Skip to content

Financially struggling Hearts listed on business sale website

Jul 5, 2013, 9:06 PM EDT

Hearts' players John Sutton, Danny Wilson and Jamie MacDonald react to their defeat to St Mirren following their Scottish League Cup final soccer match in Scotland Reuters

Scottish Premier League club Hearts have been slowly falling deeper and deeper into administration since they declared their financial incapabilities in mid-June.

With debts reaching upwards of £25 million ($37.2 million), accountancy network BDO, who are in charge of the administration process, have taken a drastic step in finding an owner to take the club past their struggles.

At the risk of public ridicule, they’ve listed Hearts on the website BusinessForSale.com. Yeah, it’s that bad.

The listing says the club assets, brand name, and Tynecastle Stadium are a package deal in the sale. Among the properties listed in the sale description are “Heart of Midlothian Football Club brand and associated goodwill” and “Squad of 22 players, together with a highly skilled, loyal and experienced workforce.”

It’s been an odd past month for the Edinburgh club.  Just before filing their administration paperwork back in June, a Scandanavian consortium of investors offered to inject an immediate payment of £500,000 ($775,000) in return for the promise of future payouts from any possible transfer sales of a group of named players.  The offer was ultimately rejected by the club after a bit of negotiating.

It hasn’t been all bad news. Players such as 21-year-old defender Danny Wilson, recently named captain, announced their intentions to stick around despite the chance to leave.  The club while in administration was given a transfer embargo, but a loophole allows certain players to make moves elsewhere.  Wilson signed a 3-year contract extension Friday and said “I’m here for the long haul and hopefully we can come through this better.”

The parent company of Hearts is Lithuanian investment company Ukio Bankas Investment Group, who placed the club in administration.

Latest Posts
  1. Cardiff City calls for resignation of LMA chief over Mackay statement

    Aug 22, 2014, 9:05 AM EDT

    cardiff_city

    Labeling vile statements in text messages “friendly banter” has Cardiff in a frenzy, and looking for fresh consequences.

  2. WATCH: Arsène Wenger talks Everton, final buys, Balotelli ahead of trip to Goodison Park

    Aug 22, 2014, 8:50 AM EDT

    FC Bayern Muenchen v Arsenal - UEFA Champions League Round of 16 Getty Images

    Arseanl boss calls Everton an important test while praising Liverpool’s impending acquisition.

  3. Balotelli flies to Liverpool for medical, but won’t play against Man City

    Aug 22, 2014, 8:16 AM EDT

    AC Milan v Ajax Amsterdam - UEFA Champions League Getty Images

    The Reds were still sorting out Balotelli’s personality and commitment, and missed a deadline to have him play for the club this weekend.

  4. Georgios Samaras makes the move from Celtic to West Bromwich Albion

    Aug 22, 2014, 7:36 AM EDT

    West Brom West Brom

    The 29-year-old Greek national teamer will try to rebuild his Premier League image after tough times in Manchester from 2006-08.

  5. PST’s Major League Soccer Power Rankings – The Benefit of Mid-Week Edition

    Aug 22, 2014, 2:13 AM EDT

    joao_plata AP

    LA’s loss is RSL’s gain at the top of our pecking order.

  6. Torres in, Hernández and Jiménez out for Mexico matches against Chile, Bolivia

    Aug 21, 2014, 11:00 PM EDT

    LOS ANGELES, CA - MAY 3: Erick Torres #9 of Chivas USA celebrates after scoring a goal against the Houston Dynamo on May 3, 2014 at StubHub Center in Los Angeles, California. Getty Images

    “Cubo” gets his first call from Miguel Herrera, while two established names stay in Europe.

  7. WATCH: Roberto Martínez talks Arsenal challenge, Ross Barkley injury

    Aug 21, 2014, 10:16 PM EDT

    Martinez AP

    Everton will get answers this weekend against Arsenal, while it’s still too soon to tell when Barkley will return.

