Hearts slapped with immediate transfer embargo

The Tynecastle club announced yesterday that they had entered a “critical” stage in their battle to pay off debts of £25million as well as financing tax and running costs.

In an official statement, the SPL said: “The Scottish Premier League has been informed by Heart of Midlothian FC that the club has failed to pay a number of its players on time today.

“This is a Remuneration Default in terms of the SPL Rules and the Club is therefore subject to an automatic transfer embargo while that Remuneration Default continues.

“The actions also indicate a potential breach of SPL rule A6.21 and a disciplinary hearing will be convened in due course.”

The league has also warned that the Jambos could face further punishments handed down at a later date.

A reported £500,000 has to be raised in order to see the club through to the start of the new season.

It was confirmed yesterday by Jambos managing director David Southern that season-ticket sales are down 20 per cent on the club’s most conservative estimates.

Most of the cash that has come in from renewals has already been spent.

The club owned up to the extent of their financial problems just 24 hours after the administrator of Ukio Bankas, who are owed £15million by the Tynecastle club, said he has “no reason or desire to harm Hearts” after a court in Lithuania upheld a decision to liquidate the bank.

The club are still battling the threat of a winding up order lodged by Her Majesty’s Revenue and Customs over a £100k tax bill, the majority of which has already been paid.

And UBIG, once run by Hearts owner Vladimir Romanov and has now claimed insolvency itself, still owns 50 per cent of the club and is due £10million.

News of Hearts’ situation came via a statement on their official website outlining concerns about a “shortfall in funding.”

Three weeks ago, the club announced the permanent signing of Scotland defender Danny Wilson, who is now reportedly reconsidering his move to the club.