CONCERN is growing among Hearts fans over the club's future despite official denials the Scottish Premier League side is facing administration.
The Tynecastle club denied reports staff had been told in a meeting that Hearts could face the insolvency process in light of owner Vladimir Romanov and director Sergejus Fedotovas resigning from the board of its majority shareholder.
The club said that suggestion was "misleading in the extreme" and attempted to reassure supporters that the board remains unchanged, despite the resignations from Ukio Banko Investicine Grupe (UBIG), the firm which holds almost 79% of total shares in the club.
In a statement issued by the club, Mr Fedotovas said: "Despite recent changes to the board at UBIG, the board structure at Heart of Midlothian remains unchanged.
"The information that Vladimir Romanov has relinquished his control of Hearts is pure speculation and we do not have any information to that effect. Changes at UBIG board do not reflect any changes in the holding structure of Mr Romanov's ownership."
The director added: "I would like to reassure supporters of the club that the board of Hearts' focus is entirely on this club and continuing the work that has allowed us to be within touching distance of having a self-sustainable business."
He said having such a business would let the club develop on and off the field in the seasons ahead, adding: "It is a work in progress at the moment but we are satisfied with the progress being made.
"It is also right to acknowledge that one of the principal reasons for us being unaffected at this stage by events in Lithuania is the excellent support that the fans and staff have provided.
"With this continued support and ongoing diligence by the club's board we believe there is no threat to Hearts."
It is understood UBIG will appoint replacements to its board at its next meeting, although no date has been set yet.
Alex Mackie, a spokesman for supporters group Foundation of Hearts, said: "UBIG own the majority of Hearts' shares and it's important that the changes in the UBIG board are moved along quickly so the Hearts company know who's leading them on the ground.
"If the current board at Hearts is continuing as it is, then we have to accept that in the short term."
The Foundation of Hearts is continuing its plans to take over the club in a fans' buyout.
The resignations from UBIG came after Mr Romanov's bank, Ukio Bankas, was declared insolvent last month.
Hearts last night categorically denied claims staff had been told to prepare for possible administration. A Hearts spokesman confirmed it was seeking legal advice over the reports which appeared online.
He added: "Such erroneous stories cause distress not only to our staff but their families and the club will be taking the strongest action possible against the responsible parties.
"We are sickened and disgusted by such unsubstantiated content. Articles such as this which have no factual basis show a complete ignorance of the facts and reflect very badly on the profession of journalism."
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