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Article: Doubt over viability of Hearts warn accountants
- Article from:
- The Scotsman
- Article date:
- April 1, 2008
- Author:
CopyrightCopyright 2008 The Scotsman. Provided by ProQuest LLC. (Hide copyright information)
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THE size of the financial black hole into which Hearts are
staring has been made plain by the club's auditors in their report
on the annual accounts. Commenting on figures which saw Hearts' debt
rise to GBP 36.25million, Johnston Carmichael questioned the club's
ability to keep going under its own steam.
Hearts are financed by their majority shareholder, Vladimir
Romanov, through the Ukio Bankas group of which they are now part.
However, looking purely at Heart of Midlothian plc rather than at
the group as a whole, Johnston Carmichael highlighted the gulf
between the company's record debt and its assets.
"The company incurred a net loss of GBP 12.447m during the year
ended 31 July 2007," ...