Knowledge (XXG)

Vladimir Romanov's ownership of Heart of Midlothian F.C.

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101: 22: 173:. Ownership of the club was very fractured, with no individual shareholder owning more than 20% of the club. This meant that minority shareholders, including supporters' groups and the McGrail brothers, could realistically hope to acquire other minority stakes in order to block the proposals to sell Tynecastle. In August 2004, Hearts made a deal to sell Tynecastle to Cala Homes (a housing developer), but the deal had an 376: 240: 90: 691:
are automatically exempt from the limitation on signing players on loan. Reaction to the influx of Lithuanian players amongst Hearts supporters was mixed, with several being booed for perceived poor performance and the perception that they received preferential treatment. In contrast, others such as
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were all linked with the vacancy. Anderton, who had been making the approaches for these coaches, was sacked by Romanov on 31 October 2005. Foulkes, who had helped to bring Romanov to the club in the first place, resigned in protest at Anderton's dismissal. Romanov replaced both of them with his son,
507:, announced to the media that there was "significant unrest" as a result of this continued upheaval. The Hearts fans showed that they backed the players in their dispute during the game against Dunfermline, which ended in a 1–1 draw. Pressley was then dropped from the team and was then given a 743:
on 31 October 2005, he was appointed as chairman and interim chief executive. Hearts announced at the time that Romanov would assume the title of chief executive "on a temporary basis... pending a further appointment". As of April 2009 no further appointment to that position had been made, although
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Despite these losses and the consequent increase in debt, Romanov pledged to construct a £51M new main stand at Tynecastle, which would increase its capacity to 23,000. Pedro Lopez, Hearts deputy chief executive, said that the proposals show Romanov's long-term commitment to the club and that the
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in January 2005 so that the club could pass a motion to exercise the escape clause in the deal with Cala Homes. The backing of Leslie Deans and the McGrail brothers meant that the motion was passed with over 70% support. The sale of Robinson's shares was completed on 2 February 2005 after Romanov
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Romanov's management of Hearts' finances was a source of justified concern. Before he completed his takeover of the club, Romanov had pledged to eradicate the club's debt, which he completely failed to do - in fact the debt increased markedly during his tenure, in spite of such cash inputs as £9
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Financial problems continued to affect Hearts during the 2008–09 season. Player wages were paid late on two occasions, and win bonuses from the team's good run of form during November 2008 remained outstanding for some time. This led to speculation that Hearts would sell some of their key
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Unfortunately, this promise turned out to be the same sort of fiction as previous Romanov claims, and was widely - and correctly - rubbished by both fans and the press. Unsurprisingly, nothing beyond the construction of a model stadium came of this proposed investment.
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commented that Romanov was "reaping what he had sown". Foulkes believes that Romanov has made the Hearts job unattractive to managers due to his record of interfering in team matters. Nonetheless, a head coach was eventually hired on 11 July when Hungarian coach
204:, but these were all rejected. He opened negotiations with the board of directors to invest in Hearts during August 2004. Romanov offered the prospect of the club staying at a redeveloped Tynecastle, which was very attractive to Hearts supporters. Board 586: 226:
made financial guarantees that the club could continue to trade without selling Tynecastle. This sale increased Romanov's stake to 29.9%, giving him effective control of the club. Romanov's takeover was welcomed by a fans representative.
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and UBIG have become insolvent. His shares are held by the liquidators of UBIG. An arrest warrant has supposedly been issued in his name to answer a number of irregularities in the accounts of both Ukio Bankas and UBIG.
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and UBIG. Romanov permitted Hearts to greatly increase their spending on players, though much of this money was wasted in signings - instigated by Romanov - of sub-standard and disinterested foreign players, such as
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during the 2004–05 season. After Romanov made financial guarantees, his stake increased to 29.9%, which was welcomed by a fans representatives. Romanov eventually increased his majority share in Hearts to 82%.
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with the intention of appointing him as their new manager. McGhee appeared to be on the verge of accepting Romanov's offer, but he eventually decided to stay at Motherwell. Hearts subsequently made approaches to
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in 2002. Hearts' results deteriorated under Rix. It became apparent during February 2006 that Romanov was interfering in team selection. He agreed to meet a delegation of players to hear their grievances.
