New stadium will bring large debt to Hearts

The end cost for a new Scottish Heart of Midlothian main stand might be a debt that could top GBP 80 million for the club.

Hearts already has a debt pushing GBP 28 million, and the estimated cost of the new stand is GBP 51 million, putting the club extremely close to the 80-million mark.

The club is testing to see how mush external investment help it can get, but it will push on with an attempt to raise Tynecastle capacity to 23,000.

"Fifty-one million pounds is a big sum, but we already have funding in place for that from mainly UBIG, and this is not a problem for us," said Pedro Lopez, the club's deputy chief executive officer. "Of course, the vision for this club is to be self-sufficient and self-funding in the future. That's why we are investing in facilities and the playing squad – so the team can succeed on its own and not depend on the funder all the time."

With planning approval, which the club will submit in October, the new layout would feature a two-tiered main stand with 10,000 people apiece having seats in each tier. Included are 25 hospitality suites, two members' lounges and conference and dining facilities for up to 1,000 people.

In front of the main stand, a new building will house a hotel, club store, restaurant and gym. The pitch itself will be molded into meeting UEFA requirements.

The opening is set for the 2010-2011 season. In four years time, Lopez said the club wants to look at a 40,000-seat stadium, which would up the cost to GBP 120 million.

Source: euFootball.BIZ © Copyright 2006 - All rights reserved.