Scottish Football - Fedotovas plays down Hearts concern

Hearts director Sergejus Fedotovas has expressed optimism that the club can secure an agreement over their £15million debt to bankrupt Ukio Bankas.

PA Sport
Scottish Football - Fedotovas plays down Hearts concern

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Sergejus Fedotovas says that Hearts' £15million debt to Ukio Bankas 'will not be called automatically'

Fedotovas insisted the debt would not be recalled immediately by Valentas UAB, the insolvency practitioner which took control of the bank's assets when it was declared bankrupt in a Kaunas court last week.

Hearts, whose annual figures for last season recently revealed a £24.7million debt, have an interest repayment plan in place and hope to continue with that arrangement despite fears from supporters that the Lithuanian firm could view Tynecastle as a means to recoup the bank debt.

Fedotovas told the Edinburgh Evening News that the £15million "will not be called automatically".

He added: "We plan to perform to the agreement and seek in co-operation with the administrator's long-term future solutions.

"We believe that a sensible solution can be reached that satisfies the administrator and maintains the positive business momentum that the club has created."

Fedotovas predicted the bank liquidation process could take many months and claimed it was possible to sell a majority shareholding in the club.

Several fans' groups are attempting to come to a deal to acquire the stake held by UBIG, the investment firm set up by financially-troubled Vladimir Romanov.

"We believe certain possibilities exist given that all concerned parties will be in agreement," Fedotovas said.

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