Hearts to get Lee Wallace fee from SPL place money

Hearts are still due the majority of Lee Wallace`s transfer fee from Rangers
Hearts are still due the majority of Lee Wallace`s transfer fee from Rangers
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THE SPL have issued placement money to each club for last season – with the exception of soon-to-be-liquidated Rangers.

Ally McCoist’s side finished second, which would have guaranteed them a cash sum of £900,000, but it has emerged that Charles Green’s Sevco Scotland Ltd will be lucky to see £25,000 of that sum.

The ruling body’s financial year ends in May but certain payments, such as the Uefa Solidarity money, won’t arrive until late August or early September.

While the 11 other clubs have already received payments, Rangers’ money has been frozen by the SPL and they will ensure that it will be used to pay member clubs who are owed money by the fallen Glasgow giants. The largest chunk will go to Hearts, who are due £800,000 from the £1.5m sale of Lee Wallace and that balance is due later this month, at which point the Edinburgh club will be recompensed.

Celtic are also due £40,337 but have yet to make a claim for it to the SPL. Dundee United are owed more than £30,000 and it’s believed that they have applied to the Hampden bosses to have that money diverted into their account.

As soon as Rangers were forced into administration in February, the SPL Board decided that they would hold on to Rangers’ money in order to settle their domestic football debts.

They’re able to do that due to the offset rule in their constitution, which allows them to withhold prize money if a club defaults on payments to other members.