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SBD Global/December 4, 2012/FranchisesPrint All
Scottish Premier League club Heart of Midlothian was due to pay off the £450,000 ($724,635) tax bill, which at one stage "threatened to put the club out of business," according to Barry Anderson of the SCOTSMAN. The final instalment was due Monday, and club officials "were set to process the money" Monday morning. That news will be a "small consolation" for supporters after the club's 1-0 defeat by Hibs over the weekend. Manager John McGlynn afterward underlined that the priority was for his club to survive its current financial problems, which intensified last month with a winding-up order over unpaid value added taxes (VAT) and pay-as-you-earn (PAYE) taxes. Initially, the cash was to be paid within eight days "until a payment plan was agreed" stating the bill must be cleared by close of business Monday. Hearts are "now in a position to settle" after receiving £300,000 ($483,090) from Rangers on Friday as part of David Templeton’s transfer to the team in August. Fans have also "raised more than £700,000 ($1.1M) through a share issue" (SCOTSMAN, 12/3).