Hearts star Karipidis set for Greece return

The clubs are negotiating a fee in the region of 200,000 and the player and his agent, Jacques Lichtenstein, are in talks with PAOK with a four-year contract on the table.

The Jambos secured the defender's signature two years ago paying around 200,000 for his services meaning they would recoup what they splashed our for him.

However, the Evening News understands that Hearts have also insisted on a 50 per cent sell-on clause which could see the fee the Tynecastle outfit receive rise.

Karipidis had a difficult start to his career in Scotland but last season established himself as Christophe Berra's regular central defensive partner turning in a series of assured displays.

With his contract at Hearts set to expire at the end of the coming season, Karipidis entered into discussions over extending his stay in Edinburgh at the end of the last campaign but is now understood to be keen on a return to his homeland.

Meanwhile, Hearts boss Csaba Laszlo was today tight-lipped when asked if there was any truth in reports that the club were monitoring Celtic striker Derek Riordan.

The former Hibs frontman has been linked with a move to Tynecastle after falling out of favour under Celtic manager Gordon Strachan. Riordan scored 61 goals in three seasons for Hibs but his career has stalled badly since moving to the SPL champions.

Despite Riordan rarely featuring under Strachan the Hoops are understood to still want around 500,000 for the player.

Laszlo said: "We are interested in any good player. I am interested in Luca Toni of Bayern Munich and also in Ronaldinho as any manager would be. But I don't want to talk about the names of players just now."

HEARTS shareholders have approved a debt-for-equity scheme which will reduce the club's debt by 12 million.

The proposal, which was unanimously passed yesterday, will see Ukio Banko Investment Group (UBIG) write off 12m worth of debt in return for 34.2 million newly-created shares in the club.

Overall debt at the club will be reduced from 36.5m to around 24.5m and the move will save Hearts around 600,000 a year in interest charges.