Hearts still battling financially despite supporter backing

Heart of Midlothian director Sergejus Fedotovas has thanked supporters for their input so far but has revealed there is some way to go to ease the financial burden.

Heart of Midlothian director Sergejus Fedotovas has thanked supporters for their input so far but has revealed there is some way to go to ease the financial burden.

The Edinburgh outfit implemented a share issue scheme in order to raise funds required to clear their £450,000 tax bill with Her Majesty’s Revenue and Customs which came with a winding-up order.

Despite the fact things appear to have eased at Tynecastle, Fedotovas says there is a long way to go until the £1.79million the Jambos want sifts through to the club account.

"The effort is outstanding. It's what we were aiming for as it was required to preserve the club,” he told the club’s official website.

"And I need to be clear, we are still trying to reach halfway through what is required. Many important challenges lie ahead. We are still short of covering our wage and tax bill undertakings for the season."

And in regards to the potential leasing of the club from Vladimir Romanov, whose UBIG investment is owed £20m, Fedotovas added: "It depends on the deal. If the buyer is willing to get the club for nothing like the Foundation of Hearts has tried then there should be no expectation of the debt being written off.

"Things may change next year if bidders will reconsider their position or new bidders will emerge, and I know that some people are actively considering things in the background.

"We are working on improving the business of the club to make it more competitive and more attractive to investors."

 
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