Hearts focused on 'normal trading'

Hearts have told their fans that the club is doing everything possible to trade normally amid concerns over the future.

Last Updated: 30/04/13 at 16:29 Post Comment

Hearts: Reportedly £25million in debt

Hearts: Reportedly £25million in debt

Hearts have told their fans that the club is doing everything possible to trade normally as fresh concerns surfaced over their financial future.

Reports on Tuesday suggest the Edinburgh outfit are set to plunge into administration over debts to Ukio Bankas Investment Group (UBIG) and Ukio Bankas.

The Jambos are reportedly £25million in debt, with £15million of that cash owed to Ukio Bankas, the Lithuanian bank which is itself in interim administration.

Last year, Hearts supporters helped raise more than £1million through a share issue after the club was hit with a winding-up order by Her Majesty's Revenue and Customs over an unpaid tax bill.

Responding to reports of imminent administration, a statement on the club's website read: "The club has been made aware of rumours concerning the possibility of 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 focused 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."


Click here for completely free £10 bet with Sky Bet


Related News

Most Commented

Readers' Comments

N

ow is the time for Allardyce to finally get a chance at a big club please. He is likely to have a number of great offers for his services this summer, but who will he choose? Will it be Liverpool, Real Madrid, Dortmund or Man City?

medina_sod
Allardyce leaves West Ham

I

thought exactly this when the Match of the Day pundits were peddling this line. Is it really not okay for fans of a club to have some ambition these days then?

damoceltic
Bored Of Big Sam? It's Your Right...

H

ow magnanimous off him - to leave if he's asked to by the owners? What's the alternative, bunker down in his office claiming squatter's rights if FSG want rid?

feed the bear
Rodgers: I'll go if owners want

Footer 365

Sepp Blatter lies low as David Cameron joins opposition to FIFA president's re-election

Sepp Blatter held an emergency meeting in Zurich on Thursday morning as David Cameron joined those calling for his head.

David Cameron says that Sepp Blatter should quit FIFA

Prime Minister David Cameron has supported calls for FIFA president Sepp Blatter to quit.

FIFA crisis: UEFA 'open' to World Cup boycott if Sepp Blatter wins fifth term as president

Michel Platini has not ruled out a UEFA boycott of future World Cups if Sepp Blatter retains the FIFA presidency on Friday.

Mail Box

What Is It That FIFA Actually Do?

That's the question raised timidly by someone sat at the back of the room, whilst others remind that UEFA aren't perfect either. Plus a few more gone on to better XIs...

Time To Step Up, Mr Platini...

UEFA should step up and extend the Euros to replace FIFA's tarnished World Cup, say a couple of mailboxers. Also: all hail Carlo, King of the Kop, and plenty more Budget XIs...

© 2015 Sky Ltd. All Rights Reserved A Sky Sports Digital Media company