ian1964 10,372 Posted June 11, 2014 Share Posted June 11, 2014 Hearts have exited administration after documents were lodged with the Court of Session in Edinburgh. The Edinburgh club had been in administration since last June with debts close to £30m. They started the season with a 15-point penalty and will play in the Championship next term after being relegated from the Premiership. Hearts owner Ann Budge “When we do hand the club over to the fans in a few years' time, it will be in the best possible shape” Ann Budge Hearts owner "We kept going and it's wonderful that we're here, eventually," said the club's new owner Ann Budge. "There have been many days when I thought there were just too many challenges facing us but we didn't lose hope. "We want to get a really strong management team in place - I don't just mean on the field, off the field as well - and basically ensure that this club never has to go through this again. "When we do hand the club over to the fans in a few years' time, it will be in the best possible shape." Budge agreed a deal with creditors to buy Hearts and quickly set about restructuring the club with Craig Levein brought in as director of football and Robbie Neilson joining as head coach. Gary Locke, who had been manager during the administration process, left the club at the end of his contract. The move out of administration means the ban on the registration of players imposed by the league last year will be lifted and Hearts will now be allowed to make signings. http://www.bbc.co.uk/sport/0/football/27794267 The Tynecastle club entered administration in June 2013 with debts close to £30m, with most of the money owed to businesses in Lithuania who themselves would undergo insolvency procedures. Hearts' new director of football Craig Levein and head coach Robbie Neilson Levein and Neilson will lead Hearts' football operation "It certainly has been a long year but, with hindsight, it's been a great outcome," said administrator Bryan Jackson. "For that I'm very grateful, happy and very relieved." Jackson has successfully taken seven clubs, including several in Scotland, out of administration. And, asked if saving Hearts had been his toughest task, he replied: "Of course it has because I say that about all of them. "I think genuinely this one has been. It was always going to be a tough one when you saw what we inherited from day one. "With some of the external factors, some of the third parties that were involved as well, it made it very difficult for us. New obstacles kept popping up all over the place. As we solved one, there was another one. "So, I would say in the end it was the most difficult one and there were certainly times when I really didn't think we were going to make it this time. "We were close to running out of money on a couple of occasions. We managed to sell a couple of players to keep us going. "Just about everything that came in was crucial. The fans' donations were crucial as well. It was fantastic the donations we received and the support we received from them "The income in the last few games was very important to us and I'm very grateful to the fans for the numbers that turned up to those games." 0 Quote Link to post Share on other sites More sharing options...
Gribz 743 Posted June 12, 2014 Share Posted June 12, 2014 Will enjoy thumping them more next season with Levein in charge. 0 Quote Link to post Share on other sites More sharing options...
barca72 440 Posted June 12, 2014 Share Posted June 12, 2014 Is there not an investigative journalist anywhere in the U.K. that will do a comparison piece on the treatment of Rangers and Hearts by the Scottish Football community? 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,372 Posted June 12, 2014 Author Share Posted June 12, 2014 Is there not an investigative journalist anywhere in the U.K. that will do a comparison piece on the treatment of Rangers and Hearts by the Scottish Football community? No!,Rangers are a different entity,one rule for Rangers then change the rules. 0 Quote Link to post Share on other sites More sharing options...
Whosthedado 1,479 Posted June 12, 2014 Share Posted June 12, 2014 Will enjoy thumping them more next season with Levein in charge. I cant wait for the fixtures to come out. Having Hearts and Hibs in the legue is ideal for an Edinburgh Bear. Most of the away trips outside QOS are going to be short:rfcbouncy: 0 Quote Link to post Share on other sites More sharing options...
Gribz 743 Posted June 12, 2014 Share Posted June 12, 2014 I cant wait for the fixtures to come out. Having Hearts and Hibs in the legue is ideal for an Edinburgh Bear. Most of the away trips outside QOS are going to be short:rfcbouncy: You'll have double the burds with you then mate. I'll try plan a visit to UK around a game with you.... 0 Quote Link to post Share on other sites More sharing options...
Scott7 5,105 Posted June 12, 2014 Share Posted June 12, 2014 Well done Mrs Budge. 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,217 Posted June 12, 2014 Share Posted June 12, 2014 Heart of Midlothian officially complete their exit from administration STV - 11 June 2014 16:56 BST Heart of Midlothian are no longer in administration, after the Court of Session signed off on the deal to complete their exit. It is almost exactly a year since the Tynecastle club went into administration, and were fined 15 points for the 2013/14 season. The fine contributed to Hearts' relegation from the Scottish Premiership, but the bigger battle was off the pitch, with fans groups helping to fund the club through the process of administration. In the summer of 2013 the Foundation of Hearts was created and chaired by Ian Murray MP, with the purpose of gaining a controlling interest in the club, and stabilising it in the long-term. In April the club finalised a £2,500,000 deal with Lithuanian creditors to exit administration, allowing Ann Budge to take up the position of Chairman and CEO. Administrators BDO have now ended their involvement in the club, which will now be left in the custody of Ann Budge. She will eventually cede control of the club to the Foundation. The exit from administration also means that the club will once again be able to sign players to add to a current first-team that numbers just 18 players. Administrator Bryan Jackson said: "You need a lot of luck and the support of the fans and in this latest case, that is exactly what we got. "The club have got a lot of rebuilding to do but now they can move forward without things like a transfer embargo inhibiting them. "It also means Ann and her team can get cracking without the likes of me being in their way." If only ... the EBT case had been done before anyone spoke of a sale of the club. People will have a different opinion on that, but as far as I'm concerned HMRC's witch hunt opened the doors for Craig the Charlatan and forced Murray to sell at the behest of HRBoS/Lloyds to the first chap willing to take that burden. 0 Quote Link to post Share on other sites More sharing options...
Super Cooper 0 Posted June 12, 2014 Share Posted June 12, 2014 Admirable. Well done the Jambos. 0 Quote Link to post Share on other sites More sharing options...
RANGERRAB 3,252 Posted June 12, 2014 Share Posted June 12, 2014 What people seem to forget is Hertz went into administration with debts almost twice what we went into administration with I.e. approx £15m against approx £30m.They of course have exited administration now and not a cheap from the usual pond life who infest the mhedia in this hate-filled cesspit of a country of ours 0 Quote Link to post Share on other sites More sharing options...
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