Wednesday 22 November 2017

Troubled Hearts heading for administration

Scottish club Hearts are set to go into administration after falling into financial trouble.

A club spokesman said: "We are not in administration yet but we have served our intention to appoint administrators."

The Scottish Premier League club were faced with a winding-up order last week after the UK tax authorities threatened action over an unpaid £100,000 tax bill, although the majority of that sum has been paid.

But their troubles didn't end there as they were then hit with an immediate transfer embargo by the SPL last Friday after admitting they could not afford to pay their players. The club were already under a temporary signing ban after the league was informed of the tax row.

The SPL took action a mere 24 hours after the club's board released a statement saying they had entered a "critical" stage in their battle to pay off debts of £25m as well as financing taxation and running costs.

The entire squad was put up for sale in a desperate bid to raise the reported £500,000 needed to see the club through to the start of the new season.

The club are now likely to face a 15-point penalty when the new SPL season kicks off on August 3.

Irish Independent

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