THE debt burden at Hearts has risen to #5m, according to the club's
annual report, which shows the Tynecastele side made an operating profit
of #469,000 for the year ended May 31.
Chairman Chris Robinson, however, remains confident the club's
fortunes can be turned around, and said the board was ''considering
various options to restructure the club's debt.''
Presenting his first annual report, Robinson said: ''The year under
review was very much one of transition, with the new board assessing the
state of the company and its management.
''It became apparent very early that there were major weaknesses in
financial management and, with the assistance of our auditors,
significant changes were made, including the appointment of Sally
Robinson to oversee finance and administration.
''As shown in the balance sheet, the club's borrowing is a
considerable burden,'' Robinson said. ''The board are, however,
considering various options to restructure the club's debt and allow a
more flexible approach to achieving the objectives of our business
plan.''
The surplus for the last financial year was due to the selling of
players, with a profit of #875,000 made on transfers.
Meanwhile, Alan Lawrence, the Hearts striker, could be in trouble with
the SFA following referee supervisor Kenny Hope's report on an incident
involving the player during Saturday's premier division match against
Rangers, where Lawrence is alleged to have elbowed Craig Moore.
The incident was missed by match officials, but after Hope's report
was received by the SFA, an official said that after comments from
Hearts and Lawrence, the matter will be placed before the disciplinary
committee.
This is the same procedure followed by the SFA on the now notorious
Duncan Ferguson incident.
They also may face problems over Sean Sweeney's clash with Morten
Weighorst in the McDiarmid Park semi-final in Wednesday.
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