Hearts still waiting on Lithuanian document

HEARTS administrators BDO were last night still awaiting a critical draft agreement from Lithuania that would pave the way for the club to exit administration.

Discussions between BDO and Ubig remain delicate over a deal. Picture: Ian Georgeson

Discussions between BDO and their counterparts at UBIG remain delicate over a deal that is regarded as one of the last remaining major hurdles of a complicated process.

BDO have a verbal agreement with collapsed Lithuanian investment company UBIG to buy their all-important 50 per cent stake in the club after a conditional Company Voluntary Arrangement was passed in November.

Hearts trouble shooter Bryan Jackson is awaiting the terms of the draft agreement, although any deal would still have to be rubber-stamped by a Lithuanian court.

Hearts owe UBIG £8.2 million but administrators representing departed club owner Vladimir Romanov’s fallen business will only receive a tiny percentage of that debt.

Hearts’ biggest creditor Ukio Bankas agreed to accept £2.5 million for their £15.5 million debt at the CVA meeting.

It has been stressed, however, that it could still take weeks for would-be club owners the Foundation of Hearts and BDO to reach a “sale purchase agreement” and complete the deal, steps four and five of a five-stage plan to take the club out of administration.