22 Jan 2008Hearts set out debt plan

Heart of Midlothian hope to be debt free within the next 15 to 20 years.

The club's deputy chief executive Pedro Lopez made the revelation after a planning permission application for a new stadium was submitted on January 17th.

Hearts are embarking on a £51 million project to rebuild their 122-year-old Tynecastle home, with much of the money being borrowed.

However, Mr Lopez is hoping that the change will make the club more "financially viable and independent".

"We would like to see that [the debt be eliminated] in 15 years, maybe 20," he told the Scotsman.

"You need to bear in mind that this development, one is the stand and one is the building in front. With the building in front we will have partners so that debt won't be £51 million. It will also help bring extra revenue to the club. The stand will enhance economical opportunities.

"We have done our numbers and the revenue will be generated to serve the long-term and drive investment to the squad. It should be able, over a period of time, to write off the debt we have at the moment, not increase [it]," continued Mr Lopez.

It is estimated that Hearts will benefit from ticket revenues of £2.5 million per season, along with revenue from 20 executive boxes once the new stadium is built.

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