Scottish Premier League : Heart of Midlothian on the verge of bankruptcy

Heart of Midlothian have served a notice of intention to appoint an administrator at the Court of Session in Edinburgh on the 17/06/2013, the club revealed on the same day.

The administrator's role will be to find an agreement with the creditors, when the club's deficit reaches £25m (€29m).

On the 13/06/2013, Hearts went public with their current financial distress. The press release revealed that "the club is now experiencing a shortfall in funding," and as a consequence, Heart of Midlothian is now unable to pay HMRC (HM Revenue and Customs), their players and their staff.

The club attributes the situation to:
- their worst league finish in over 30 years (10^th in 2012/13)
- the absence of Rangers FC from the SPL, which lowered revenues
- increased stadium costs.

To improve their financial situation, "the club will consider offers for the players of the current squad, including the most promising talent in order for the most necessary and important payments to be made," the club announced.