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

Bet £10 Get £30

Daily Offers And Promotions. Join Now & Bet £10 and Get a £30 Free Bet

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."

Bet £10 Get £30

Daily Offers And Promotions. Join Now & Bet £10 and Get a £30 Free Bet

Related News

Most Commented

Readers' Comments

E

ven if United were to sign CR7 & Messi to play upfront, the fact remains Fletcher and Cleverly are playing in midfield. That's where the problem is. Fletcher is too slow with an awful pass, while Cleverly is simply rubbish

mrunited4life
Di Maria - A Signing of Necessity, or Opportunity?

T

hese days, these days, you can't say something racist without somebody saying that you're a racist.

tk421
'Wrong' Views Not Silenced By Shouting...

D

rop Rooney (he's so disappointing, overrated and overpaid), and play Di Maria and RVP upfront, much like the set up at the Netherlands team with Roben and RVP...

eric bush3
Di Maria - A Signing of Necessity, or Opportunity?

Footer 365

Transfer news: Ajax say Manchester United have not made approach for Daley Blind

Ajax have had "no contact at all" from Man United over Daley Blind, who will only leave for the "absolute top price".

Transfer news: Nikola Zigic's agent confirms Arsenal's interest

The agent of ex-Birmingham striker Nikola Zigic has told SPORT that Arsenal have expressed an interest in his client.

Premier League: Crystal Palace unveil Neil Warnock as new manager

Neil Warnock has returned to Crystal Palace after being named as the new manager on a two-year deal.

Mail Box

Should Kagawa Play Ahead Of Mata?

That's one question posed in the afternoon mailbox, although it looks like the Japanese playmaker could soon be on his way. Plus, tipping Palace to go down under Warnock...

Well, This Isn't Going That Well Is It?

Plenty of fall out from Manchester United's shambolic 4-0 League Cup defeat, plus thoughts on Van Persie, Arsenal strikers, Benik Afobe, Celtic and Astroturf...

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