Hearts have been issued with a winding-up order over an unpaid tax bill of £450,000, but in total The Jambos have generated a debt of over £2 million.
The Scottish club have a week to pay or face being closed down and will be the second team in the SPL in a matter of months to file for bankruptcy following the financial demise of Glasgow Rangers, who were officially liquidated in June.
The board have released a statement urging fans to contribute what they can in order to ensure the club’s survival. One of the initiatives suggested is for investment from supporters into a recently launched share-issue or to buy tickets in advance for future games such as the clash with champions Celtic at Tynecastle on November 27th.
The club’s official website reads: “Without your help now, we could be entering the final days of the club’s existence. There are limited options for the Board of Directors to take to avoid the catastrophic consequences that a funding shortfall would mean for the club.
“The power is still in the hands of every Hearts supporter and for that reason we want to be as honest and transparent with you in the hope that you, too, believe that this club is worth saving.
“Now please make every effort you can to take any or all of the four steps outlined above and help this great sporting institution survive.”
The club will also be hit with a 17 point deduction should they be forced to file for bankruptcy, which would further damage Hearts’ chances of survival.
A journalist for Scottish Newspaper the Daily Record, told talkSPORT this afternoon: “We are in a very, very serious situation with Hearts.
“Hearts have a week to pay the best part of £500,000.
“They don’t have the money to pay, and unless the fans come up with the money the club will close down.
“They have no money to pay for it, it must come from supporters
“It is catastrophic for Scottish football” he added.