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both took drastic measures to balance their finances, cutting their player budgets severely and selling assets. Hearts also cut their player budget and, more significantly, proposed to sell
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Chris Robinson, who had been the chief proponent of the necessity of selling Tynecastle, agreed at the end of September 2004 to sell his 19.6% stake to Romanov. Romanov called an
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in order that they could sell Tynecastle. Originally this was meant to happen during the summer of 2004, but was then delayed for a season. During this period, Hearts were a
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increased capacity and revenue potential would allow them to reduce the debt in the long run. On 7 July 2008, Hearts issued a statement that stated the club would issue
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on a caretaker basis. Romanov declared that he would put all his players up for sale to "whatever club would take them" if they did not win their next game, against
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could prosper abroad. Scottish football clubs were particularly ripe for takeover due to their weak finances and corporate structures. He made approaches to
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As his father's business empire collapsed, Romanov was removed from any link to Hearts by the purchase of the club by Ann Budge in 2014.
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refused to extend his contract with the club, for which he was dropped from the team. Romanov suspected Webster of wanting to move to
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sold his shares to Romanov and encouraged others to do likewise. Romanov eventually increased his majority share in Hearts to 82%.
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Like his father, Romanov accused the Scottish football authorities of conspiring against Hearts. He stated at the club's
31: 1535: 308:. Romanov increased his shareholding in Hearts to 55.5% on 21 October 2005, and offered to buy the rest of the shares. 139: 261:
Chris Robinson resigned as Hearts chief executive after selling his shares to Romanov. To replace him, Romanov hired
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which meant that Hearts could withdraw from the deal before 31 January 2005 if a viable alternative could be found.
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on 1 February 2005, after his father acquired a controlling interest in the company. Following the departures of
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George Burley on the following day. Hearts fans were led to expect a "top class manager" would replace Burley.
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was promoted to the position of managing director with responsibility for day-to-day operations of the club.
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to eradicate the club's debt. The fans protested against the latter course of action, forming a group called
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Hearts' income grew during the period, but not by as much as their expenditure. The club was over
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10,000 by the SFA in October 2006 for bringing the game into disrepute. Romanov had said that "
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in the autumn of 2003 found that Hearts, along with four other SPL clubs, were technically
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Please help update this article to reflect recent events or newly available information.
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to Hearts proved controversial in Scottish football. Loan transfers from clubs outside
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if the comments were confirmed. Romanov then insisted that he had been misquoted.
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went on a leave of absence due to unspecified health reasons, and was replaced by
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during the 2005 close season. During this period, Romanov started the practice of
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With their new manager and signings, Hearts got off to a tremendous start in the
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Rix was sacked by Romanov on 22 March 2006, who replaced him with former
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who had not coached at a high level since a brief, unsuccessful spell at
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businessman of Russian origin as well as the one time, largely absentee
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opened on 1 January 2009, although only Berra actually left the club.
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should not scare Romanov away by demanding too much for their shares.
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Gretna parallels should strike most concern among followers of Hearts
