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Hearts underlying business is loss making

Hearts have announced their financial results. Income was up 8% mainly to higher matchday receipts. This is still some way behind Celtic and Rangers but ahead of Hibs.

Kieran Maguire of the PriceofFootball notes, 'Hearts income breakdown shows the relative poverty of TV income compared to England, where over half of EPL clubs generate more than 80% of their money from broadcasters.'

Hearts wages were up 19% to over £7 million, subsidised by a mysterious benefactor who donated £1m towards wages. Hearts underlying business is loss making, reliant on donations and player sales to turn losses into break even. On top of the wages donation there have been mysterious benefactor payments of £4.5 million over last 2 years to help fund stadium expansion.

Hearts have spent just over £1 million on players over last six years, and sold players for three times that to make ends meet.

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  1. Boltzmann's Brain15 November 2018 at 06:54

    Mysterious payments? Have you not heard of the foundation of hearts?

    ReplyDelete

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