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Hearts to sell entire squad 13 June 2013

Edinburgh-based football club Heart of Midlothian have today announced they will listen to offers for its entire first team squad.

The embattled club face an uncertain future, with debts of £25m – £10m of which is due to their parent company, UBIG, which is claiming insolvency.

In a statement made by the board of Heart of Midlothian plc, the club is “experiencing a shortfall in funding” which has “created a significant noticeable blockage in projected revenue streams.”

Increasing stadium costs, the absence of Glasgow Rangers FC from the Scottish Premier League, and its worst league finish in 30 years have all contributed to the club’s financial woes.

The club’s statement said; “It is now crucial to the football club that we find a solution to bring in enough finance to allow us to trade into the new season when normal trading can resume with the benefit of SPL and game-related income streams.”

“The payments to HMRC and players/staff salaries are the most important issues in our focus these days where very limited time remains available to the club.

“However, 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.”

The club also owes £15m to Ukio Bankas, which was declared bankrupt this month, although the club’s statement said there is “goodwill with Ukio Bankas”.

The club’s willingness to listen to offers for any of its players may come as a surprise to new signing Danny Wilson, who joined the club two weeks ago, signing a three year contract.

 

 

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