Ukio Bankas has been forced into interim administration with debts approaching £380 million. And the Russian businessman - who still controls UBIG, Hearts' parent company - now admits he has been left broke as the result of his banking disaster.
Romanov told the BBC: "All of our savings, all our companies, all of our activities were all in the bank. We have lost it."
Hearts have been mired by their own financial problems since Romanov decided to withdrawn financial support last year. In December, they had to appeal to their supporters through a share issue after being handed a winding-up order by Her Majesty's Revenue and Customs over a £1.75 million unpaid tax bill.
Romanov claims he has ploughed around £60 million into Hearts over the past nine years but will now hand control to the club's supporters.
"We have a plan to sell 51 per cent of the club to the fans," he explained. "Maybe it won't happen straight away, but we would like to realise it. I don't care about the price. It will be up to the administration of the club to calculate the share price.
"Before, the club always had losses but now they are making a tiny profit and now it does not require an injection of money."
The BBC report that Hearts are around £25 million in debt, with £15 million of that secured by Tynecastle Stadium and now controlled by the administrators of Ukio Bankas. A permanent administrator for Ukio Bankas is expected to be announced in the next few weeks.
However, it may take between six and 12 months for the new administrator to decide what will happen with the portion of the club's debt under its control. But Romanov insisted he has "no regrets" about his time at Tynecastle. He said he would invest another £60 million in the club if it were possible and hopes fans remember the good times under his tenure.
"Sport plays a very important role in Scotland," he added. "Only maybe Brazil or Argentina can compete. I hope the fans remember that if you believe, if you go for it, then everything is possible. You can win the Scottish Cup and become a champion."