Jun 18, 2013, 7:56 AM EDT
Things in the Scottish Premier League have gone from bad to worse as Hearts is now preparing for administration.
The club confirmed the move on Tuesday, with a club spokesman saying: “We are not in administration yet but we have served our intention to appoint administrators.” It is widely believed that those administrators will come from KPMG, the mega-accountancy firm. Club creditors have been informed and a hearing is expected to take place in the next few days.
Hearts were issued a winding up order last week after Her Majesty’s Revenue and Customs threatened legal action over an unpaid tax bill of £100,000. Although the majority of that sum is belived to be paid off, the club board at Hearts admitted they had entered a “critical” stage in their efforts to pay off debts of £25 million. They also admitted to not being able to afford to pay their players.
These admissions triggered an immediate transfer embargo by the SPL and the entire squad was put up for sale in a desperate move to raise the reported £500,000 needed to get the club to the start of the season. If Hearts do make it that far the club is likely to face a 15 point deduction by the league as SPL rules state that involvency will strip a club of 10 points or a third of their previous season’s tally, whichever is the greater. Hearts finished the 2012-13 campaign in 10th place with 45 points.
The sad news of Hearts only adds to the troubles that have plagued the SPL over the last few years.
Last summer, the league took what was arguably its biggest hit when Glasgow Rangers became insolvent and entered administration, resulting in liquidation when an agreement could not be reached with its creditors. The club’s business, name, history and assets (including the Ibrox Stadium) were purchased by a new company (The Rangers Football Club Ltd aka “newco Rangers”).
This purchase allowed Rangers’ Scottish Football Association membership to be transferred in time to enable the club to relaunch itself in the Scottish Football League’s Third Division for the 2012-13 season. Rangers finished first in the division and next season will be playing in the Second Division.
If such a transformation is to happen at Hearts, a white knight needs to save the club, and quickly.
Jul 25, 2014, 9:05 AM EDT
It can be the soccer tournament that changes Russia forever (so implies FIFA)
Jul 25, 2014, 7:57 AM EDT
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Jul 25, 2014, 1:21 AM EDT
Olmes Garcia’s second half double lifted RSL.
Jul 24, 2014, 11:25 PM EDT
Introduced to the media in Houston, Beasley said he’s move on from midfield.
Jul 24, 2014, 10:24 PM EDT
With Wenger interview, SI had to get Zelalem out of the way first.
Jul 24, 2014, 9:16 PM EDT
Reds’ owner does not want a repeat of last year’s weaknesses.
Jul 24, 2014, 8:02 PM EDT
NBC Sports and Fathom Events are taking Premier League soccer to the big screen.
Jul 24, 2014, 7:10 PM EDT
Balotelli, Honda, Muntari, and more from the Rossoneri’s N.Y. training.
Jul 24, 2014, 7:04 PM EDT
Pinto will depart after failing to come to new terms with the federation.
Jul 24, 2014, 6:12 PM EDT
After appearing three times at Brazil 2014, Besic is set to add depth behind Gareth Barry and James McCarthy.
Jul 24, 2014, 5:21 PM EDT
Adu close to joining the 10th club in his 11-year career.
Jul 24, 2014, 4:08 PM EDT
After seeing time with the senior squad, 18-year-old prospect will be sidelined indefinitely.
Jul 24, 2014, 3:25 PM EDT
The Colombian striker takes a few hacks before AS Monaco’s friendly in Miami against Atletico National.
Jul 24, 2014, 2:50 PM EDT
Limited to just 16 matches last year after his big transfer from Liverpool to West Ham, Carroll is battling another ailment this season.
Jul 24, 2014, 2:09 PM EDT
The rags-to-riches defender steps away from the pitch, at least as a player, while reflecting on his career journey from North America to Europe and back.
Jul 24, 2014, 1:46 PM EDT
Herrera chats exclusively to PST: “If we are a humble team and we work hard, we will achieve our objectives and we will win trophies.”
Jul 24, 2014, 1:26 PM EDT
His dad played for El Tri, but California-born Fernando Arce Jr says his U-20 bow with the States makes him an American player “forever”
Jul 24, 2014, 1:00 PM EDT
Aston Villa, Manchester United and Manchester City all cruised, while Spurs had to find a late winner after coughing up a two-goal lead.
Jul 24, 2014, 12:47 PM EDT
What about the Premier League? Bundesliga? Serie A?
Jul 24, 2014, 12:15 PM EDT
Goran Milanovic is hoping the former American prodigy chooses to revitalize his career with FK Jagodina in the Serbian top flight.
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