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SBD Global/December 21, 2012/Finance
Hearts Share Issue Raises More than $1.6M, Saves Club From Liquidation
Published December 21, 2012
UNKNOWN PLANS: In Edinburgh, Stuart Bathgate noted it remains to be seen how Hearts Owner Vladimir Romanov "interprets the uptake of shares." However, it is already clear that without the money raised, the club "would have been in a severe, possibly terminal, position." Romanov, who put Hearts up for sale late last year, has "appeared to be increasingly unable to fund the club as a going concern." As a result, it is "uncertain where Hearts will find the half-million due next spring." However, the money "raised by fans has taken them a large part of the way toward meeting their running costs for the rest of the season." In spite of the "remarkable amount" that has been raised, Romanov has "yet to clarify his plans in the longer term." The share offer document said Hearts’ directors are “committed to the development of a state-of-the-art football stadium befitting of a top European club.” However, with Romanov still committed to selling, there is "no realistic prospect of such a development taking place soon" (SCOTSMAN, 12/20).