Those with a close interest in Heart of Midlothian have learned to take Vladimir Romanov's comments with a helping of salt. The club's Lithuania-based owner once claimed he could have purchased Liverpool for a "realistic" £200m in 2005. Romanov added: "By that time I had been beaten black and blue over Hearts in Scotland where they pictured me as an idiot. And I thought that if I got hold of Liverpool they would definitely drive me to an early grave."

Supporters of the Anfield club can debate the merit of that sentiment. And whether or not they were afforded a lucky escape.

On Thursday night, Liverpool will be afforded a first-hand look at Romanov's sole British football interest as they face Hearts in the Europa League's play-off round; the two clubs haven't met since a friendly in 1929. Hearts' colourful custodian is expected to make a rare trip to Tynecastle to take in proceedings.

During Romanov's tenure in Edinburgh, Hearts have scaled some notable heights – including the trouncing of their neighbours, Hibernian, in May's Scottish Cup final – but are in the grip of fiscal reality.

It is no longer the case that footballing Battles of Britain are aptly labelled, despite Hearts and Liverpool remaining prominent and historically significant on either side of the border. Twenty years have now passed since Rangers, the champions of Scotland, deservedly defeated their English counterparts from Leeds over two legs.

Just as Liverpool have virtually no chance of claiming this season's Premier League, Hearts will not win the Scottish equivalent. But there is disparity even among also-rans; 12 months ago, Tottenham ran out 5-0 winners in a Europa League fixture at Tynecastle. Geography, alone, is the root of modern-day comparisons between top English and Scottish sides.

Celtic's apparently imminent progression to the Champions League proper offers a much-needed glimmer of hope for the Scottish game at both club and international level.

In this specific case, Romanov has made it clear Hearts must edge towards self-sufficiency. The businessman's continual moves to cut costs and slash balance-sheet debt endorse the theory that he is looking to sell the club.

Romanov has taken to investing heavily in Lithuanian basketball, a matter which has triggered frustration among the Hearts following given the relatively weak level of opposition in the SPL. As things stand, the manager, John McGlynn, must operate with just a single recognised first-team striker.

Hearts have wildly overspent in the recent past but, for all the criticism fired at him, only Romanov bore the brunt of that financial burden. His routine barbs at the set-up of Scottish football, while laced with exaggerated language, also have some basis in reality.

"We've got a lot of young players who haven't played in a game of this magnitude before so the concentration levels must be high," McGlynn said.

"They've just signed Joe Allen for £15m. When did a Scottish team last spend any amount of money like that? When did Hearts last sign a player for money?

"The players could have been starstruck against Spurs last season. The occasion and atmosphere is great and before you realise it, you're into the game and you're 2-0 down.

"That's what we have to get across – don't get caught up in the hype."

Still, it would be an exaggeration to suggest Hearts are totally bereft of hope. "You need to look at a team like Shamrock Rovers who got into the Europa League group stages last season. How did they get to that stage? They took a scalp along the line," McGlynn added.

"You're looking to play at your absolute best and get a bit of luck along the way. And we'll need that because even their bench on Saturday had Joe Cole, Charlie Adam, Andy Carroll and Jamie Carragher.

"If at the end of the game it says Liverpool '0' then we'll be in the second leg. That's not to say we're going to be defensive because we have the players who can cause them one or two problems."

Romanov would enjoy it if they did. As would those who hanker for the Scotland versus England match-ups of yesteryear.