Hearts not entering administration

Heart of Midlothian have made it vehemently clear that they are not about to enter into administration.

The Edinburgh club have experienced crippling financial problems of late but have moved to deny claims that they are about to fall over despite being £25million in debt.

It is believed that £15m of that is owed to Lithuanian bank Ukio Bankas and Ukio Bankas Investment Group but the Jambos are standing strong.

"The club has been made aware of rumours concerning possible administration,” read a club statement.

"The club will continue to do everything within its power to trade normally. It should be noted that Hearts has not required or received additional funding from UBIG or Ukio Bankas in over a year and is servicing its existing debt.

"The club is completely up to date with player salaries and taxes and the club continues to head towards operational self-sustainability.

"This has been made possible by reducing operating costs while continuing to focus on increasing revenues through season ticket sales, match ticket sales, merchandise, hospitality and sponsorship.

"While the general economic and Scottish football marketplace conditions remain challenging, Hearts is focussed on meeting its requirements as a business and a football club.

"The club's health and viability continues to be dependent on successful player identification, development and trading, careful cost control and building revenues.

"With the continued support of the Heart of Midlothian fanbase, the club has an opportunity to continue stabilising and then building for the future."

 
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