Heart of Midlothian Football Club (Hearts) has announced plans to reduce the Scottish Premier League club's debt by converting £10m into capital.

Club shareholders will vote on the proposals at an extraordinary general meeting on 11 November, which would see more than a quarter of its existing debt removed. Lithuanian-based UAB Ukio Banko Investicine Grupe (UBIG) has agreed to convert the £10m into ordinary shares at a price of 10p a share, which is designed to improve Hearts' cashflow.

Hearts chair Roman Romanov said: "This will strengthen the company's capital position in keeping with UBIG's strategy for Hearts, while removing a considerable amount of the company's short term liabilities. Meanwhile, the proposed takeover of Blackburn Rovers Football Club (BRFC) by India-based Venkys could be completed during November, according to the Premier League club's chair.

John Williams said: "A series of meetings, including discussions with the Premier League, have followed an extensive due diligence process. Both parties are hopeful that the transaction will be completed in November." Venkys chair Anuradha Desai added: "We expect to be the first Indian company to acquire a Premier League team and we are particularly delighted that the team is Blackburn Rovers, with whom we believe we have many shared values and ambitions."