Vladimir Romanov
Vladimir Romanov | |
|---|---|
| Born | June 15, 1947 Kalinin Oblast, Russia |
| Occupation | Businessman |
| Known for | Ownership of UBIG Investments, Heart of Midlothian, BC Žalgiris, FBK Kaunas, FC Partizan Minsk |
Vladimir Nikolayevich Romanov (; ; born 15 June 1947) is a businessman with Russian-Lithuanian nationality.
He led UBIG Investments, the majority shareholder of the now-defunct Lithuanian bank Ūkio Bankas. The bank’s cash reserves financed his acquisition of controlling stakes in various sports organizations, making him the principal owner of the Scottish Premier League football club Heart of Midlothian (Hearts), Lithuanian Basketball League team Žalgiris, and Lithuanian football club FBK Kaunas. UBIG also possessed ownership of Belarusian Premier League club FC Partizan Minsk until its sale in March 2012.
Early life
Romanov’s early years were spent in Kalinin Oblast, Russia, before relocating to Lithuania at the age of nine. His father, a veteran of the Red Army who participated in the Battle of Berlin, passed away when Romanov was sixteen. Following this loss, he supported his family by working as a taxi driver and distributing Western popular music, including unauthorized recordings by The Beatles, Elvis Presley, and The Rolling Stones.
He served six years in the Soviet Navy, with part of that time aboard the K19 submarine. Later in life, Romanov acquired ownership of this submarine and invited former crew members to attend the 2006 Scottish Cup Final.
Career
Romanov began building his wealth during the late 1980s through manufacturing activities prior to the Soviet Union’s dissolution. His financial status grew considerably in the early 1990s during the privatization of state-owned enterprises. He was one of the founders of Ūkio bankas, Lithuania’s first private banking institution. Through his investment vehicle UBIG, Romanov held diverse business interests spanning aluminium, textiles, real estate, and television sectors across Lithuania, Ukraine, Bosnia and Herzegovina, Belarus, Russia, and Serbia. Various sources estimated his net worth between £200 million and £300 million.
In February 2013, Lithuania’s Central Bank shut down Ūkio Bankas, transferring its assets to Šiaulių bankas. The bank became subject to investigations involving fraud, embezzlement, and money laundering allegations. To compensate depositors, the Lithuanian government allocated €230 million. Authorities issued an international warrant for Romanov in August 2013; he was apprehended in Moscow in April 2014 but subsequently released by a Russian court that granted him asylum. Despite unsuccessful extradition efforts, Romanov faces criminal proceedings related to bank fraud alongside charges including misconduct, money laundering, and operating illegal entities for concealing illicit activities.
On March 14, 2019, a group of 22 members of the EU Parliament from 14 different countries petitioned Jean-Claude Juncker, then president of the European Commission, urging action against Romanov concerning his role in the Troika laundromat scandal.
Amid ongoing financial and legal difficulties, Romanov later declared insolvency.
Hearts
During the early 2000s, Hearts, like many clubs in the Scottish Premier League, encountered significant financial distress. A 2003 report by PWC identified Hearts as technically insolvent along with four other SPL teams. While Dundee and Livingston entered administration, Hibs and Dunfermline managed their financial crises by cutting player budgets and selling assets.
Romanov sought to explore whether Lithuanian footballers could succeed abroad and targeted Scottish football due to its fragile financial state and corporate structures. After failed attempts to invest in Dundee United, Dundee, and Dunfermline clubs, he started negotiations regarding Hearts in August 2004. His proposal included plans to redevelop Tynecastle Stadium—a move that appealed to supporters. Board chairman George Foulkes advised shareholders against demanding inflated prices for their shares.
Chief executive Chris Robinson agreed to sell his 19.6% stake to Romanov in September 2004; this transaction was finalized by February 2005, increasing Romanov’s holding to 29.9% and granting him effective control over the club. Supporters’ representatives welcomed this takeover. Subsequently, Romanov raised his majority stake to 82%.
Under Romanov’s leadership, Hearts began the 2005–06 season strongly by winning their first eight league matches under manager George Burley, equaling a club record set in 1914. However, Burley’s contentious dismissal triggered a decline that only improved following Romanov’s exit. Known for stirring controversy within Scottish football circles, Romanov was responsible for forcing out key players such as Steven Pressley.
Hearts entered administration in May 2013, which marked the conclusion of Romanov’s involvement with the club.
BC Žalgiris
From May 2009, Romanov held ownership of BC Žalgiris, a prominent Lithuanian Premier League basketball team and EuroLeague competitor. His period at the helm was marked by contentious choices, including several head coach dismissals—beginning with Ramūnas Butautas and most notably Darius Maskoliūnas during the LKL finals, which played a role in crucial defeats to rivals Lietuvos Rytas. Additionally, he was involved in public confrontations with Lietuvos Rytas proprietors Jonas and Gedvydas Vainauskas.
Despite internal challenges, Žalgiris clinched the BBL championship and came close to advancing into the EuroLeague Top 8. Prior to the 2010–11 campaign, Romanov bolstered the squad by signing notable players and appointing Aleksandar Petrović as the new coach, resulting in a promising start. Nevertheless, Petrović was replaced midway through the season by Elias Zouros, leading to a series of losses and the exit of key players. Regardless, Žalgiris triumphed in securing the LKL title, LKF Cup, and won the BBL finals against VEF Rīga.
During the 2011–12 season, Romanov dismissed head coach Elias Zouros along with his assistant. He then hired Aleksandar Trifunović, formerly of Lietuvos Rytas, who remained in charge despite varied outcomes and led Žalgiris to consecutive victories in the LKL, BBL, and LKF Cup over their rivals Lietuvos Rytas.
Approaching 2013, Romanov constructed a competitive lineup and brought in coach Joan Plaza. The team showed early promise in the EuroLeague, LKL, and VTB United League; however, financial troubles emerged following the collapse of Ūkio Bankas. On 28 February 2013, Romanov stepped down and transferred his shares to veteran players within the club.
While Žalgiris maintained domestic supremacy under his stewardship, their EuroLeague results were largely uneven aside from the 2012–13 season.
Politics
On 12 March 2009, Romanov declared his candidacy for President of Lithuania. Nevertheless, Lithuania’s electoral commission ruled him ineligible due to his Russian birthplace.
In 2012, he established the Lithuanian People's Party, which garnered only 0.25% of votes and failed to secure any seats in the 2012 Lithuanian parliamentary election. The party subsequently disbanded.
Other activities
In 2007, Romanov emerged victorious in Lithuania’s version of Dancing with the Stars, partnered with professional dancer Sandra Kniazevičiūtė—whom he awarded the prize money. Despite winning, critics nicknamed him Buratino (), meaning 'wooden puppet', reflecting controversy surrounding his performance quality and allegations of irregular voting.
See also
External links
- 1947 births
- Living people
- Businesspeople from Kaunas
- Chairmen and investors of football clubs in Scotland
- FBK Kaunas
- FC Partizan Minsk
- Heart of Midlothian F.C. directors and chairmen
- Lithuanian bankers
- 20th-century Lithuanian businesspeople
- Lithuanian basketball chairmen and investors
- Lithuanian football chairmen and investors
- Lithuanian people of Russian descent
- People from Staritsky District
- Russian football chairmen and investors