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Hearts finances in a 'serious' state but Club Director doesn't see administration on the cards

 

Hearts deepening financial woes will not end with administration, says the club's Director Sergejus Fedotovas.

The club have an outstanding 1.75 million pound bill to the tax man, which is linked to the string of Lithuanian loan signings the club made between 2006-2009.

Fedotovas cited that their squad was proving to be a big expenditure, especially for a Scottish club; 'the cost of the squad...last season is 8 million and our income is just short od 7 million.'

He also said that expenditures such as running costs and the expenses of playing in the Europa League were other factors which have led to the situation, which has seen players recieving their wages late.

He went on to say however that Lithuanian majority shareholder Mr Romanov was standing by the club, claiming that had it not been for the Lithuanian's inestment of 60 millions pounds since 2005 that 'this football club wouldn't exist.'

O.B

 

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