Hearts announce profit of £2.3 million
Hearts have announced a profit of £2.3 million for the financial year ending June 2017 despite spending £6.9 million on the redevelopment of Tynecastle Park.
The club have released their accounts to shareholders ahead of their 111th annual meeting on 11 December and the positive figures are owed largely to an ‘exceptional donation’ of £2.5 million from an unnamed benefactor, which was put towards the construction costs of the new main stand.
There is a commitment to spend another £5.9 million and, with owner Ann Budge revealing that the project was expected to run over-budget, accounts show that Hearts have also secured a bank loan of £1.75 million which they can utilise if necessary.
Supporters group Foundation of Hearts also contributed £1.5 million to the cost of the main stand in the last financial year.
Hearts managed to increase turnover by £1.3 million, with season ticket sales being one of the main factors in the increase according to the report.