Hearts crisis deepens as owner quits bank's board

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Tuesday 5 March 2013

HEARTS are in fresh turmoil amid reports owner Vladimir Romanov has stood down from his role on the board of the club's majority shareholder.

Vladimir romanov: Club's owner claims he lost his fortune.

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VICTORIA WELDON

The controversial businessman is said to have resigned from Ukio Banko Investicine Grupe (UBIG), along with Hearts director Sergejus Fedotovas and UBIG chief executive Rita Matuziene.

The move, reported by the Lithuanian media, left supporters with further questions about who is running affairs at the Scottish Premier League club.

One fans' group urged the club to make a statement, updating them on the position.Bill Alves, chairman of the Hearts of Midlothian Shareholders Association, said: "On the basis of the developments at UBIG, it's now time for the club to be clearer on who exactly is running the club and where the debt is held. The fans have a right to be advised by the club about what's going on there."He said the latest development appeared to be "another step in the Romanov regime making its way out at Tynecastle."However, Alex Mackie, spokesman for Foundation of Hearts, claimed Mr Fedotovas remains director at the club until it is announced otherwise.Mr Mackie said: "I can't know the reasons why they've resigned from UBIG but I'm sure those reasons will unfold in time."For the moment, Fedotovas remains the director of Hearts as far as I'm concerned. There's not the slightest indication otherwise. He's removed himself from UBIG but that doesn't necessarily mean he's removed from Hearts."The ongoing situation has been uncertain and confusing for some time and this has only brought even more uncertainty and confusion. "We hope to bring clarity to the Hearts supporting public as soon as we can."He added that the foundation was continuing with its plans to acquire the club in a fans' takeover.UBIG, based in Lithuania, is an investment group with interests in banking, property, aluminium and mining. It owns almost 79% of total shares in the club. Mr Romanov retains a personal 16.9% shareholding in the firm. His decision to resign comes after his bank, Ukio Bankas, was declared insolvent last month.In a statement, Ms Matuziene said the decision for the board to resign came after the suspension of trading at Ukio Bankas.It is not immediately apparent what effect the resignations will have on the future of Hearts.According to the last set of accounts released by Hearts, as of June 2011, £22.4 million of the club's debt was lodged with UBIG. In the share issue prospectus that was released last October, Hearts stated "they [UBIG] will not seek repayment of this amount during season 2012/2013 and at the 1st July 2013, the position will be reassessed".Fans were already facing uncertainty over the ownership of the Edinburgh club after Mr Fedotovas recently told them it could be under new ownership by the summer.Mr Romanov also claimed last week that he had lost his £250m fortune, saying: "On the day the bank went into administration, the authorities froze all my bank cards and accounts." Hearts last night said they were unable to comment.

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Hearts crisis deepens as owner quits bank's board

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