Hearts are safe from liquidation as share issue raises £1 million

By BARRY ANDERSON
Published on 20/12/2012 12:05

HEARTS director Sergejus Fedotovas today announced that the threat of liquidation no longer hangs over Tynecastle after more than £1million was raised through the club’s share issue.

The Lithuanian thanked 
supporters for a phenomenal effort, which took the final total beyond £1m following a late surge in sales of shares this week. The offer closed at 5pm yesterday, with Hearts reporting a seven-figure sum after 
an astonishing rally from fans.

Fedotovas said he had never encountered such a level of commitment from football fans before. Thanks to more than 4000 people who bought shares, Hearts are no longer in danger of going bust – as had been the case just a few weeks ago when Her Majesty’s Revenue and Customs lodged a winding up order against the club over unpaid tax. More than 50 per cent of shares offered have been taken up and, although Hearts’ initial aim was to raise £1.79m, the fact they have surpassed £1m is being considered a huge success.

“Despite the good effort, we will still be facing a funding gap until the end of the season, but this is significantly smaller than it was in the beginning,” said Fedotovas, speaking

exclusively to the Evening News. “All the dangers of liquidation are in the past. Now we can work forward with confidence and look to achieve good

financial results for the club.

“We are looking into the

future and, if fans continue to support the club and continue coming to games, that will be enough to see the club to

financial stability.

“We have been able to raise over £1 million. We regard this as a good foundation for the future and it helps us save the club at a difficult time. It

provides us funding required for the immediate short term.”

Last weekend, the total raised from shares was just over £800,000. A late surge in sales brought the figure over the £1m mark and Fedotovas admitted being astounded by supporters’ dedication to the cause.

“The right words are not available to thank the fans for their efforts,” he continued. “I believe over 4000 people have bought shares. Obviously, many more have helped in buying tickets for games and raising funds in other ways. We are really grateful to all of them.

“We will be looking to mark the efforts of the fans, either on the internet or somewhere at Tynecastle.

“I have definitely never experienced anything resembling this, the way the Hearts supporters have received the call and reacted to important things happening to the club.

“Obviously, I’m surprised that not a lot of wealthy businesses have been responsive to the share offer. Most of the donations were just small donations from simple fans. That shows we have a good core support which is really responsive to the situation.”