Hearts have been forced into issuing a statement as speculation grows that the club is on the brink of administration.
The Tynecastle club have been in financial meltdown for a number of years with debts believed to be in the region of £25m with £15m owed to Ukio Bankas of Lithuania who are themselves in administration.
Should the club go into administration before the end of the season they will be deducted 17 points almost certainly sending them into the First Division.
Responding to speculation about administration a statement on the club 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.”
SFA President Campbell Ogilvie is a former director of Hearts.
Like another Club…whose name I forget…..I detest Hearts….
Unlike the other Club…whose name I forget….I hope Hearts survive.
Canny say fairer than that.
I.d be more than happy if that wee hun mob went the same way as there big orange cousins, administration the relegation to start then at least thats another bigotdome Celtic fans dont have to travel to, dont think lenny will lose any sleep if the wee sons of William go sevco as well.. hail hail, 125 YEARS OF UNBROKEN HISTORY+
That last line said it all, is it any wonder Scottish fitba’s in the grubber with such incompetent bigots in charge?
The only reason I said Hearts should survive is…..
If they go down….You’ll never hear the end of it from the Huns……Like…
“WE TOLD YOU THAT FOOTBALL CLUBS WOULD PERISH WITHOUT US”……
Well I’ve used words there ……that they widnae know how tae spell…
But you get my drift….
Hi Joe
Would ask you to consider that I do a guest article for your site.
Always said that I would only write for the HUB, but would like to submit something re the Glasgow Cup Final.
Should you say no, there is no problem, I will always be in your corner.
You have my address, let me know at your convenience
Joratim
Wallace mercer’s dream – one team in Edinburgh – the dream is becoming reality. No huns in gorgie HH
Hope they survive, what is it with my fellow supporters wish for Scottish football to be totally destroyed…can someone tell me who exactly we are then meant to play. I sometimes wish people would remember its just a game of football….far too much hatred from all sides is whats destroying football in Scotland.
The great Bill Shankly once said ” Football is a form of Socialism, but without the politics ” maybe we should all get back to believing that and joining together as fans, no matter what club you support for the sake of the beautiful game we all love…Hail Hail 🙂
Wouldn’t like to see Hearts fail. Lots of decent Hearts fans around, unlike dead rangers and The zombie tribute act. You should have a look at a Hearts fans website some time – they have no love for the Orcs / Zombies. They might not like us much but heh, it’s not compulsory…………………..
Take it you don’t go to tynecastle when Celtic play there, total scumbags the quicker they go the better edinburgh huns HH
Die plastic huns die!
We really need to simplify this, if ANY team cannot service their debt then they are gone.
In OUR experience we took it to the eleventh hour until the right man (Fergus) came along and put us on the straight and narrow.
We need to realise that we (the supporters) are the lifeblood of our clubs but also understand that without a good heart (excuse the pun) it doesn’t matter how much blood you have you’ll end up dying.
Supporters taking over the running of a club is like a bypass it’ll keep you going but you’ll no be running a marathon anytime soon.
Oldco, Dunfermline and now Hearts, pity none of them had the “HEARTS” to save themselves so hell mend them.
Hail hail
It must be tougher being a cousin o’william than a son these days.
Hertz have been playing second fiddle to the huns for decades, putting themselves up as ‘ra peepo’ of the capital, the institution club of Edinburgh if you like.
After all the attempts at lending the huns as much help as possible, from the laptop loyalists, the SPL, SFA, SFL, the Scottish government and fat alex himself, after they hit admin, then Liquidation, how gutted must hertz be to be going under and no-one gives a flying fiddlers f#ck!!!!! LOL!!
Sweeney, i give a flying fiddlers, i am first and foremost a Celtic supporter, but secondly i am a supporter of the Scottish game and all things Scottish, i want to see a really strong competition coming from all our rivals as this is the only way Celtic will continue to move forward and grow, i am bitterly upset that other fans dont seem to care for the good of the game in Scotland, but still live in the past and cant see the bigger picture, we need to take action as fans, and by fans i mean fans of all the Scottish clubs, including Ranger, Hearts and Dunferlime to take control of the game again and make it the pure, beautiful entity it should be…..Hail Hail