{"id":317,"date":"2008-03-28T10:55:47","date_gmt":"2008-03-28T10:55:47","guid":{"rendered":"http:\/\/www.raithtrust.org.uk\/?p=317"},"modified":"2008-06-11T11:23:19","modified_gmt":"2008-06-11T11:23:19","slug":"hearts-spiralling-debt","status":"publish","type":"post","link":"https:\/\/www.raithtrust.org.uk\/?p=317","title":{"rendered":"Hearts&#8217; Spiralling Debt"},"content":{"rendered":"<p>I was browsing a website called <a href=\"http:\/\/www.eufootball.biz\" target=\"_blank\">euFootball.biz<\/a> this morning and found a couple of articles about Hearts.<\/p>\n<p><a href=\"http:\/\/www.eufootball.biz\/Finance\/090207-Hearts-propose-higher-borrowing-limit.html\" target=\"_blank\">The first one<\/a> is from February of last year and announces that the club would be asking shareholders to approve an increase in the board&#8217;s borrowing power, doubling the amount from \u00a320 million to \u00a340 million. Apparently, the club would not be increasing its debt by GBP 20 million but wanted to be able to pay for ground redevelopment, among other things, over the coming years.<\/p>\n<p>The next one is from earlier this week, in advance of the publication of the club&#8217;s accounts for the year ending 31st July 2007 (five months after the motion to increase their borrowing power). It is anticipated that when the accounts are published they would include a record level of debt &#8211; \u00a337 million.<\/p>\n<p>In the meantime, they&#8217;ve sold Craig Gordon, but despite this I am extremely concerned for their future. With their debt accumulating at such a rate the&#8217;ll need to bring in a similar transfer fee every season just to stay where they are.<\/p>\n<p><strong>UPDATE (10th June): <\/strong>Looks like things could take a turn for the worst &#8211; HSBC Invoice Finance have petitioned the courts to wind up Heart of Midlothian PLC (you&#8217;ll need to scroll down a bit to see the reference to their petition) <a target=\"_blank\" href=\"http:\/\/www.scotcourts.gov.uk\/rolls\/supreme\/lists\/r080609_187.htm#motions\">Scottish Courts website<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>I was browsing a website called euFootball.biz this morning and found a couple of articles about Hearts. The first one is from February of last year and announces that the club would be asking shareholders to approve an increase in the board&#8217;s borrowing power, doubling the amount from \u00a320 million&#46;&#46;&#46;<\/p>\n","protected":false},"author":22,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-317","post","type-post","status-publish","format-standard","hentry","category-football-in-general"],"_links":{"self":[{"href":"https:\/\/www.raithtrust.org.uk\/index.php?rest_route=\/wp\/v2\/posts\/317","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.raithtrust.org.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.raithtrust.org.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.raithtrust.org.uk\/index.php?rest_route=\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/www.raithtrust.org.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=317"}],"version-history":[{"count":0,"href":"https:\/\/www.raithtrust.org.uk\/index.php?rest_route=\/wp\/v2\/posts\/317\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.raithtrust.org.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.raithtrust.org.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.raithtrust.org.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}