Romanov plans to cut Hearts' debts: Fans' group backs £12m pledge

UBIG, Romanov’s investment company, yesterday announced plans to bolster their control of the capital outfit with the  urchase of £12m worth of shares. The proposals will reduce the debt to around £24m and water down the collective stake of individual shareholders from around 18.5 per cent to less than five.

Heart of the matter: Vladimir Romanov and son Roman (behind) have revealed plans to manage the spiralling Tynecastle debt

Despite growing concern amongst fans over Romanov’s regime, Alex Gowans, chairman of the Heart of Midlothian Shareholders’ Association, welcomed the news. He said: ‘This is excellent news and has really reinforced Romanov’s long-term stance on the development of Hearts.

‘When he first took a stake in the club, the debt was around£17m or £18m and he decided at that stage to finance thedevelopment of the club through debt, rather than equity.

‘But the £36m debt in the last financial figures was too high and unsustainable — and he has now decided that to finance the club through short-term debt is not the way forward.

‘This will take the debt to around £24m and it is quite clearly the correct thing to do. It will help to move the club towards profitability but, to do that, the club needs to generate more revenue and that is more difficult in the short term. Hopefully, there will be more positive news in the near future and a managerial appointment would help persuade those fans who have not yet renewed their season tickets to do so.’

In a swipe at the club’s ‘sceptics’, Romanov insisted he is in for the long haul and promised news on a new coach before the extraordinary general meeting — called for July 31 — rubber-stamps the new debt proposals.

Ugandan national team coach Laszlo Csaba, meanwhile, claims to have been interviewed for the Tynecastle hotseat and his African employers are already making contingency plans for his possible departure.

Uganda FA spokesman Rogers Mulindwa admitted: ‘We are not sitting about after noticing that Csaba intends to leave any time soon. We are on the lookout to get his replacement in case he decides to go.

‘It would be a very big blow if Csaba decides to leave at this time but we cannot hold on to him when he decides he wants to go. However, we shall have to talk to him immediately when he returns from holiday.’