Hearts end year in profit, despite legal costs from SPFL battle
- Published
Hearts are second in the Scottish Championship after five games
Hearts ended the year to June in profit, despite their legal battle with the SPFL costing almost £650,000.
In the club's accounts for the year to 30 June, Hearts say, external they had "exceptional legal fees" of £646,000.
After the 2019-20 Scottish Premiership season was curtailed, Hearts were relegated - a move the club challenged unsuccessfully at the Court of Session.
Donations of more than £3.7m allowed the Tynecastle outfit to turn a £473,000 profit.
Benefactors contributed £3m, with fans group the Foundation of Hearts donating £700,000.
"In the interests of openness, fairness and integrity, simply to accept this decision, was never an option," said Hearts owner Ann Budge of the club's relegation.
"The legal costs have been carried in full in the 2019-20 accounts. Further financial implications of relegation will require to be borne both in this current year and beyond."
Turnover was down £2.5m to £12m due to the impact of Covid-19. Other notable sums include a gain of £340,000 on the sale of players but these figures do not include the transfer of Aaron Hickey to Bologna in September.
The club say that effectively only eight months of trading took place but they, like all businesses, had 12 months of costs and Hearts have indicated the implications of relegation with be felt in the current financial year and beyond.
Hearts' annual general meeting will take place on 17 December but due to coronavirus restrictions will be closed with shareholders encouraged to submit questions to the board in writing prior to the event.