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. Follow live – UEFA Champions League: Manchester City vs. AS Roma

    Sep 30, 2014, 2:18 PM EDT

    Will Yaya Toure and City get off to a winning start at St. James' on Sunday? Getty Images

    Moscow was skunked by Roma 5-1 in the first round of group matches, while City fell 1-0 to Bayern.

  2. Premier League Team of the Week: Find out who starred on Matchday 6

    Sep 30, 2014, 2:11 PM EDT

    Sunderland v Swansea City - Premier League Getty Images

    Check out if your favorite player made it onto Round 6’s Team of the Week.

  3. UCL: Bayern Munich picks up win over CSKA Moscow in empty Arena Khimki

    Sep 30, 2014, 1:58 PM EDT

    APTOPIX Russia Soccer Champions League AP

    Mario Gotze drew a penalty that Thomas Muller finished, and Bayern Munich emerged victorious from a relatively-quiet stadium.

  4. PST’s Major League Soccer power rankings: More movement, just not No.1

    Sep 30, 2014, 12:31 PM EDT

    oscar_pareja AP

    The Los Angeles Galaxy are really, really good, while Chivas USA is across town and the PR table.

  5. USMNT legend McBride, Jaguars president helping select Fulham manager

    Sep 30, 2014, 11:25 AM EDT

    Tampa Bay Buccaneers v Jacksonville Jaguars Getty Images

    Fulham owner Shahid Khan is taking his time to make sure he gets things right this time around.

  6. Confirmed: Rooney out three Manchester United matches after red card

    Sep 30, 2014, 10:38 AM EDT

    Britain Soccer Champions League AP

    Some called for his Manchester United captaincy over his lack of discipline, but two words: Roy Keane.

  7. Premier League player of the week – Round 6

    Sep 30, 2014, 10:00 AM EDT

    Hull City v Manchester City - Premier League Getty Images

    Which player ensured it would be back-to-back honors for a single team in the Premier League’s player of the week battle?

  8. PST’s MLS Player of the Week: An L.A. Galaxy guy for sure, but who?

    Sep 30, 2014, 9:13 AM EDT

    FC Dallas v Los Angeles Galaxy Getty Images

    The result of the weekend, however, was L.A.’s 4-0 defeat of the New York Red Bulls, and several players deserved Man of the Match honors.

  9. Reports: Pardew safe at Newcastle for now despite another loss

    Sep 30, 2014, 8:30 AM EDT

    Stoke City v Newcastle United - Premier League Getty Images

    Maybe, just maybe, Newcastle will win against Swansea City this week and take another step toward getting well.

  10. FC Santa Claus earns promotion, team broadcasters go ballistic (video)

    Sep 30, 2014, 7:52 AM EDT

    fcsantaclaus

    FC Santa Claus is bringing soccer matches to the good boys and girls of the Ykkonen.

  11. FIFA votes to eliminate third-party ownership

    Sep 29, 2014, 11:44 PM EDT

    Blatter AP

    Sepp Blatter confirmed FIFA voted strongly to eliminate third-party ownership in all professional settings, with a transitional period of a few years to be instituted immediately.

  12. WATCH: Men In Blazers recap derby weekend, visit with Brandon McCarthy

    Sep 29, 2014, 11:00 PM EDT

    Men in Blazers Brandon McCarthy

    The Men discussed all things Premier League on this week’s episode, including Phil Jagielka, Wayne Rooney, and a Peter Crouch chicken dance.

  13. Miguel Herrera pumps up Mexico’s crop of youngsters

    Sep 29, 2014, 9:36 PM EDT

    Herrera AP

    With plenty of tournament success, the Mexican youth is turning the head of the senior team’s manager.

  14. Alan Pardew expects to have “serious conversations” with Mike Ashley

    Sep 29, 2014, 8:47 PM EDT

    Pardew Getty Images

    Things surrounding Newcastle’s managerial position have become increasingly untenable.

  15. Report: PSG’s under-fire Blanc could face axe without win vs Barcelona

    Sep 29, 2014, 8:01 PM EDT

    Blanc Getty Images

    If PSG fail to make serious noise against top Champions League clubs, Laurent Blanc could be on his way out of Paris.

  16. MLS salaries released, showing Kaka nets MLS-record $7.1 million

    Sep 29, 2014, 7:12 PM EDT

    Kaka Getty Images

    Making $400,000 more than anyone else in the league, Kaka is set to lead Orlando City into MLS with a colossal paycheck.

  17. Cardiff City owner Vincent Tan says he hopes to invest in MLS

    Sep 29, 2014, 6:33 PM EDT

    Tan Getty Images

    With MLS movement at a high, the controversial Malaysian expressed his wishes to enter the US realm

  18. Olivier Giroud signs new Arsenal deal through 2018

    Sep 29, 2014, 5:51 PM EDT

    Giroud Getty Images

    He’s out with a broken tibia, but Giroud still remains vital to Arsenal’s long-term success.

  19. Report: Chivas USA to suspend operations for at least 2 years

    Sep 29, 2014, 5:10 PM EDT

    Chivas logo

    According to an ESPN report, Chivas will take at least a 2-year break to allow for a rebrand to occur and a new stadium to be built.

Featured video

Week 6: Premier League recap