Debt at Hearts was up £5m to £35m in the year ending 31 July 2009. However, the club’s reaction appears to be relatively relaxed and £3m of savings saw operating losses cut from £11m to £8m. The ultimate owners, Ukio Bannas Investment Group, are planning another debt for equity sawp.
Debt at Hearts was up £5m to £35m in the year ending 31 July 2009. However, the club’s reaction appears to be relatively relaxed and £3m of savings saw operating losses cut from £11m to £8m. The ultimate owners, Ukio Bannas Investment Group, are planning another debt for equity sawp.
The club has a strong base of around 11,000 season ticket holders. The wage bill remains rather high at £10m a year but this is a reflection of the cost of trying to stay in contact with the leaders of the SPL and qualify for competitions like the Europa League. A number of players on high wages have already left and more should do so in the summer, so the wage bill should fall to about £5m.
However, there is no route by which Hearts can trade their way into profitability and they remain a benefactor club. Majority shareholder Kaunas-based businessmen Vladimir Romanov has been in charge since 2005, but despite speculation to that effect, the ground has never been sold to a property developer. Plans for a new entrance stand do appear to be on hold.