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Audit questions Hearts ability to function
Scotland - 02 April, 2008
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Scottish Hearts had its debt rise to GBP 36.25 million, making the club's auditor question whether the club can continue without help.
The Ukio group, which owns the club, and owner Vladimir Romanov have stable financial footing. But looking at Heart of Midlothian plc rather than the ownership group or owner, Johnston Carmichael said there was a major gap between debts and assets.
"These conditions indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a concern," read the audit.
Ukio has interests beyond the club, meaning if it runs into any hassles the club could suffer with it.
The Ukio group, which owns the club, and owner Vladimir Romanov have stable financial footing. But looking at Heart of Midlothian plc rather than the ownership group or owner, Johnston Carmichael said there was a major gap between debts and assets.
"These conditions indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a concern," read the audit.
Ukio has interests beyond the club, meaning if it runs into any hassles the club could suffer with it.
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