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.
Mar 11, 2014, 3:47 AM EDT
Bayern’s lost twice in the last 12 months – once to Arsenal. The holders will look to avoid a repeat of last year’s visit.
Mar 10, 2014, 10:32 PM EDT
There’s also a freshness under Mastroeni, who oozes the respectability that comes from a distinguished career.
Mar 10, 2014, 9:54 PM EDT
The Black Cats have played three less matches than the Bluebirds and two less than the Baggies. A win over Palace would land them even with the Eagles.
Mar 10, 2014, 9:21 PM EDT
“What I said to the players is ‘get it out of your head. Go home, reflect a little bit and I will do my best to come up with something better.’”
Mar 10, 2014, 8:44 PM EDT
It wasn’t a pretty night to be in Turkey, as violent fans at Trabzonspor forced the abandonment of a match with rivals Fenerbahce on Monday night.
Mar 10, 2014, 8:03 PM EDT
What to do with the goal-scoring 34-year-old Scot who’s out of contract in June?
Mar 10, 2014, 7:25 PM EDT
“Kevin made a huge contribution to our qualification for the World Cup, he never let us down and now his dreams have died,” said Holland manager Louis van Gaal.
Mar 10, 2014, 6:42 PM EDT
Like Manuel Pellegrini and his distaste for a certain Swedish official, Wenger is also critical of UEFA slotting in a referee from a non-footballing power.
Mar 10, 2014, 5:58 PM EDT
MLS has become a decent destination for goalkeepers, with top internationals for Peru, Brazil and Panama plying their trades in the United States this season.
Mar 10, 2014, 5:25 PM EDT
Djalo, 27, hasn’t found his footing in Lisbon, playing in just three matches since then and spending parts of 2012 and 2013 on loan at Toulouse in Ligue 1, where he appeared 17 times.
Mar 10, 2014, 4:45 PM EDT
Arsenal has been handed a boost for their massive Tuesday task of reversing Bayern Munich’s 2-0 advantage in the UEFA Champions League’s Round of 16.
Mar 10, 2014, 4:00 PM EDT
“It’s like playing 1 1/2, 1 3/4 games in terms of damage to your body,” said Ryan Nelsen.
Mar 10, 2014, 3:25 PM EDT
That is not a lousy public high-five for a player, now, is it?
Mar 10, 2014, 2:53 PM EDT
Timbers skipper staying put, as owner Paulson takes to Twitter to rejoice:
Mar 10, 2014, 2:46 PM EDT
Five teams dominate selections, find out if your favorites were rewarded:
Mar 10, 2014, 2:32 PM EDT
Barcelona have lost two of their last three La Liga matches, can City inflict more UCL heartache on the Catalan club?
Mar 10, 2014, 1:55 PM EDT
Reds are in the red… but Champions League soccer could solve that and increase the club’s financial footing:
Mar 10, 2014, 1:05 PM EDT
After Shea apparently ‘flipped the bird’ Barnsley end his loan deal from Stoke early:
Mar 10, 2014, 12:55 PM EDT
USWNT lost two straight games, winless in three for the first time in 13 years:
Mar 10, 2014, 12:45 PM EDT
Find out why the FA has reprimanded a Newcastle player for breaching betting rules, as some PL players continue to break rules:
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