Jun 18, 2013, 7:56 AM EST
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.
Jan 30, 2015, 10:19 AM EST
“We have more 49ers season ticket holders in Sacramento than we do in San Francisco,” the 49ers CEO said
Jan 30, 2015, 9:33 AM EST
The Manchester City manager made the comments during the pre-Chelsea press conference on Friday.
Jan 30, 2015, 8:48 AM EST
Louis van Gaal’s Red Devils host Leicester City at 10am ET on Saturday.
Jan 30, 2015, 7:46 AM EST
This further limits Jose Mourinho’s options for Saturday’s match, and will also keep Costa from a trip to Aston Villa and a visit from Everton.
Jan 30, 2015, 7:35 AM EST
Much like their signing and loaning back of Divock Origi at Lille this summer, Liverpool manager Brendan Rodgers makes an investment in the future.
Jan 29, 2015, 10:30 PM EST
Osvaldo-to-Juventus could mean Giovinco-to-Toronto happens six months early.
Jan 29, 2015, 9:30 PM EST
The latest update from Beckham on building a stadium, bringing an MLS team to Miami.
Jan 29, 2015, 7:41 PM EST
Friendly banter among teammates, when done right, is downright hilarious.
Jan 29, 2015, 7:10 PM EST
What went down on Thursday, the 29th day of this January transfer window? A full recap, inside.
Jan 29, 2015, 5:36 PM EST
Agudelo is back in MLS, where he probably should have been all along.
Jan 29, 2015, 5:12 PM EST
The future boss at Anfield? Sturridge is quite sure of it.
Jan 29, 2015, 3:18 PM EST
Putin and Russia have already had to cut costs for the 2018 World Cup.
Jan 29, 2015, 2:43 PM EST
Arsenal’s main man is touch and go for this weekend’s game against Aston Villa.
Jan 29, 2015, 2:00 PM EST
Liverpool’s leading striker could return to action this Saturday after five months out.
Jan 29, 2015, 1:02 PM EST
With players out and title dreams on the line, how will Chelsea and City line up on Saturday?
Jan 29, 2015, 12:18 PM EST
Costa set to protest FA charges to avoid three-game ban.
Jan 29, 2015, 11:43 AM EST
Watch Klinsmann’s insane piece of skill from the friendly vs. Chile on Wednesday. My word.
Jan 29, 2015, 11:08 AM EST
Guinea won the lottery and are through to the last eight. Here’s the quarterfinal field for AFCON.
Jan 29, 2015, 9:45 AM EST
Former D.C. United, RSL and Union player heading back home?
Jan 29, 2015, 9:06 AM EST
With a few days left in the window, here’s the latest gossip.
- Ban upheld: Diego Costa to miss Saturday’s visit from Manchester City, 2 more 1
- Report: Liverpool hoping to buy Ings, loan striker back to Burnley for season 1
- David Beckham says progress still being made toward MLS stadium in Miami 1
- DONE DEAL: Mattia Destro, Juan Agudelo sign with new clubs AC Milan, New England Revolution 0
- Juan Agudelo signs with New England Revolution, completes return to MLS 2
- How will Chelsea, Manchester City line up in huge Premier League clash? 2