Hearts set to enter administration
By Football News
Cash-strapped Scottish Premier League club Hearts have confirmed that they are set to enter administration.
The Edinburgh outfit have debts of up to 25 million pounds and their main creditor, Lithuanian bank Ukio Bankas, has gone into liquidation.
Hearts put their entire first-team squad up for sale last week having failed to pay their players due to cashflow problems, and were banned by the SPL from signing players as a result.
And the club revealed on Monday that they expect to go into administration in a matter of days.
"Heart of Midlothian plc can today confirm that it has served a notice of intention to appoint an administrator," a statement read.
"The notice was served at the Court of Session in Edinburgh this afternoon."
Hearts also owe 10 million pounds to parent company UBIG Investments, who are headed by the Scottish club's owner Vladimir Romanov.
Entry into administration would see Gary Locke's side, who finished 10th in the SPL last term, start the 2013-14 campaign with a 15-point deduction.