ONE of the leaders of a Hearts supporters' group says he still hopes the 139-year-old club will survive after administrators were appointed last night.
Henry Snedden said news that legal documents have been lodged with the Court of Session in Edinburgh was disappointing.
Mr Snedden, vice-chairman of the Federation of Hearts Supporters Clubs, admitted the club was now "entering the unknown".
One of Britain's oldest sporting institutions put its entire squad up for sale, with £500,000 needed to keep the club running over the summer. Accountancy firm KPMG has been appointed to take on the administration of the stricken Tynecastle club.
A number of the club's creditors have been informed of the latest developments and a hearing is expected to take place within the "next couple of days".
Mr Snedden said: "It is disappointing but it has been looking grim for a while. We hope this will help to clarify the club affairs.
"At least now we will be dealing with a single (person) rather than the Romanov empire.
"Everyone will be worried about the future because we are now entering the unknown. Let's just hope the club can get back on its feet again as quickly as possible."
Mr Snedden, who is also a director of the Foundation of Hearts group that wants fans to own the club, admitted there were hurdles to overcome in their hopes to rescue the club.
He said: "What we will need is working capital. The foundation model is not designed to deal with a shortfall in working capital.
"The foundation will be working with other entities to acquire a [majority] shareholding in the club. I don't think the foundation will find massive sums of money to buy. The first step is to find a realistic price for the club and see if it is affordable."
The Scottish Premier League imposed an immediate registration embargo on new players after Hearts failed to pay all their players' salaries on Friday.
That followed the threat of a winding-up order after Revenue and Customs threatened action over an unpaid £100,000 tax bill, although the majority of that sum is said to have been paid.
That came 24 hours after the club's board released a statement saying they had entered a "critical" stage in their battle to pay off debts of £25m as well as financing tax bills and other running costs.
The situation at the two Lithuanian companies which hold large stakes in the club has also raised fears for the future of the club.
Majority shareholder UBIG – which owns a 50% stake in the club – and 29.9% shareholder Ukio Bankas were both once controlled by Vladimir Romanov but are now in the midst of being declared insolvent by Kaunas-based authorities.
Ukio Bankas – which lost an appeal against liquidation last Wednesday – is due £15m by Hearts, who also owe another £10m to UBIG.
Warnings about the future financial viability of Scottish football were made less than three months ago hours before Dunfermline went into administration.
Ken Pattullo of Begbies Traynor accountants then warned one in eight of Scotland's professional clubs remain in financial distress despite warnings over the financial future after Rangers entered administration last year.
Blair Nimmo, head of restructuring at KPMG in Scotland, said: "We appreciate the huge interest this notice will attract but at this stage we are not in a position to offer any further comment."
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