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Article: Hearts staring at financial black hole Accounts highlight increased total debt of over GBP 36m, but club cannot trade out of loss without Romanov
- 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 extent of Hearts' dependence on the continued goodwill of
Vladimir Romanov has been highlighted by the club's auditors,
Johnston Carmichael, in their report to shareholders on the
financial results for the year ended 31 July, 2007.
The auditors said they were content that the accounts, which
revealed Hearts' total debt to be GBP 36.25million, gave a "true and
fair view of the state of the company's affairs". In a statement
headed "Emphasis of matter - going concern", however, they stressed
there was a doubt over Hearts' ability to keep going as a business
in their own right given the gulf between their debts and their
assets.
"The company [i.e. Heart of Midlothian plc] incurred a net ...