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COBALT advised UAB Ūkio Banko Investicinė Grupė bankruptcy administrator on the sale of Hearts Football Club

2014-05-19

COBALT represented UAB Ūkio Banko Investicinė Grupė (ŪBIG) bankruptcy administrator in connection with the sale by Heart of Midlothian Plc. of Edinburgh-based Hearts Football Club to the Scottish company BIDCO (1874) LIMITED.

ŪBIG had a controlling interest in the club. BIDCO (1874) LIMITED is a company controlled by Hearts fan and businesswoman Ann Budge. The company, registered with the Companies House on 2014, will be used to exit Hearts from administration and subsequently run the club. Currently the owners are into the process of making a formal offer for the remaining shares in the club.

COBALT advised ŪBIG on all aspects of the sale of the shares, drafted and co-ordinated the sale and purchase agreement and related documents, assisted during negotiations, submitted notifications to the regulatory authorities, etc. The team was led by Managing Associate Akvilė Bosaitė.