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of Hearts. Romanov is the son of Hearts' former majority shareholder
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Soon after the takeover was completed, the debt was transferred from
181: 61: 1417: 96:, which Hearts proposed to sell before Vladimir Romanov took control 2151:
Hearts players paid but win bonuses deferred amid ongoing disquiet
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During February 2007 it was reported that Romanov had accused the
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Hearts chairman launches tirade against 'fixed' Scottish league
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I'm not surprised at Hearts manager snubs, says George Foulkes
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Romanov 'reaping what he has sown' as Rober turns down post
2188:"How many players does it take to change a football club?" 1206:
The problem at Hearts is the trouble with British football
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to buy out the remainder of his contract. He signed for
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Romanov was widely noted for causing controversies in
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to the financial institutions controlled by Romanov,
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during the early part of the 2000s. An assessment by
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Despite the upheaval of two managerial changes, 318:In a move that shocked Scottish football, Romanov 1536:Romanov's extra ownership could cost him millions 1390: 1388: 1386: 700:became established important first team players. 34:may be compromised due to out-of-date information 1764: 1762: 1353: 1351: 1349: 1347: 1026:"Dark days ahead for debt-ridden Scottish clubs" 809:to investigate the "integrity of the decision". 76:Romanov no longer has any links to HMFC as both 2385: 2383: 2145: 2143: 1745: 1743: 667:On 17 June 2013, Heart of Midlothian went into 188:for some time because he wanted to see whether 68:businessman, initially acquired 19.6% stake at 1697:Mercer slams 'hypocrites' over Rix appointment 1555: 1553: 1551: 1314: 1312: 1310: 1248:Romanov confirms he aims to stay at Tynecastle 1226: 1224: 1222: 1220: 839:" match officials and opposing players in the 430:, which meant that the club qualified for the 2408: 2406: 2404: 2402: 1640: 1638: 1636: 1492: 1490: 531:After a disastrous run of results during the 407:, before being loaned and eventually sold to 107:, who helped to facilitate Romanov's takeover 8: 2110: 2108: 1515: 1513: 1511: 1509: 462:on a permanent basis in the summer of 2006. 438:had finished in the top two positions since 395:. In the summer of 2006, Webster exercised 2088: 2086: 1147: 1145: 778:. The first such controversy arose during 683:Loan moves from Romanov's Lithuanian club 2257: 2255: 2253: 2251: 2029: 2027: 1893: 1891: 1889: 1887: 432:qualifying rounds of the Champions League 1184: 1182: 1180: 2010: 2008: 2006: 2004: 2002: 1394:Ferguson, David and Halliday, Stephen. 1128: 1126: 867: 824:and gave it to Hearts, despite all the 515:, where he was soon joined by Hartley. 180:Vladimir Romanov had shown interest in 2282: 2280: 1083: 1081: 1079: 1019: 1017: 980:Dunfermline players stall over pay cut 855:of Rangers both said they would seek 644:in order to reduce the debt by £12M. 568:, who both also turned down the job. 470:Following a 2–0 home defeat by 7: 2342:, www.news.com.au, 16 February 2007. 2303:Ogilvie takes the helm at Tynecastle 2115:Hearts submit £51m Tynecastle plans 1545:, euFootball.biz, 28 December 2006. 820:, you didn't manage to protect the 805:. After the game, Hearts asked the 696:(Hearts top scorer in 2006–07) and 539:in the near future. Romanov placed 2340:Romanov denies Old Firm corruption 2262:Introducing the Board of Directors 1939:Pressley completes Celtic transfer 1024:Philip, Calum (13 February 2004). 279:signing players through FBK Kaunas 14: 2390:Hearts fined for Romanov comments 2371:Hearts ask FA for penalty inquiry 2352:Old Firm 'buy off' refs - Romanov 2237:Shaggy is ready for the real deal 1988:Fallen Angel back as Hearts coach 1875:Ivanauskas to take two-week break 1750:Players to wait for Romanov talks 1661:Foulkes brands Romanov a dictator 1592:Hearts hope for talks with Robson 1520:Romanov aims for Hearts ownership 1497:Happy Burley avoids talk of title 1478:Hearts complete capture of Skacel 1462:Hearts complete signing of Fyssas 1335:Hearts warn ground could still go 1266:Consortium aims to gazump Romanov 387:As a result of these grievances, 2413:Romanov denies corruption claims 2170:"Hearts to enter administration" 1971:Gordon completes Sunderland move 1856:Ivanauskas named new Hearts boss 1808:Webster completes Rangers switch 1785:Webster on the way out at Hearts 1769:Webster stalls on contract talks 1624:Hitzfeld says he rejected Hearts 1608:Ranieri explains Hearts decision 1560:Burley in shock exit from Hearts 1446:Czech strikers join up at Hearts 1430:Jankauskas completes Hearts move 1374:Hearts give takeover green light 1152:'Save Tynecastle' plans revealed 20: 2287:Hearts in turmoil as duo depart 2219:Edinburgh Derby:Hearts Reaction 2131:Hearts plan to cut debt by £12m 1955:Celtic complete Hartley capture 1898:Romanov issues player ultimatum 1840:Ivanauskas promises few changes 1824:Rix sacked as Hearts head coach 1715:Football star admits sex charge 1645:Hearts in turmoil as duo depart 1576:Hearts keen to talk with Keegan 1358:Romanov takes control at Hearts 1319:Hearts edge closer to home stay 577:was appointed to the position. 