Vladimir Romanov

Vladimir Romanov (born 1947 in Tver Oblast, Russian SFSR, Soviet Union) [http://sport.scotsman.com/vladimirromanov/Romanov-lord-of-the-dance.3616413.jp Romanov: lord of the dance] , "Scotland on Sunday", 23 December 2007. ] is a Russian-born Lithuanian businessman who is chairman of UBIG Investments, which is the majority shareholder in Scottish Premier League football club Hearts. He also controls the Lithuanian club FBK Kaunas and the Belarusian Premier League club FC MTZ-RIPO. Romanov's principal business interest is a substantial stake in the Lithuanian bank Ūkio bankas.

Life outside football

Romanov spent his early childhood in Tver Oblast, before moving with his family to Lithuania at the age of nine. His father had served in the Red Army and fought in the Battle of Berlin, but died when Romanov was just 16. This meant that Romanov was forced to support the rest of the family, which he did by driving a taxi and selling Western popular music, including bootleg copies of records by The Beatles, Elvis Presley and The Rolling Stones. He then served in the Soviet Navy for six years, including time aboard the K19 submarine. [ [http://news.bbc.co.uk/sport1/hi/football/teams/h/heart_of_midlothian/5372246.stm Romanov attacks Hearts coverage] , BBC Sport, 22 September 2006. ] Romanov later bought the submarine, [Haggerty, Anthony. [http://www.dailyrecord.co.uk/sport/football-news/tm_objectid=17415564&method=full&siteid=66633&headline=Jambos-chief-Vlad-splashes-out-on-sub--name_page.html Jambos Chief Vlad Splashes Out On Sub] , "Daily Record", 20 July 2006. ] and invited his fellow crew members to the 2006 Scottish Cup Final. [Stewart, Will. [http://www.londonhearts.com/scores/mrep/20060507103.htm Romanov invites Soviet sub heroes to cup final] , "The Scotsman", May 2006. ]

Even before the dissolution of the Soviet Union, Romanov had started to make money during the late 1980s through manufacturing. His wealth greatly increased during the early 1990s after state enterprises were sold off to the highest bidder. Romanov was amongst those who founded Ūkio bankas, which was the first private bank to be founded in Lithuania. Romanov still has a substantial stake in the bank.Penman, John. [http://business.timesonline.co.uk/tol/business/article581634.ece Scottish Agenda: John Penman: Romanov's ultimate goal eludes Hearts fans] , "The Times", October 23 2005. ] Through his private investment group UBIG, Romanov has business interests including aluminium, textiles, property and television. [Murray, Ewan. [http://sport.scotsman.com/vladimirromanov/Romanov-moves-into-the-broadcasting.3858889.jp Romanov moves into the broadcasting business back home but denies Playboy link] , "The Scotsman", 9 March 2008. ] These activities are carried out in Lithuania, Ukraine, Bosnia and Herzegovina, Belarus, [http://sport.scotsman.com/vladimirromanov/How-big-player-took-on.2608473.jp How big player took on the Russian mafia and a KGB agent] , "The Scotsman", 7 March 2005. ] Russia and Serbia. [Hannan, Martin and Brennan, Dan. [http://news.scotsman.com/heartofmidlothianfc/Romanov-bares-his-soul-to.2600936.jp Romanov bares his soul to convince Hearts] , "The Scotsman", February 6 2005. ] His wealth has been variously estimated at £260M, £300M, and £200M in the 2008 Sunday Times Rich List. [ [http://business.timesonline.co.uk/tol/business/specials/rich_list/article3769392.ece Vladimir Romanov] , "The Sunday Times", April 27 2008. ]

In 2007 Romanov won a Lithuanian version of "Dancing with the Stars", which is the equivalent of the British show "Strictly Come Dancing". He was paired with professional dance partner Sandra Kniazeviciute. Romanov gave the prize money he won from winning the contest to Kniazeviciute. [http://edinburghnews.scotsman.com/edinburgh/Vlad-gives-30k-dance-prize.3617882.jp Vlad gives £30k dance prize to partner] , "Edinburgh Evening News", 24 December 2007.]

Ownership of Hearts

Background and takeover

Hearts, like many other Scottish Premier League clubs, ran into severe financial difficulties during the early part of the 2000s. An assessment by PWC in the autumn of 2003 found that Hearts, along with four other SPL clubs, were technically insolvent. [ [http://news.bbc.co.uk/1/hi/scotland/3133218.stm SPL posts record losses] , BBC News, 23 September 2003. ] Dundee and Livingston subsequently went into administration, [ [http://news.bbc.co.uk/sport1/hi/football/teams/d/dundee/3228046.stm Dundee 'a one-off sideshow'] , BBC Sport, 21 November 2003. ] [ [http://news.bbc.co.uk/sport1/hi/football/teams/l/livingston/3449367.stm Livi in administration] , BBC Sport, 3 February 2004. ] while Hibs and Dunfermline both took drastic measures to balance their finances, cutting their player budgets severely [ [http://news.bbc.co.uk/sport1/hi/football/teams/h/hibernian/3213825.stm Williamson to accept pay cut] , BBC Sport, 27 October 2003. ] [Grahame, Ewing. [http://www.telegraph.co.uk/sport/main.jhtml?xml=/sport/2004/02/10/sfndun10.xml Dunfermline players stall over pay cut] , "Daily Telegraph", February 9 2004. ] and selling assets. [ [http://www.hibs.co.uk/news/more.php?id=A53_0_1_0_M Hibernian Comment on Land Sale] , Hibernian F.C. official site. ]

