Hearts sugar daddy may not be so sweet with failure

HEARTS supporters would be well advised to wipe entirely the many of Vladimir Romanov's pronouncements from their memories. That way, it is possible for them to banish any concerns that the man with sole ownership of their club might just be a little unhinged.

Into the pretend-he-never-said that bracket can be placed the Lithuanian banker's comment last October that "quicker than three years" Hearts would be where "to come back without the [Champions League] trophy would be shameful".

Yet, the Tynecastle faithful must hope that Romanov wasn't playing funny beggars when, later in the same interview, he stated: "I could spend 500m and beat Chelsea, but any fool could win by spending that. But by spending a tenth of that amount? Then you've got something to talk about."

For, at the current rate of outlay, and assuming his Panglossian vision is misplaced, Romanov's pet project could well eat up a fair chunk of 50m inside five years... if he is willing to let it. In paying win bonuses in the region of 1,500 and lavishing five-figure weekly salaries on an increasing number of players, Hearts do now rival the Glasgow clubs in certain aspects. But with turnover and gate receipts around a quarter of the big two, the Edinburgh club are attempting to sustain a wage bill that is creeping towards half of Rangers' entire player spend.

Of course, Hearts' financial figures may not need to add up because of Romanov's estimated personal wealth of 300m. Yet the owner has privately expressed disquiet over the club's fiscal health if entry to the Champions League group stages is not achieved this season. That pursuit has become an absolute necessity to some of his Hearts associates. They fear his desire to dish out on the club could diminish if his munificence does not continue to make major, lasting, shifts in the Scottish football order.

Hearts' accounts for the year ending July 2006 need not be published until May 2007 because of the club's delisting from the Stock Exchange that followed Romanov increasing his shareholding to 80%. They are expected to show that player costs this season have risen by between 5m and 7m as the senior squad has swelled to 35; even with nine, tax-saving, loan deals involving Romanov-sponsored club FC Kaunas.

If Hearts hold off Rangers for second spot in the SPL, and if they then come through one, or possibly two, qualifiers as an unseeded team who could be drawn against such as Arsenal, they could realistically expect to make no more 7m from competing in the group stages. Essentially, then, they have already spent the hoped-for Champions League earnings merely to assemble a side capably of taking them there.

Hearts would argue that the reputed 15,000-a-week contract signed recently by Craig Gordon, and the alleged 10,000-a-week take-home pay of such as Takis Fyssas, Edgaras Jankauskas and Mirsad Beslija, can ensure that they remain competitive as never before against the Old Firm, and therefore continue to increase both revenue and profile. Yet, although the Gorgie club this season can boast a 66% rise in season ticket sales, a 39% increase in attendances and a 61% increase in retail sales, these will translate into 1.5m; a further 750,000 the likely reward for expected Scottish Cup success.

Construction of a new main stand will raise the Tynecastle limit to 25,000 and could potentially increase income by 3m a season. Redevelopment will begin later this year, and, while it is on-going, rental of Murrayfield could more than offset any reduction in gate revenue. Yet the new build initially will be one more drain on a club with a debt already nudging 24m.

"Until we know how Hearts is being funded and whether additional sums are being lodged by Vladimir Romanov, it is difficult to consider the outlook for Hearts," says David Glen, author of PricewaterhouseCoopers' review of Scottish football's finances. "Only when the figures for the year ending July 2006 are published will we have a true picture of the Romanov era. Certainly, though, if the reports over players' contracts such as that given to Craig Gordon are on the mark, we are seeing a club outside of the Old Firm invest in footballers' salaries as never before.

"Hearts' lost 2.7m in their last published accounts, despite reducing the wage bill by 500,000 to leave it sitting at around 3.1m. If they are speculating to accumulate to the tune of pushing their player costs nearer the 10m mark - as has been suggested - then there is no way they can begin these. The challenge to recoup them, and do so consistently, is for Hearts to be reaching the group stages of the Champions Leagues every year. It is a tricky game to play."

Especially since, short of Romanov investing his 50m kitty every other year, he cannot wipe out the natural financial advantages the Old Firm hold over Hearts because of stadium size, support and brand appeal. If next season Celtic build on their achievements in a transitional period and Rangers prove resurgent under Paul Le Guen, Hearts, although currently appearing strong, could be left with too much ground to make up even to compete for the runners-up position in the Premierleague. If that persists for the next few years and Romanov becomes disaffected, former Hibernian stalwart Jackie McNamara is fearful over the possible outcome.

"Football supporters can be blinded and Hearts fans might think everything is great but the bigger picture might be different," he says. "That's the worry because we need a Heart of Midlothian - they're a famous name and football club and we don't want administrators.

"If winning a trophy means going 20m in debt, I wouldn't like to see us [Hibs] going that way because it could cost Hearts their existence. We were nearly there in the Wallace Mercer era. Look at clubs where things have gone out of control - Dundee, Livingston, Dunfermline and Motherwell. Fans' expectation levels are unbelievable. I just can't believe some of the wages being paid, it's going to cause problems." It will cause problems at Hearts only if Romanov decides he no longer wants to pay them.