Financial fears for McGlynn

  • Last Updated: February 22 2013, 7:43 GMT

Hearts boss John McGlynn has warned the Clydesdale Bank Premier League club could yet face serious financial concerns come the summer.

McGlynn has warned that Hearts could face serious financial concerns
McGlynn has warned that Hearts could face serious financial concerns

The Edinburgh outfit were forced to turn to their supporters late last year by way of a share issue after HMRC issued them with a winding-up order over an unpaid £450,000 tax bill and warned of further action on another due sum totalling £1.75million.

Supporters came up with £1.79million to ease their woes slightly but salary burdens and cash-flow problems mean the club still faces an income shortfall somewhere in the region of £2million.

Meanwhile, fresh concerns have been raised after club owner Vladimir Romanov's Lithuanian bank Ukio Bankas went into administration last week.

McGlynn was this week forced to allow winger Andy Driver to join MLS outfit Houston Dynamo in a bid to lessen the pressure on his wage bill.

The manager expects more players to leave in the summer, but is not sure the picture will get much brighter.

He said: "The fans were magnificent through the share issue and we raised a lot of money and I think maybe everyone thought that was okay.

"I think we are still going to get over the finishing line at the end of the season - but we'll probably limp over the finishing line if we're fortunate.

"People have to realise we still have serious issues here that are nothing to do with Ukio Bankas or UBIG. We're just looking to get to the end of the season and no more probably."


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