Hearts slash budget for new stand to £10m-£15m

HEARTS have told supporters that any new stand will have to be built on a budget of between £10million and £15m, after admitting that their initial £50m redevelopment plans for Tynecastle and the surrounding area were too ambitious.

While the club remain on course to build an 11,000-capacity main stand in Gorgie, their plans for a hotel, office buildings, gym, residential apartments and conferencing facilities have had to be shelved due to the current financial climate.

Tynecastle director Vitalijus Vasiliauskas said: "During the last year we have been changing the existing plan. It was maybe a bit too ambitious to build such a big development that cost 50m, and the current financial climate helped us to make a decision. We're willing to build only a stand with hospitality areas.

"We are willing to create a new scheme in the near future without the commercial development. We are reducing our budget dramatically, it will be about 10m to 15m to build instead of the previous 50m."

Meanwhile, fellow director Sergejus Fedotovas admitted during a meeting with season-ticket holders at Tynecastle that club owner Vladimir Romanov would be open to new investment.

Insisting that Romanov is at Hearts for the long haul, Fedotovas said: "As long as any proposal can benefit the club then we'll discuss it. We have never said that we don't want to speak to anybody but we're also comfortable and happy, as are the shareholders of this club, that we will stay here and develop this club.

"We work with many companies and individuals on a regular basis and if people want to contribute, then I am sure there would be opportunities where we could work together."