4 May 2010Heart of Midlothian debts increase

Football Clubs News | Football Finance News

Scottish Premier League club Heart of Midlothian have announced that their debts climbed to £34.8 million in the year up to July 2009.

Although the side made a player sales profit of £1.8 million after the sale of skipper Christophe Berra to Wolverhampton Wanderers, manager Jim Jeffries has been warned that he must continue to reduce the wage bill to get their finances back on track.

Following the results' publication, a spokesperson said: "We are heading in the right direction with regards to increasing operational efficiency and we are looking to the future with cautious optimism."

Despite an overall increase in arrears of £4 million, the Tynecastle team managed to cut their operating losses to £8.6 million from £11.2 million the year before. It is believed Heart of Midlothian are considering another funding for equity agreement to further slash their debts.

Top flight rivals Rangers also have significant financial worries, with boss Walter Smith warning that investment is required if they are to win a third consecutive league title next season.

Written by Tom Jenkins

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