Hearts deny financial trouble

Hearts have moved to quash speculation that the SPL club is set to enter administration.

Last Updated: 30/04/13 at 16:19 Post Comment

Tynecastle officials have denied any serious financial problems

Tynecastle officials have denied any serious financial problems

Reports suggest the club are on the brink of financial meltdown amid rumours of late payment of salaries and unpaid debts to Ukio Bankas Investment Group and Ukio Bankas.

The Tynecastle side are reportedly £25m in debt with £15m of that owed to the Lithuanian bank.

However, a statement on the club's official website read: "The club has been made aware of rumours concerning possible administration.

"The club will continue to do everything within its power to trade normally. It should be noted that Hearts has not required or received additional funding from UBIG or Ukio Bankas in over a year and is servicing its existing debt.

"The club is completely up to date with player salaries and taxes and the club continues to head towards operational self-sustainability.

"This has been made possible by reducing operating costs while continuing to focus on increasing revenues through season ticket sales, match ticket sales, merchandise, hospitality and sponsorship.

"While the general economic and Scottish football marketplace conditions remain challenging, Hearts is focussed on meeting its requirements as a business and a football club.

"The club's health and viability continues to be dependent on successful player identification, development and trading, careful cost control and building revenues.

"With the continued support of the Heart of Midlothian fanbase, the club has an opportunity to continue stabilising and then building for the future."

TEAMtalk Facebook Fan Page

The TEAMtalk fan page is a great place to meet like minded people, have football related discussions and make new friends.

Related News

Most Commented

Readers' Comments

C

an we get one on the similarities between this year's Arsenal and 5 years ago. Or any other number you care to pick frankly...it shouldn't be hard.

mc1728
Liverpool: Five Similiarities Five Years On

R

icky van Wolfswinkel's remarkable record of one goal from one game at least deserves an honourable mention. And I'm willing to bet that at least one of Costa, Ulloa or Enner Valencia will earn a place on the list by the end of the season. Probably not Costa

stevenjameshyde
Top Ten PL Strikers Who Started Like A Train...

I

will also give up birthday Christmas and bacon for this to happen

badwolf
Ronaldo return ‘in place’

Footer 365

Champions League: Liverpool leave it late to beat Ludogorets

Steven Gerrard's last-gasp penalty earned Liverpool a fortunate 2-1 win over brave Ludogorets at Anfield.

Champions League: Arsenal lose 2-0 to Borussia Dortmund in Group D

Goals from Ciro Immobile and Pierre-Emerick Aubameyang helped Borussia Dortmund to a 2-0 win over a lacklustre Arsenal.

Premier League: Jose Mourinho confirms Eden Hazard's Chelsea contract talks ongoing

Jose Mourinho is confident Eden Hazard will commit his future to Chelsea, with talks ongoing over a contract extension.

Mail Box

Who's More Miserable - Baggies Or Mags?

There's not a lot to choose between the misery of West Brom fans and the misery of Newcastle fans. We have mails on them, 'only QPR' and lots on Man United...

Forget it, Ronaldo Won't Come Back

A varied morning mailbox, with thoughts on Ronaldo, Daley Blind = Michael Carrick, Ed Woodward redemption, stick with Pardew, QPR's name change and marbles...

© 2014 British Sky Broadcasting Ltd. All Rights Reserved A Sky Sports Digital Media property