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Article: Vlad's bank takes 95 per cent of Hearts and clears third of club's debt
- Article from:
- Evening News - Scotland
- Article date:
- July 7, 2008
- Author:
CopyrightCopyright 2008 Evening News - Scotland. Provided by ProQuest LLC. (Hide copyright information)
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JUST under a third of Hearts' debt is to be written off after
Vladimir Romanov's investment company announced today that it is to
swap it for a bigger share in the club.
Under the plans by Ukio Banko Investicine Grupe (UBIG), GBP 12
million that it is owed by the Gorgie club will be written off in
return for 34.2 million newly-created shares.
It would mean that UBIG, which is chaired by Mr Romanov, will see
its stake in Hearts increase from around 82 per cent to over 95 per
cent.
Club officials say the deal will smooth the way for the proposed
GBP 51 million redevelopment of Tynecastle Stadium, by making it
easier to borrow more money.
Hearts said that the proposals confirm UBIG's ...