Romanov reveals plan to clear Hearts' debts

Romanov will seek to reduce Hearts' mounting debt by 30 per cent with a "debt for equity" plan, which will go before an extraordinary general meeting on July 31.

If the proposal is passed, UBIG, the Lithuanian bank of which Romanov is also a majority shareholder, will effectively increase their stake in the club from around 82 per cent to approximately 95 per cent.

In addition to cutting the high debt level, current interest repayments will be reduced by £600,000 per year.

Since effectively taking over Hearts in 2005, there has been constant speculation about Romanov's long-term plans for the Gorgie club.

But Deans said that the Russian-Lithuanian businessman's latest initiative is further evidence that he is staying with Hearts for the long haul.

"I would like to see the club's debt lower, but this is a sensible way forward and demonstrates commitment from the majority shareholder," Deans said.

"It is the same kind of plan that Rangers undertook two or three years ago when they found their debts were on the high ground and that was successful.

"This proposal can be seen in the same way. Not only does it reduce the club's debt, it is a demonstration of faith. It sends an important message to the fans.

"Not many people would put £12m into a football club.

"There are other issues to be addressed at the moment, especially the vacant manager's job, but this is good news.

"I would find it surprising if there are any objections to the proposal.

"If there are, I would like to hear their ideas for bringing in £12m."