397:his right under new legislation 998:Hibernian Comment on Land Sale 954:"Williamson to accept pay cut" 597:million earned by the sale of 359:on 8 November 2005 to replace 1: 902:"Dundee 'a one-off sideshow'" 731:. Romanov joined Hearts as a 549:finished eighth in the league 547:, but Hearts disappointingly 223:extraordinary general meeting 120:severe financial difficulties 1918:Hearts 1–1 Dunfermline 161:Hearts made a deal with the 2015:Rober says no to Hearts job 1298:Robinson sells Hearts stake 1168:Hearts fans vent their fury 1089:"Hearts stay at Tynecastle" 671:owing the bankrupt company 555:for permission to speak to 428:finish second in the league 2451: 828:' efforts and intrigues". 679:Loan moves from FBK Kaunas 543:in charge for the rest of 246:, who was linked with the 1678:Rix given angry reception 876:"SPL posts record losses" 716: 636:in debt at 31 July 2007. 2435:Heart of Midlothian F.C. 2273:Heart of Midlothian F.C. 2267:28 December 2009 at the 1731:Rangers 1–0 Hearts 1282:Foulkes' plea for Hearts 1231:Who is Vladimir Romanov? 1189:Hearts in takeover talks 1114:Murrayfield share agreed 928:"Livi in administration" 882:. BBC. 23 September 2003 440:the 1994–95 season 1396:Hearts turn to Anderton 1058:"Levein welcomes delay" 908:. BBC. 21 November 2003 841:Scottish Premier League 799:Scottish Premier League 757:Scottish Premier League 755:in April 2008 that the 138:subsequently went into 116:Scottish Premier League 85:Background and takeover 1993:Edinburgh Evening News 1702:Edinburgh Evening News 1133:Hearts consult on move 960:. BBC. 27 October 2003 934:. BBC. 3 February 2004 770:Controversial comments 753:annual general meeting 733:non-executive director 593: 442:. Hearts also won the 384: 269:. Anderton appointed 258: 190:Lithuanian footballers 171:public limited company 108: 97: 1414:Hearts appoint Burley 588: 378: 242: 103: 92: 1503:, 24 September 2005. 1304:, 30 September 2004. 1288:, 22 September 2004. 1174:, 13 September 2004. 1064:. BBC. 26 April 2004 776:football in Scotland 533:2007–08 season 495:, flanked by fellow 302:2005–06 season 267:Scottish Rugby Union 163:Scottish Rugby Union 2419:, 15 February 2007. 2358:, 15 February 2007. 1945:, 29 December 2006. 1737:, 17 December 2005. 1721:, 19 February 1999. 1541:8 July 2008 at the 1404:, 18 February 2005. 1139:, 13 February 2004. 789:awarded a decisive 719:) (born 1976) is a 652:players, including 527:2008 manager search 167:Murrayfield Stadium 2396:, 25 October 2006. 2293:, 31 October 2005. 2149:Bathgate, Stuart. 2033:Saunders, Steven. 1961:, 31 January 2007. 1924:, 29 October 2006. 1904:, 27 October 2006. 1881:, 23 October 2006. 1775:, 7 February 2006. 1756:, 9 February 2006. 1705:, 9 November 2005. 1686:, 8 November 2005. 1667:, 1 November 2005. 1651:, 31 October 2005. 1630:, 4 November 2005. 1614:, 31 October 2005. 1598:, 24 October 2005. 1582:, 30 October 2005. 1566:, 22 October 2005. 1526:, 21 October 2005. 1380:, 29 January 2005. 1364:, 2 February 2005. 1341:, 11 January 2005. 1272:, 26 January 2005. 1237:, 1 November 2005. 1214:, 9 November 2005. 1120:, 9 February 2004. 1038:on 7 December 2008 988:, 9 February 2004. 812:Hearts were fined 780:the 2004–05 season 594: 385: 351:Romanov appointed 347:Rix and Ivanauskas 283:Edgaras Jankauskas 259: 114:, like many other 109: 98: 94:Tynecastle Stadium 2159:, 6 December 2008 2121:, 16 January 2008 1986:Anderson, Barry. 1325:, 7 January 2005. 1256:, 3 October 2004. 1195:, 31 August 2004. 1158:, 9 January 2004. 1095:. BBC. 3 May 2004 476:Valdas Ivanauskas 474:in October 2006, 420:Valdas Ivanauskas 211:pleaded that the 186:Scottish football 53: 52: 2442: 2420: 2410: 2397: 2387: 2378: 2368: 2359: 2349: 2343: 2337: 2331: 2330:, 18 April 2008. 2318: 2312: 2311:, 15 March 2008. 2300: 2294: 2284: 2275: 2259: 2246: 2234: 2228: 2224:The Daily Record 2216: 2210: 2209: 2207: 2205: 2196:. 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Archived from 1021: 1012: 1003:29 June 2007 at 995: 989: 978:Grahame, Ewing. 976: 970: 969: 967: 965: 950: 944: 943: 941: 939: 924: 918: 917: 915: 913: 898: 892: 891: 889: 887: 872: 746:Campbell Ogilvie 729:Vladimir Romanov 718: 654:Christophe Berra 523:in August 2007. 511:. 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Index

factual accuracy
Vladimir Romanov
Russian
Lithuanian
Hearts
Ukio Bankas

Tynecastle Stadium

George Foulkes
Hearts
Scottish Premier League
severe financial difficulties
PWC
insolvent
Dundee
Livingston
administration
Hibs
Dunfermline
Tynecastle
Scottish Rugby Union
Murrayfield Stadium
public limited company
escape clause
investing
Scottish football
Lithuanian footballers
Dundee United
Dundee

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