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."


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