Scottish football club Hearts can now relax a bit coz its ban has been lifted by Scottish Premier League. Accordingly, they are now free to sign new players with prescribed restrictions. Notably, Hearts was banned from signing any new player citing their inability to pay salary and bonuses to existing players and admin staff. Moreover, even the timing of payment made was arbitrary; hence SPL, then, decided to restrict their powers to sign any new player until they clear all the outstanding payments. Even though, they can now sign new players but there is a catch whereby they can only sign under-21 players that too with a one-in, one-out policy along with a wage restriction to new signees. At the moment, either Hearts has cleared its outstanding or has entered into a settlement with the concerned players; hence they can add new talents into their squad. More importantly, Hearts current undertakings to pay old dues have been written on promissory notes which would be difficult for them … [Read more...]
Hearts finally survive after paying a £450,000 tax bill
Scottish professional football club Hearts has been facing a winding up threat last month when it was slapped with a notice to clear all the HMRC dues worth £450,000 within a prescribed time. The club then raised an alarm and asked each of its stockholders to help it to bring it out of a closure danger. Perhaps, it issued a statement last month that read as, “This isn't a bluff, this isn't scaremongering, this is reality. Without the support of fans there is a real risk that Hearts could possibly play its last game on 17 November.” So, club was at the bank of a closure, but fortunately, it could somehow survive by managing to pay HMRC dues in two installments after reaching an agreement for part payments. First installment has already been paid, and second one is scheduled to be paid today. The big question is; how did it mange to club money in a short span of time despite its miserable balance sheet? Let’s understand how sentimental soccer fans are when it comes to their home … [Read more...]