Tynecastle future will be big issue at 'low-key' Hearts agm

The club said yesterday that the meeting is expected to be "low-key", with such straightforward motions as re-appointing both Julia Goncaruk and Vitalijus Vasiliauskas as directors included among the points of business. However, Hearts' 105th agm also represents the first opportunity for supporters who are also shareholders to question the club on the stadium plans.

Although the club have stated a preference for re-developing Tynecastle, a proposal to move Hearts from their home since 1886 has been gently introduced in the form of a questionnaire on the Hearts official website.

The club have stressed they hope any new stadium would be within walking distance of the present ground. The club have also stated they have not ruled out staying at Tynecastle, but have briefed supporters' groups on what they believe is the compelling economic case for a move.

Disappointingly, some of the major players won't be present. Major shareholder Vladimir Romanov is not expected to attend, and neither is his son, chairman Roman Romanov, nor Sergejus Fedotovas, another director. Occupying the seats at the top table will be managing director David Southern, Vasiliauskas and finance director Arnoldas Nauseda.

Judging by the response from the questionnaire posted at the beginning of last week, the hottest topic for debate remains the future of Tynecastle. The club has already received more than 7,500 replies and a spokesman yesterday described the response as "largely positive". Supporters have been more amenable to the idea of leaving Tynecastle than they were when then chief executive Chris Robinson attempted to railroad fans into accepting a move to Murrayfield.

"While many would be disappointed to up sticks and leave, they understand there are some compelling reasons to do so," said the spokesman. "They also appreciate being involved in the process. They are happy to be able to give an opinion."

Bill Alves, the chairman of the Hearts shareholders' association, also believes that today's gathering is likely to be "a quiet affair".

Last month Hearts confirmed that they made a profit of just under 40,000 for the year ended 31 July 2010 - the first time they have done so since 2000. Having secured a third-place finish in the SPL, Hearts can also now anticipate some extra revenue from involvement in the Europa League next season, should they negotiate a way through two qualifying rounds.

In addition, Hearts have also been quick out of the blocks when it comes to strengthening ahead of next season. Three new signings have already been unveiled in Danny Grainger, John Sutton and Jamie Hamill.However, there will not will be a chance to ask manager Jim Jefferies about the new trio this afternoon. The manager is not expected to be present.

"David Southern has spoken regularly to the shareholders' association, as did Campbell Ogilvie before him," said Alves. "It's not as if things are building up to have an outburst about at the agm."

Alves agreed that the policy of looking at other stadium options was the right thing to do. He was impressed at the number of replies received so far by the club.

"He (Romanov] has 'forgiven' Hearts some of the debt," added Alves. "That shows his continued support for the club, so there is no controversy there."

It would, however, be a surprise if the shareholders did not ask about further plans to reduce the club's debt which, at its peak, was over 30m. Romanov has previously used two mechanisms to reduce that debt. A debt-for-equity conversion in which his Ukio Bankas company buys newly-created shares, and a so-called forgiveness of debt in which Romanov or Ukio simply writes off some of the money Hearts owe them. Hearts' next set of figures will benefit from the last 10m debt-for-equity conversion carried out by Romanov in September.