BDO has been put in charge of the club's affairs just two days after Jambos chiefs announced they planned to go into administration. Weir has already watched another of his old clubs Rangers sink into liquidation after a failed administration battle and he admitted he could barely bring himself to consider the consequences of the same happening to Hearts.
He said: "If Hearts don't survive this it would be a tragedy. Having played there I know what it's like and I know the level of feeling there is for the club. Historically in Scotland, it's been one of the main powers with great tradition and great players. Hopefully it won't come to that."
Hearts lodged their intention to go into administration on Monday in a bid to stave off a winding-up order over a partially paid £100,000 tax bill. The Gorgie outfit also failed to pay their players last Friday and owe majority shareholder UBIG £10million.
The Lithuanian investment firm was once controlled by Vladimir Romanov and another of his former companies, Ukio Bankas, is also owed £15million by Hearts.
Both Kaunas-based institutions are in the process of being declared insolvent themselves and the sale of Hearts and its assets - including Tynecastle, which Ukio Bankas holds a floating charge over - could be used to settle their own liabilities. The club has now been handed a 15-point penalty by the Scottish Premier League.
Now new Sheffield United boss Weir says the best hope for the club may be if fans group the Foundation of Hearts can succeed with a bid for control.This is bad news and disappointing on a lot of levels for the fans," added the former Falkirk, Everton and Scotland centre-half. "The Rangers situation is obviously fresh in everybody's minds."
He went on to say: "Hearts really need a spell where things settle down but I don't think that will be the case for a while yet. In an ideal world every club would have stability with managers, owners and even players as well.
"I think the fans need to have an influence in the running of the club, whether it be a representative on the board or full ownership. They need to get people in with a bit of stability and who have the best interests of the club at heart.
"They need someone who will try and keep it on a level footing so the fans can look forward to having a football club and somewhere to go on a Saturday."