Hearts face administration unless they can plug a £2.5m funding gap.
The club have been keen to point out that they haven’t received any cash from their Lithuanian backers for over a year but reality was spelled out at yesterday’s AGM.
With the current playing squad having little transfer value it’ll take a major cash injection to keep the club alive- or face the consequences of administration and almost certain relegation.
Bill Alves, chairman of the club’s shareholders association, revealed: “It’s a worrying time and administration is a real possibility this summer. The club have payments to make and if we don’t make them we’ll be in trouble.
“There is also a £25m debt to UBIG and Ukio Bankas to be financed. If the status quo remains? We’re looking at administration.”
Hearts have already sold 7,000 season tickets for next season but that money would be at risk if the club goes into administration.
New boss Gary Locke has had his squad numbers slashed with striker John Sutton in talks about a move to Aberdeen.
Locke replaced John McGlynn in March with the former Raith Rovers boss given less than a year to prove himself at Tynecastle.
If Hearts go into administration during the summer they will start next season with an 15 point penalty with even more drastic cost cutting applied to the first team squad.
At yesterday’s AGM director Sergejus Fedotovas admitted that the club was £25m in debt to UBIG and Ukio Bankas in Lithuania with the position of their insolvency likely to be known within a month.
At least Hearts are telling their season ticket holders the truth- unlike another club I could mention.
Now this is the correct and dignified way to go tits up, honesty and transparency at AGMs and keeping your fans updated with facts not fiction. Unlike CORRUPT FC last year(and this year) where every dirty trick, smokescreens, lies, intimidation, secret meetings, secret handshakes, and establishment cheating were used in the good name of sport just to help the biggest basketcase of a club TRY survive.As much as i dislike hearts at least they pay there taxes. Roll on the GREEN N WHITE SUNDAY… HAIL HAIL, 125 YEARS OF UNBROKEN HISTORY+
What is the delay here????
They have admitted they are £25m in debt to the bank and have no way to service it.
They should be TOAST. I’m sick to the back teeth of hearing about the poor supporters of these clubs and golly gosh how could this happen.
Now I’m not saying that clubs can make mistakes, my god we’ve came close in the past the difference between us and the likes of sevco, Dunfermline and hearts is OUR supporters rallied to save our club by concentrating all our efforts on the problem. We got the right man in (the bunnet) to get rid of the debt then shape the discipline to follow a financial strategy that we are are enjoying the fruits of today.
Contrast that with the ” it’s everybody else’s fault” attitude of the afore mentioned clubs. It’s time for the authorities to get ultra tough. ALL clubs must be forced to declare their financial positions. Caps on debt should be introduced and no if’s but’s or maybes if you break the rules you are gone. But as long as we have a situation were a club can be losing £1.2m per month and are allowed without showing audited accounts to purchase new players then nothing is going to change.
Hail hail
no tears witsoever fit’ jambos ( charles green ) let ’em head straight downt tubes lads ,best place for ’em and their scabby supporters who are the most foulmouthed “int land lad”,as fit hunz lovin’ evry minute of their dilema, as well as scabby Dunfermalino fc , nice tit see all these bun clubs in a mess, and the only club that gets protection fromt S F A is the scabs @ IBROKES SCOTTISH FOOTBALL IS FINITO ,HERE HERE MICHEL PLATINI FOR HIS STATEMENT ONT HUNZ PSHHT AND BANKRUPT LONG MAY IT CONTINUE , CELTIC FC F.F.S. GET OUT OF THE HUN DUNGHEEP THAT IS SCOTLAND ,FILTHY WEE HOLE OF BIAS BIGOTRY AND SECTARIANISM, AND DON’T HELP ANY CLUBS IN SCOTLAND WIT’ HANDOUTS THEY DON’T DESERVE IT ,
JUST BANTER OF COURSE TEE HEE AW’ YOU HUNZ