Hearts reduce debt despite £681k operating loss

Picture: Greg Macvean
Picture: Greg Macvean
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Hearts have announced a £681,000 operating loss for the financial year ending June 2015, but have still managed to reduce their debt by over £1.5 million.

The club released their accounts to shareholders yesterday. Despite playing in the Championship, turnover was up £500,000 to £7 million.

The substantial £900,000 increase in staff costs was anticipated after then manager Gary Locke was left with a skeleton squad made up mainly of youngsters during season 2013/14.

Meanwhile, former Rangers striker Jon Daly is to become Hearts’ new under-20 coach in January when his contract at Raith Rovers expires.