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Fan offer for Hearts agreed in principle

November 29, 2013

TYNECASTLE, Scotland (AP) — A voluntary agreement could lift Hearts out of financial administration in early 2014.

The Foundation of Hearts fan club has offered to pay 2.5 million pounds ($4 million) toward debts of about 30 million pounds ($49 million), and the offer was accepted at a meeting Friday.

However, parent company UBIG’s 50 percent holding cannot be sold or assigned until approved at its creditors meeting, which is scheduled to take place at the end of January.

Foundation of Hearts chairman Ian Murray says “we are pleased at the outcome of today’s meetings. It is yet another step towards the road to getting the club out of administration and back to financial health.”

Hearts entered administration in June and started this season with a 15-point deduction in the Scottish league.