Budge’s holding company.

It had been hoped that Budge would assume control by mid-April, but she now might have to wait until the start of May.

BDO troubleshooter Bryan Jackson had said that he only had enough money in the bank to get Hearts through to the end of March. He could start selling season tickets to raise vital finance or ask the Foundation of Hearts, who are backed by over 8,000 fans donating a combined £1.4m annually, for help.

 

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