Gregor Kyle

Hearts put every player up for sale in a desperate bid to survive the summer
13 Jun 2013 10:50

THE Edinburgh club posted a desperate appeal on their official website this morning, stating that every player is for sale as they try to pay outstanding bills.
Danny Wilson joined Hearts last month and is now on the transfer list Danny Wilson joined Hearts last month and is now on the transfer list

HEARTS have put their entire first team squad up for sale in a desperate bid to survive the summer.

The Edinburgh side released a statement on their official website this morning where they appealed for bids for their players, ‘including the most promising talent’ and admitted that they may not be able to ‘trade into the new season’.

The statement outlining ‘the club’s financial position’ also admitted that they might not be able to meet the outstanding tax demands of HMRC or pay staff and players.

“Given that the revenues for season tickets has dried up and no other realistic income is available quickly enough, the club will consider offers for the players of the current squad, including the most promising talent in order for the most necessary and important payments to be made,” read the club message.

“The board had planned to bring income in through the sale of players while considering the financial forecast for next season but now this will need to happen much earlier in order to preserve the business.

“We understand that this will lead to significant on-field pressure but at all times we must consider the health of the club and preserve it for future generations.

Long-standing financial problems at the club have deepened in recent months with Lithuanian courts yesterday upholding the decision to liquidate Ukio Bankas.

The bank holds a pledge over 29.9 per cent of shares at the club, a security over Tynecastle Stadium and approximately £15million of the club’s debt.

Bankruptcy practioners, UAB Valnetas, stated that they had ‘no desire to harm the club’ as they scramble to recoup as much money as possible for creditors.

However today’s statement sheds light on just how deep the financial problems are, with the club highlighting other contributing factors.

“We will adjust our expectations for the new season accordingly but will still be focused on the playing side of the business,” the statement continued. “Our financial deficit can, in part, be attributed to our worst league finish in over 30 years last season.

“This had a significant direct impact on the business. Other factors that hit revenues include the absence of Rangers Football Club from the SPL and significantly increased stadium costs particularly in relation to the Main Stand.”

The statement will serve as an embarrassment to the Scottish Premier League who only last month failed to punish Hearts for their financial transgressions and concluded that they could not say whether insolvency had occurred at Ukio Bankas as defined by its rules.

Hearts then went on to confirm the signing of Danny Wilson from Liverpool, with the former Rangers man now joining the rest of his new team-mates on the transfer list.

The club then ended their statement with a further desperate appeal for cash and season ticket money from their fans.

“The biggest threat to the club at present however is hesitation and inaction. We hope that those supporters who have purposely held off will reconsider and make the decision to back the club in the best way possible in order that we can meet our targets.

“Provided we can achieve security for the club, it is the view of the board that there is a viable strategy for the change of ownership to a willing buyer or investor.

“The most difficult part in this is finding an agreement with the creditors, however we know that there is goodwill with Ukio Bankas, as demonstrated by the statement from the Ukio Bankas administrator yesterday. We also believe that UBIG remains supportive of Hearts.

“We will be regularly updating you as the situation develops.”

Taken from the Daily Record