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Article: Hearts' GBP 5m loss takes debt to GBP 28m

Article from:
The Scotsman
Article date:
February 6, 2007
Author:
Copyright

HEARTS lost more than GBP 5million in the last financial year, taking the club's overall debt to GBP 28.4m, figures released today reveal. The results for the period to 31 July 2006 - Vladimir Romanov's first full year in control at Tynecastle - would have been still worse but for the writing off of GBP 2m of debt by Ukio Banko Investicine Grupe (UBIG), the company controlled by the Lithuanian businessman.

The results, which were posted to shareholders last night, will be discussed at the club's annual general meeting on Tuesday, 27 February. They highlight the increased dependence of Hearts on the continued goodwill of Romanov and UBIG, and show the scale of the task faced by the current ...

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