Hearts: Club 9 Sports withhold funds for HMFC Ltd bid

  • Author, Brian McLauchlin
  • Role, 91热爆 Scotland

The company behind one of the bidders for Hearts, HMFC Ltd, is withholding 拢5m that was to be used to buy the club, 91热爆 Scotland has learned.

A dispute has arisen between US-based Club 9 Sports and UK businessman Bob Jamieson, who has tabled an offer on behalf of HMFC Ltd.

Club 9 Sports are believed to be looking for a 75% shareholding.

The dispute places the HMFC Ltd bid in doubt, with two other offers on the table for the club in administration.

Fans' group the Foundation of Hearts and Five Stars Football Ltd, who have former Livingston owner Angelo Massone as a director, are also seeking to take control at Tynecastle.

The HMFC Ltd bid is in the region of 拢2.5m up front with a further 拢2.5m being made available for working capital.

Hearts have debts of 拢25m - owed to companies formerly owned by Vladimir Romanov, who first invested in the club in 2005.

Ukio Bankas, who are also in the hands of administrators, is owed 拢15m and Tynecastle Stadium is held as security for the liability. The Lithuanian bank has a 29.9% shareholding in Hearts.

An administrator with the power to sell UBIG's majority shareholding will only be appointed if the investment company's bankruptcy is formalised in Lithuania. Hearts owe UBIG 拢10m.

An exit from administration via a company voluntary arrangement (CVA) can only be achieved if those due 75% or more of the total debt accept a pence in the pound offer.