SPL club Hearts are officially in administration

Troubled Scottish Premier League club Hearts have officially been placed in administration.

Major cashflow problem

Ukio Bankas, which is itself bankrupt, and joint-administrator Jackson both stated their intention to secure a quick sale after the end of the dramatic and self-destructive Vladimir Romanov era. But Jackson warned of a cashflow crisis and admitted job losses were inevitable. Jackson said: "We are acutely aware of the need for speed in this process given the uncertainty of the last few weeks and the proximity of the season's start. "We will be talking to all the parties that have shown interest in the club in order to find a resolution as quickly as possible." But there are immediate problems in continuing to trade without regular income. Jackson told Sky Sports News: "It's the worst month of the year, there's no income just now. Season ticket sales have been under way but there's a problem using that money. "We need to get through June, July - there'll be a few friendlies hopefully - and then we get into the season. "But right now there's a really major cashflow problem and we need to look at ways, if any, that we can get round that."