Hearts facing more financial problems

Hearts could be facing more financial problems after the Scottish Premier League club admitted that HM Revenue and Customs had begun a process that may force them into administration.

A petition for a ‘wind-up’ action was lodged against the Edinburgh outfit at the Court of Session this week on behalf of HMRC, who are chasing unpaid debts.

Hearts director Sergejus Fedotovas insists his club can meet the payments on time but if they fail to pay up, the action could see them forced to sell assets or even cease trading altogether.

“Hearts has been informed of the petition that has been raised and that came as a surprise as the club has a payment schedule in place with HMRC and this will be met in full and to the agreed timescales,” Fedotovas said.

“The funds are available and sufficient to meet the obligations. We have made excellent progress recently as a club in cutting our costs and reducing our debt while delivering a winning team on the field.

“This will continue to be the case and, with continued effective investment, we are confident in our future direction.”

Were Hearts to go into administration, the club, who are 30 million pounds in debt, would face a 10-point deduction from the Scottish Premier League.

Last season, Hearts twice failed to pay their squad on time, citing technical glitches for the delays.

Former Hearts chairman Lord Foulkes, an MSP, told the Edinburgh Evening News the latest development would “send shivers down the spine” of supporters and would further divide opinion over controversial owner Vladimir Romanov.

He said: “I think Mr Romanov and his colleagues have taken things to the wire before as far as paying bills are concerned.

“So far, the club has survived, but it’s certainly not good for the nerves. Everybody just crosses their fingers and hopes it goes away.”