Vote on Hearts CVA in the balance as club seeks to exit administration The votes on beginning the process of taking Hearts out of administration will take place at Tynecastle on Friday. However STV understands that the voting intentions of the key parties involved were still in the balance overnight. The Edinburgh football club, which has been in administration since June, has put forward a CVA offer to creditors and shareholders on behalf of prospective owners, the Foundation of Hearts. The offer of £2.5m to take control of the club and stadium will see major creditor Ukio Bankas paid £2m up front, with £500,000 to be paid in future. Other small creditors, plus the club's main shareholder, UBIG, would receive nothing under the CVA terms. To pass the CVA the club needs the agreement of 75% of the creditors, with Ukio and UBIG's combined debt equalling more than 90% of the burden on the club. Ukio and UBIG must also then agree in a separate meeting, to hand over their shares in Hearts. If an agreement is reached, the club then enters a 30 day cooling off period during which objections can be raised. The creditors meeting takes place at 10am, with the shareholders vote taking place at 12pm.