Administrator admits Hearts situation is the lowest of the low as exodus begins

Stephen Mcgowan

Administrator Bryan Jackson says the situation at stricken Hearts is as desperate as anything he has witnessed in football.

On a day of tears and trauma at Tynecastle, 14 administrative staff were made redundant. Four players will go in the coming days – two first team, two youth – with the players involved yet to be informed of their fate.

With no cash to draw on, Jackson and co-administrator Trevor Birch of BDO have issued an SOS to hard-pressed fans to snap up 3000 season tickets in the next 14 days.

Birch claims that two parties, including Foundation of Hearts, have already intimated an interest in buying the club.

But a sum of between £500,000 to £700,000 is still needed to see Hearts through the next four months. With 7000 season tickets sold, the sale of another 3000 would match last season’s tally and buy some time for a new buyer to complete a deal.

‘It’s as desperate a situation as anything I have seen,’ said Jackson, also working to rescue Dunfermline.

‘We’ve arrived here in June, with no income and 7,000 season tickets already sold. It couldn’t be any worse, but the positive is the size of the fanbase at the club.

‘The estimates to carry on for the next three or four months is between £500,000-£750,000.

‘If we sell 3,000 season tickets within the next 14 days it relates to about £800,000 of income.

‘Although that is a short timescale to arrange a CVA it gives us a chance to keep the door open and a squad together.

‘If the season ticket money comes in there will be no need to have a firesale of players and it will retain value for the new owner coming in.

‘We know fans have given and given again, but we’ve nowhere else to go. If this strategy works we can fund the club going forward, we have to generate this cash.’

Jackson and fellow administrator Trevor Birch revealed that all the cash from the 7000 season tickets sold so far has gone. Hearts have literally no money and no income to fall back on.

‘We’ve inherited a fairly bleak situation - we have no cash and no income due,’ Jackson said. ‘Regrettably, there have been job losses but we’ve had no choice, we’ve had to reduce costs immediately.’

Nine of the admin and ancilliary staff made redundant were full-time, five part-time. Employees went unpaid last month and will now be asked to work for free until cash is raised, with Jackson admitting he has no idea when that will be.

Just 21 full-time staff now remain and cuts will be made to a 26-player squad, despite vows to remain competitive for a new owner.

The two highest earners from the first team look vulnerable after decisions were reached on a ‘commercial basis’.

Manager Gary Locke has been consulted on the identity of the players, but is powerless to prevent their dismissal.

‘I can’t confirm the names of the players,’ added Jackson. ‘That would be disrespectful.

‘There’s a distinct possibility we may have to sell players if there is nowhere else for us to go. We might not be able to resist a stupid, ridiculous offer that comes in for a player but if we sell season tickets it means we won’t need to accept derisory offers.’

Liverpool defender Danny Wilson signed a pre-contract agreement last month, but will now rip that up.

‘Danny Wilson is not an asset, so he will just walk away,’ revealed Trevor Birch. ‘He has intimated he will do that.’

Wary of stripping too many assets from a playing pool already starting the season with a 15-point penalty for slipping into administration, Jackson added: ‘We’re trying to remain competitive with the players we have left. We had 26 players and four are going potentially, which leaves a tight pool.

‘Things are bleak but we don’t want to scaremonger by putting a deadline date on it for a sale.

‘However, if fans don’t support their club in the next week then it sends a strong signal they have had enough, or don’t physically have the money.
Labour MP and Hearts supporters chief Ian Murray speaks to the press about his clubs current situation

Labour MP and Hearts supporters chief Ian Murray speaks to the press about his clubs current situation

'That’s why we’re also suggesting to those fans who have already bought a season ticket that, if they can afford it, buy another and give it to a friend.’

The best hope of averting liquidation remains a quick sale of the club’s assets.

Four groups have expressed an interest, including Foundation of Hearts and a UK consortium which has appointed accountant’s firm Haines Watt to perform due diligence.

Former Livingston owner Angelo Massone will also submit a fresh bid to administrators once administrators for insolvent Lithuanian parent company UBIG have been appointed.