Gary Mackay braced for ‘huge’ week in Hearts’ history

Gary Mackay: Looking forward. Picture: SNS

The 139-year-old footballing institution’s future will be decided at a creditors meeting – five months after plunging into administration under the stewardship of the controversial Vladimir Romanov with debts of £28.5 million.

Club administrators BDO need 75 per cent in value of the creditors to agree a Company Voluntary Arrangement. Should a CVA not be agreed, the only other option for Hearts would be liquidation.

Hearts’ fate is effectively in the hands of Ukio Bankas and UBIG, who hold a combined 79.9 per cent shareholding, and are owed £15.5 million and £8.2m respectively.

All-time record appearance holder Mackay is praying Hearts get the right result to pave the way for a new era under fans group the Foundation of Hearts.

He said: “It’s a huge week in the history of the football club.

“It’s about putting the mismanagement of this football club to bed and allowing the people that really care for the club, the supporters, to take it forward in a better manner.

“We can look at the relative success on the football pitch but there has been a price to pay for that and hopefully that price will be negated at the end of this week and Heart of Midlothian can regain a bit of pride and can become a dignified football establishment in Scotland.

“It’s a massive, massive time.”

Collapsed Lithuanian companies Ukio and UBIG were both controlled by former Hearts owner Vladimir Romanov.

As a secured creditor with a £6.9 million floating charge over Tynecastle stadium, Ukio have been offered £2.5 million by the Foundation of Hearts, while UBIG and every other creditor would receive nothing.