Vladimir Romanov's ownership of Heart of Midlothian F.C.

[1] Dundee and Livingston subsequently went into administration,[2][3] while Hibs and Dunfermline both took drastic measures to balance their finances, cutting their player budgets severely[4][5] and selling assets.

[20] Romanov called an extraordinary general meeting in January 2005 so that the club could pass a motion to exercise the escape clause in the deal with Cala Homes.

[22] The sale of Robinson's shares was completed on 2 February 2005[23] after Romanov made financial guarantees that the club could continue to trade without selling Tynecastle.

[26] During this period, Romanov started the practice of signing players through FBK Kaunas, including Edgaras Jankauskas[27] and Roman Bednář.

This appointment was not well received by the fans[41][42] because Rix was a convicted sex offender[43] who had not coached at a high level since a brief, unsuccessful spell at Portsmouth in 2002.

[51] Following a 2–0 home defeat by Kilmarnock in October 2006, Valdas Ivanauskas went on a leave of absence due to unspecified health reasons,[52] and was replaced by Eduard Malofeyev on a caretaker basis.

[53] Captain Steven Pressley, flanked by fellow Scotland internationals Craig Gordon and Paul Hartley, announced to the media that there was "significant unrest" as a result of this continued upheaval.

[57] After a disastrous run of results during the 2007–08 season,[58] Hearts issued a statement on 1 January 2008 that said they would look to appoint a "British-style" manager in the near future.

[59] Romanov placed Stevie Frail in charge for the rest of the season, but Hearts disappointingly[59] finished eighth in the league.

Immediately after the end of the season, Hearts approached Motherwell for permission to speak to Mark McGhee with the intention of appointing him as their new manager.

[61] Foulkes believes that Romanov has made the Hearts job unattractive to managers due to his record of interfering in team matters.

Soon after the takeover was completed, the debt was transferred from HBOS and SMG to the financial institutions controlled by Romanov, Ūkio bankas and UBIG.

[64] Pedro Lopez, Hearts deputy chief executive, said that the proposals show Romanov's long-term commitment to the club and that the increased capacity and revenue potential would allow them to reduce the debt in the long run.

Player wages were paid late on two occasions, and win bonuses from the team's good run of form during November 2008 remained outstanding for some time.

Loan moves from Romanov's Lithuanian club FBK Kaunas to Hearts proved controversial in Scottish football.

[68] Reaction to the influx of Lithuanian players amongst Hearts supporters was mixed, with several being booed for perceived poor performance and the perception that they received preferential treatment.

[69] In contrast, others such as Andrius Velička (Hearts top scorer in 2006–07) and Marius Žaliūkas became established important first team players.

[71][72] Hearts announced at the time that Romanov would assume the title of chief executive "on a temporary basis... pending a further appointment".

[74] As his father's business empire collapsed, Romanov was removed from any link to Hearts by the purchase of the club by Ann Budge in 2014.

[75][76] The first such controversy arose during the 2004–05 season when referee Hugh Dallas awarded a decisive penalty kick to Rangers in a Scottish Premier League match against Hearts.

[78] Romanov had said that "Last season, you didn't manage to protect the Scottish Cup and gave it to Hearts, despite all the referees' efforts and intrigues".

[78] During February 2007 it was reported that Romanov had accused the Old Firm clubs of "buying off"[79] match officials and opposing players in the Scottish Premier League.