Cup final crucial to save Hearts, says Fedotovas

By DARREN JOHNSTONE
Published on 31/01/2013 00:54

HEARTS director Sergejus Fedotovas insists the club’s charge to the League Cup final will prove crucial in safeguarding the embattled Tynecastle outfit’s future.

The Gorgie side – £24 million in debt – are in line for an estimated £500,000 windfall after beating Inverness in Saturday’s semi-final to set up a 17 March clash with St Mirren at Hampden.

Hearts’ existence was threatened by a £450,000 winding-up order brought by Her Majesty’s Revenue and Customs and supporters’ fund-raising efforts over a share issue fell about £800,000 short of the £1.79m target. Defender Ryan McGowan’s £400,000 move to China has helped to bridge the £2m funding gap for the season, although Hearts are due to pay the first of three £500,000 instalments to HMRC over a separate tax case in May.

But Fedotovas says reaching Hampden has given Hearts a lifeline. “We are happy and proud that we were able to achieve this important victory,” he said. “People have been working hard this season and it was not easy, but the situation is improving both financially and on the field and we are happy to see first evidence of this.

“With a great optimism, I believe that financial matters can be resolved before the start of the next season, but a lot of work still needs to be done.

“The final will have a good financial boost in terms of the additional revenue that can help to eliminate the remaining funding gap.

“A significant part of the share issue remained unsubscribed, the final can close this gap and I believe this may be an important financial achievement of the season.

“The support of the fans in filling Tynecastle for our remaining home games this season remains a crucial element of our development plan.”