Vladimir Romanov had shown interest in investing in Scottish football for some time because he wanted to see whether Lithuanian footballers could prosper abroad. [http://news.bbc.co.uk/sport1/hi/football/teams/h/heart_of_midlothian/3614112.stm Hearts in takeover talks] , BBC Sport, August 31 2004. ] Scottish football clubs were particularly ripe for takeover due to their weak finances and corporate structures. [Conn, David. [http://www.guardian.co.uk/football/2005/nov/09/newsstory.hearts1 The problem at Hearts is the trouble with British football] , "The Guardian", November 9 2005. ] He made approaches to Dundee United, [http://news.bbc.co.uk/sport1/hi/football/teams/h/heart_of_midlothian/4396338.stm Who is Vladimir Romanov?] , BBC Sport, November 1 2005. ] Dundee and Dunfermline, but these were all rejected. He opened negotiations with the board of directors to invest in Hearts during August 2004. Romanov offered the prospect of the club staying at a redeveloped Tynecastle, [Campbell, Alan. [http://findarticles.com/p/articles/mi_qn4156/is_20041003/ai_n12592176 Romanov confirms he aims to stay at Tynecastle] , "Sunday Herald", October 3 2004. ] which was very attractive to Hearts supporters. [ [http://news.bbc.co.uk/sport1/hi/football/teams/h/heart_of_midlothian/4210675.stm Consortium aims to gazump Romanov] , BBC Sport, January 26 2005. ] Board chairman George Foulkes pleaded that the shareholders should not scare Romanov away by demanding too much for their shares. [ [http://news.bbc.co.uk/sport1/hi/football/teams/h/heart_of_midlothian/3680526.stm Foulkes' plea for Hearts] , BBC Sport, September 22 2004. ]

Chief executive Chris Robinson, who had been the chief proponent of the necessity of selling Tynecastle, agreed at the end of September 2004 to sell his 19.6% stake to Romanov. [ [http://news.bbc.co.uk/sport1/hi/football/teams/h/heart_of_midlothian/3696726.stm Robinson sells Hearts stake] , BBC Sport, September 30 2004. ] The sale of Robinson's shares was completed on February 2 2005 [http://news.bbc.co.uk/sport1/hi/football/teams/h/heart_of_midlothian/4228629.stm Romanov takes control at Hearts] , BBC Sport, February 2 2005. ] after Romanov made financial guarantees that the club could continue to trade without selling Tynecastle. [ [http://news.bbc.co.uk/sport1/hi/football/teams/h/heart_of_midlothian/4218645.stm Hearts give takeover green light] , BBC Sport, January 29 2005. ] This sale increased Romanov's stake to 29.9%, giving him effective control of the club. Romanov's takeover was welcomed by a fans representative.Romanov eventually increased his majority share in Hearts to 82%. [ [http://www.eufootball.biz/Clubs/281206-Romanov-ownership-could-cost-him-millions.html Romanov's extra ownership could cost him millions] , euFootball.biz, 28 December 2006. ]

Hearts got off to a tremendous start in the 2005–06 season. The team won their first eight league matches under the leadership of now Scotland manager George Burley, [http://news.bbc.co.uk/sport1/hi/football/teams/h/heart_of_midlothian/4278320.stm Happy Burley avoids talk of title] , BBC Sport, September 24 2005. ] equaling a club record set in 1914. Despite the great start to the season, Burley was controversially sacked. In the following years results have been rather disappointing by both poor standing in the league and players' unrest. Romanov has been noted for causing controversies in football in Scotland as well. [ [http://www.news.com.au/perthnow/story/0,21598,21235549-23215,00.html Romanov denies Old Firm corruption] , www.news.com.au, February 16 2007. ] [ [http://www.metro.co.uk/sport/football/article.html?in_article_id=37491&in_page_id=43 Old Firm 'buy off' refs - Romanov] , Metro, February 15 2007. ] He is also noted for ridding the club of players which the fans would deem as legends such as Steven Pressley and Paul Hartley.

ee also

*Roman Romanov
*FC MTZ-RIPO
*FBK Kaunas to Hearts

Notes

External links

*" [http://sport.scotsman.com/vladimirromanov The Scotsman] "