No Administration Due At Tynecastle
Hearts are putting on a brave face regarding their financial position
Hearts have moved to end speculation that the club is the next one to fall into administration and suffer all the football consequences that status brings. Rumours are floating around that late payment of salaries and unpaid debts to Ukio Bankas Investment Group and Ukio Bankas could see the club in real financial trouble. With debts reportedly totalling £25, 60% of which is owed to the Lithuanian bank, Hearts have been working hard at making it to the end of the season.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."
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