  8. Vancouver sends Nigel Reo-Coker to Chivas USA for Mauro Rosales

    Aug 21, 2014, 9:26 PM EDT

    mauro_rosales Getty Images

    Something for nothing? Vancouver swaps a spare part for one of the league’s more prolific assist men.

  9. Howard and Donovan comparisons can only go so far

    Aug 21, 2014, 6:42 PM EDT

    United States v Canada Getty Images

    They’re both stars, both taking elective leave from their national team. That’s where the similarities end between Donovan and Howard.

  10. Howard’s international sabbatical means opportunity for Guzan, Johnson and Hamid

    Aug 21, 2014, 5:22 PM EDT

    FBL-ENG-PR-EVERTON-NEWCASTLE Getty Images

    A new starter will have his chance to stake his claim, while another player will get more looks in camp with the third keeper’s role.

  11. Tim Howard taking a break from U.S. international duty

    Aug 21, 2014, 4:09 PM EDT

    Brazil Soccer WCup US Germany AP

    The 35-year-old is taking a step back, making himself unavailable for selection until Sept. 2015.

  12. LMA describe Malky Mackay texts as ‘banter’ as online apology issued

    Aug 21, 2014, 3:19 PM EDT

    Cardiff City v Southampton - Premier League Getty Images

    LMA statement: “These were two text messages sent in private at a time Malky felt under great pressure and when he was letting off steam to a friend during some friendly text message banter.”

  13. Queens Park Rangers sign Chilean international Eduardo Vargas on loan

    Aug 21, 2014, 2:40 PM EDT

    SSC Napoli v PAOK - Preseason Friendly Getty Images

    Exciting attacker arrives at Loftus Road for the 2014-15 season.

  14. Luis Suarez not included in Uruguay’s squad for upcoming friendlies

    Aug 21, 2014, 1:51 PM EDT

    Uruguay's Luis Suarez kicks the ball during the group D World Cup soccer match against Italy at the Arena das Dunas in Natal, Brazil, Tuesday, June 24, 2014. Uruguay defeated Italy 1-0. (AP Photo/Ricardo Mazalan) AP

    Despite being eligible to play for his country, Suarez left off Uruguay’s roster.

  15. Sami Khedira rejects new contract at Real Madrid, alerts Arsenal, Chelsea

    Aug 21, 2014, 12:44 PM EDT

    sami_khedira Getty Images

    Khedira turns down new deal at Real. Will the Spaniards cash in on him now?

  16. Report: Xabi Alonso heading to Manchester United

    Aug 21, 2014, 11:55 AM EDT

    Spain v France - UEFA EURO 2012 Quarter Final Getty Images

    Former Liverpool star could be heading to United as Real Madrid seek to trim squad.

  17. Tottenham eye Champions League spot via Europa League title

    Aug 21, 2014, 11:16 AM EDT

    Mauricio Pochettino AP

    Spurs boss in dramatic U-turn on Europa League after previously dismissing tournament.

  18. Influential CEO Tim Leiweke to leave Toronto FC, MLSE

    Aug 21, 2014, 10:46 AM EDT

    Tim Leiweke, seen here at the announcement of the NBA's 2015 All-Star Game in Toronto, has taken two steps toward reversing the exodus out of BMO Field. (Source: AP.) AP

    Leiweke to leave MLSE, as leading sports executive calls it quits in Toronto.

  19. VIDEO: Watch LA Galaxy launch astonishing comeback, beat Colorado 4-3

    Aug 21, 2014, 10:05 AM EDT

    landon_donovan Getty Images

    After trailing 3-1, LA came roaring back to win 4-3 as Donovan bagged the winner.

  20. Angel Di Maria wants to leave Real Madrid, rejects new contract

    Aug 21, 2014, 9:25 AM EDT

    angel_di_maria Getty Images

    Di Maria wants out of Real, will Manchester United be able to pounce for his signature?

Featured video

Top five PL goals, Week 1