BDO, who are joint administrators of Scottish football club Hearts, have made 14 redundancies among administrative staff and are warning of further job losses among the playing squad unless fans can be persuaded to show their support by buying season tickets.
Bryan Jackson, business restructuring partner with BDO, said nine full time and five part time staff had lost their jobs, while four players are also likely to be made redundant. He said the moves were essential in order to reduce costs at the club, which has collapsed with £25m of debt.
Describing the choices facing Hearts as 'stark', Jackson said the club could only be saved if the fans become involved, as there is no cash and no immediate source of income for the Scottish Premier League side.
He said Hearts sold 10,000 season tickets last year, and has already sold 7,000 for the coming season, which will be honoured by the administrators. If a further 3000 season tickets are sold within the next 14 days, Jackson calculates the club will have sufficient funds to last the next four months and retain the remainder of the playing squad.
'I guarantee that this money will be used solely to fund wages and for the continued running of the club. This gives the fans, who I know have given repeatedly to the club over the last few years, the chance to be directly involved in saving their club, and it will make the team a more attractive proposition for any potential buyers' Jackson said.
Jackson said the cashflow from the cost cutting and season ticket sales will provide enough time for interested parties to approach the administration to prepare for the implementation of a Creditors Voluntary Arrangement (CVA), but urged fans and the local community to take action to raise funds.
'We need the community and the city to immediately get involved in keeping Hearts alive as time is not on our side. The fact is the appointment of an administrator is only the start of the process to keep Hearts going and without the fans' support the future of this club hangs in the balance,' Jackson said.
