Hearts Reduces Total Debt By £6m
Scottish Premier League club Hearts has reduced its debt by almost £6m in the last financial year, despite making a pre-tax loss of £3.5m.
The club’s arrears now sit at £30.48m, compared to the previous figure of £36.25m, with pre-tax losses reduced by £8.92m for the year to July 2008.
Staffing costs were reduced by almost £1.2m and a debt-for-equity agreement raised £12m but turnover fell by £1.16m to £9.16m.
The club aim to redevelop its stadium in 2010 – which will increase the capacity to over 20,000 – and hope to complete the work by season 2011/12.
A club spokesman said: ‘Despite the current challenging economic climate, the club views the outlook with cautious optimism based on a continued focus on increasing efficiency by lowering costs, improving results on the field and attracting further commercial partnerships.’
