Hearts interest played down as Ukio given assurance

A REPORT that two parties are interested in taking over at Hearts following the announcement that owner Vladimir Romanov wants out was played down by sources close to the Tynecastle club last night.

It was suggested that two different consortiums have expressed an interest in assuming control - but neither has made contact with the club. The parties were not identified, although one was said to be based in Edinburgh and the other was described as having “ties in London”.

However, The Scotsman understands that no-one has come forward to discuss a proposal with the club. Soundings taken this week suggested that no serious player has emerged or sits in the wings since Romanov first said he would like to find a buyer or a partner.

Earlier this week, Romanov announced his intention to get out of the three football clubs he is involved with. This came just a day after it emerged that senior Hearts players had not been paid this week, and the club admitted it did not have the necessary funds to foot the wage bill.

This dramatic development was followed by the news that Ukio Bankas, in which Romanov has a controlling interest, saw its shares drop by 13.4 per cent on the Lithuanian stock exchange, when the banking sector was hit by the Baltic state’s decision to nationalise Snoras, Lithuania’s fifth largest bank.

In a fresh development yesterday, the Lithuanian authorities gave a public assurance that Romanov’s bank is secure, to quell concerns that Ukio could suffer the same fate as Snoras. The central bank stepped in this week after fearing the liabilities at Snoras exceeded its assets.

The move to assure the markets over Ukio Bankas came as questions over the £35 million debt of Heart of Midlothian became a key issue in any attempt by the tycoon to sell the club.

Vitas Vasiliauskas, the Governor of the Bank of Lithuania, said yesterday: “I want to reassure everybody that today we speak about the problem of just one bank, and it is Snoras.

“And I want to reassure once more that Ukio Bankas has large liquid assets.

“I met with the executives of all banks, including the executives of Ukio Bankas, on Thursday and I can assure that Ukio Bankas today does not have any problems similar to those faced by Snoras.”

Romanov holds 53.1 per cent of the shares of Ukio and the bank is seen as a central part of his wealth. After the statement by the bank chief, Ukio Bankas jumped 4.5 per cent on the stock exchange - a recovery, but still well down on its position earlier this week.

The health of Ukio Bankas appears crucial for the future of Hearts.