Share issues raises Hearts hopes

PA Sport
Hearts have thanked their fans for their 'immense effort' towards the share-issue scheme
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Hearts have thanked their fans for their 'immense effort' towards the share-issue scheme

Troubled Hearts have raised over £500,000 in three weeks through a share-issue scheme, the Edinburgh club have announced.

The initiative was launched in late October to raise £1.79million in exchange for 10% of the club's shares, with the brochure simultaneously revealing a demand for £1.75m in unpaid tax.

That amount is separate to the £450,000 bill for which Hearts this week negotiated an extension with Her Majesty's Revenue and Customs, delaying a winding-up order which led the club to suggest Saturday's Clydesdale Bank Premier League clash with St Mirren could be the final fixture in their 138-year history.

A statement on Hearts' official website read: "Heart of Midlothian FC can today reveal that more than half a million pounds have been raised by the share issue.

"Just three weeks after the launch of the scheme on Saturday, October 27, the Hearts supporters have sent the total crashing through the £500,000 barrier.

"The immense effort from the fans was instrumental in the club gaining a reprieve from HMRC after the recent winding-up order and ensuring that today's Clydesdale Bank Premier League meeting with St Mirren goes ahead."

A Hearts spokesperson thanked supporters for their backing.

The spokesperson added: "The continued support of the fans is crucial as we attempt to move towards a more stable financial future and to that extent, our focus will remain on the share issue, which runs until December 19.

"This has been a great start to the scheme but it is imperative the supporters don't take anything for granted as there is still a lot of hard work ahead."

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