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Nov 8, 2012

Director sure Hearts will be saved

Scottish Premier League club Hearts have been boosted by a director's "confidence" that the club will be saved despite growing financial concern at Tyencastle.

On Wednesday, Hearts were issued with a winding-up order over an outstanding tax bill of almost £450,000, and the club subsequently expressed the need for "emergency backing".

The statement has sparked fears over their future, in particular after Rangers were demoted to the Scottish Third Divison after collapsing under the weight of their debts.

However, after arriving in Edinburgh to try to broker a rescue for the club, director Sergejus Fedotovas told STV: "I don't believe that this is the end of Hearts. I am confident a solution will be found."

Ken Pattullo of Begbies Traynor in Scotland added to Reuters: "The relegation of Rangers has had some impact but lower attendances and falling revenues, especially reducing TV money, has given rise to the distress that has spread across the SPL and divisions one and two."

The club are also contesting a £1.75 million tax bill, reported to relate to the failure to make PAYE and National Insurance payments.

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