Scottish Premier League club Hearts have been slowly falling deeper and deeper into administration since they declared their financial incapabilities in mid-June.
With debts reaching upwards of £25 million ($37.2 million), accountancy network BDO, who are in charge of the administration process, have taken a drastic step in finding an owner to take the club past their struggles.
At the risk of public ridicule, they’ve listed Hearts on the website BusinessForSale.com. Yeah, it’s that bad.
The listing says the club assets, brand name, and Tynecastle Stadium are a package deal in the sale. Among the properties listed in the sale description are “Heart of Midlothian Football Club brand and associated goodwill” and “Squad of 22 players, together with a highly skilled, loyal and experienced workforce.”
It’s been an odd past month for the Edinburgh club. Just before filing their administration paperwork back in June, a Scandanavian consortium of investors offered to inject an immediate payment of £500,000 ($775,000) in return for the promise of future payouts from any possible transfer sales of a group of named players. The offer was ultimately rejected by the club after a bit of negotiating.
It hasn’t been all bad news. Players such as 21-year-old defender Danny Wilson, recently named captain, announced their intentions to stick around despite the chance to leave. The club while in administration was given a transfer embargo, but a loophole allows certain players to make moves elsewhere. Wilson signed a 3-year contract extension Friday and said “I’m here for the long haul and hopefully we can come through this better.”
The parent company of Hearts is Lithuanian investment company Ukio Bankas Investment Group, who placed the club in administration.