Hearts - Football Finances
For many people the only time they hear about their club’s finances are once a year when the official financial results are announced. They don’t particularly understand, and aren’t really bothered unless something is very bad, or very good. The explanations on these site has generally been to just give people a bit more insight into what has been going on.
Hearts are different. This is a team where everyone talks about their financial position. Hearts fans because they keep hearing bad tales, everyone else as they want to make fun on their Hearts pals.
The aim of this site is to present to you the financial results in words that we can all understand. All the numbers quoted about the club have come from the club's own accounts. If a mistake has been made in this, and you spot it, then PLEASE let us know, the aim is to be as honest as can be. If you have more accurate information then please get in touch.
Also if you have any suggestions on what else should or could be looked at please get in touch. The intention of these pages is not to try and influence your opinion on the way the club has been run, just to give you the facts, and let you draw your own conclusions.
The long term viability of the club is addressed by the auditors since 2006 by saying that the huge liabilities with the huge annual losses prompted the auditors to state these " .... indicate an existence of a material uncertainty which may cast significant doubt about the Company's ability to continue as a going concern".
It is fair to say that Hearts are run to a different business model from any other UK side. There is a total dependence to the banks that are under the control of the Romanovs. The club loses huge sums of money every season, it pays it players double what the club income suggests is affordable. It has huge interest payments on its huge debts. Without the unquestioning backing of the Romanovs the club would go bust. That they are responsible for the debts doesn't make the situation any better.