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BDO given green light to complete Hearts deal

HEARTS administrators BDO are set to finalise the sale and purchase agreement for the Tynecastle club after getting the green light from Lithuanian creditors.
By The Newsroom
Published 29th Apr 2014, 12:49 BST
Hearts are confident crowd numbers will remain healthy. Picture: Lisa FergusonHearts are confident crowd numbers will remain healthy. Picture: Lisa Ferguson
Hearts are confident crowd numbers will remain healthy. Picture: Lisa Ferguson

A 20-day ‘cooling-off’ period for UBIG creditors to raise objections to the release of their 50 per cent stake in Hearts has passed without any incident.

UBIG’s stake, and the 29.9 per cent shareholding held by fellow Lithuanian firm Ukio Bankas can now be combined and transferred to Ann Budge’s Bidco 1874 holding company via lawyers working for BDO.

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Once the sale and purchase agreement is signed off, Hearts can begin their exit from administration.

Mrs Budge is expected to take control of the club once a management agreement is signed with BDO.

She is funding the £2.5 million CVA to acquire Ukio Bankas’ 29.9 per cent shareholding, with those involved wanting the paperwork completed as soon as possible to allow Mrs Budge to begin her takeover.