Hearts’ administrators BDO have issued a proposal to creditors which could result in a deal to bring the club out of administration this month.
Creditors can meet on November 22 to consider a £2.5 million offer from the Foundation of Hearts.
The deal would see the two major shareholders, Ukio Bankas and UBIG, hand over their combined 80% shareholding.
The bank, which is also in administration, holds security over Tynecastle Stadium and the deal proposes this is also handed to the Foundation of Hearts’ fan group.
UBIG is also insolvent and a court hearing to appoint an administrator has been postponed several times.
The foundation would take on the club’s football debts of more than £500,000 but none of the other minor creditors would receive a penny.
Foundation of Hearts chairman Ian Murray said: “We welcome the news that BDO is progressing the CVA for 22nd November and hope that there will be a positive outcome.”
