Hearts announce profit of £2.3 million

Hearts have announced a profit of £2.3 million for the financial year ending June 2017 despite spending £6.9 million on the redevelopment of Tynecastle Park.

Hearts announced a profit of £2.3m

The club have released their accounts to shareholders ahead of their 111th annual meeting on 11 December and the positive figures are owed largely to an ‘exceptional donation’ of £2.5 million from an unnamed benefactor, which was put towards the construction costs of the new main stand.

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There is a commitment to spend another £5.9 million and, with owner Ann Budge revealing that the project was expected to run over-budget, accounts show that Hearts have also secured a bank loan of £1.75 million which they can utilise if necessary.

Supporters group Foundation of Hearts also contributed £1.5 million to the cost of the main stand in the last financial year.

Hearts managed to increase turnover by £1.3 million, with season ticket sales being one of the main factors in the increase according to the report.