Vladimir Romanov, a Russian born Lithuanian businessman, initially acquired 19.6% stake at Hearts during the 2004–05 season. After Romanov made financial guarantees, his stake increased to 29.9%, which was welcomed by a fans representatives. Romanov eventually increased his majority share in Hearts to 82%. Romanov no longer has any links to HMFC as both Ukio Bankas and UBIG have become insolvent. His shares are held by the liquidators of UBIG. An arrest warrant has supposedly been issued in his name to answer a number of irregularities in the accounts of both Ukio Bankas and UBIG.
