Vlad shows he's out to make a fist of it

"YOU'RE hardly likely to invest twelve million quid in a company unless you have some commitment to it." Leslie Deans is one of many Hearts supporters encouraged by Vladimir Romanov's latest financial manoeuvrings, which demonstrate the Russian's dedication to the club as majority shareholder.

Whilst the continuing quest for a new manager is perhaps more pressing, Romanov, with shareholders' permission at an EGM on July 31, will clear £12 million of Hearts' debt by releasing extra shares and purchasing them through his Ukio Bankas Investment Group.

As yesterday's Evening News revealed, the conversion of debt to equity will take UBIG's stake in the club above 95 per cent. It will see Hearts' debt, which reached £36.25m on the club's most recent accounts, fall to around the £20m mark once transfer revenue for Craig Gordon, Roman Bednar and others is accounted for. In addition, annual interest payments of £1.8m will reduce by £600,000.

Hearts fans have been entitled to doubt the depth of Romanov's devotion lately and, while certain areas of the club remain in need of urgent attention, the latest news has been welcomed by the Gorgie community. The next issue on the owner's agenda is the recruitment of a new first-team figurehead.

"Like everybody else, I would like to see progress made with certain on-field matters, namely the appointment of a new manager," said Deans, a former chairman of the club.

"I think that's a priority, given that we have now reached July 8 and we are certainly behind a number of our rivals in terms of preparing for the new season.

"Nonetheless, the new investment is very good news. It clearly does demonstrate a commitment on the part of Vladimir Romanov to continue being involved at Tynecastle. I hope he now builds on this and gives the fans more to be happy about." Derek Watson, chairman of the Hearts Supporters' Trust, took a similar stance. "The initial reaction is that it's good to see the debt reduced.

"I don't think it's going to make a whole lot of difference in terms of shareholding because UBIG were always in control. But it's a sensible business move to reduce the debt," he said.

"I think it does underline Romanov's commitment. This is what the fans want and we're quite happy with that side of it. It's good news from the non-footballing side of the club, although everyone is still very concerned about the football side and particularly the lack of a manager. I've studied football finance personally at different clubs and Hearts are following a model that is not unusual, it has to be said. They are spending far too much of their turnover on players' salaries, which is not sustainable. I think they've realised that now and are reverting to a more solid business model."

Hearts intend their new manager to be on the team's flight to Germany on Sunday week. Club officials remain confident of an imminent appointment and a statement of the official Hearts website yesterday reiterated their plans. "A new team manager will be appointed shortly and the board of directors is confident that this manager should improve the situation on the pitch," said the statement.

"The board is taking all necessary actions so that the right appointment is made."

Deans' point that Hearts are lagging behind their SPL rivals should not be lost on Romanov or his cohorts. As an example, the appointment of George Burley on June 30, 2005, was at the time considered rather late in the day in relation to pre-season preparations and recruiting new players. The Scot was left with less than a month to reinforce a threadbare squad and train them to sufficient levels to begin the new season, which he accomplished unequivocally.

This year, no new signings appear imminent as Romanov focuses all energies on enlisting a suitable new manager. Yet July is well underway and the return of Angel Chervenkov has not been well received at Riccarton, where players eagerly await a new leader. Murmurs from insiders betray a confidence that Romanov will deliver, albeit slightly later than intended. Talks with Mark McGhee, Vladimir Weiss and Jurgen Rober have hitherto proved unrewarding for the majority shareholder. Laszlo Csaba, the Hungarian coach of Uganda, claims to have been approached but other, as yet unnamed, candidates are in contention for the position. Having received soundings from those at the Tynecastle coal face, Watson explained that the wishes of supporters are being heard at board level.

"I was involved in meetings at Tynecastle on Sunday, which involved the Trust and the Supporters' Federation," he said. "Sergejus Fedotovas (pictured] was there as a representative of the board. From speaking to Sergejus, the board appear to recognise that everyone wants to see a manager in place, so we'll wait for news on that front. They are looking very much at the football side now with the management and contracts taking priority.

"What comes out over the next couple of weeks and, as the plan develops, over the next year or two will determine a lot. Obviously, there will be changes. The board know the supporters want to see somebody in charge of the team.

"They made that point during the meetings, not us. I think the commitment is there on the part of the board and I feel they're going in the right direction now, although things have been very rocky of late."

With less debt, Hearts' burden is eased considerably as they move towards more self-sufficient operations. However, they can't continue without a manager.

The latest move by Romanov is commendable, but his next could be one of the most important in club history and will determine the true extent of his commitment.