Hearts to reveal massive GHC 21m debt at AGM

Togbe Afede XIV is set to announce to Hearts of Oak shareholders of the club’s indebtedness in excess of a whooping GHC21m (about US$4.3).

The club has called its shareholders to its Annual General Meeting (AGM) on Wednesday.

At this forum, the Chief of the Asogli state who doubles of the Chairman will reveal the club’s massive indebtedness.

Sources have told FootballMadeInGhana.com a whooping GHC21m is owed Togbe Afede XIV.

Togbe Afede XIV who is also the President of the National House of Chiefs emerged the majority shareholder of Hearts of Oak in its maiden rights issue almost a decade ago.

The club has since not won a major silverware despite the constant investments into the club most of which goes into recurrent expenditure.

The bulk of Hearts of Oak’s debt over the reign of Togbe Afede XIV has gone into purchase of players in the transfer market, payment of salaries, bonuses, administrative costs, and minimal infrastructural investment.

Profits were not recorded over Hearts’ fiscal year despite the sale of Winful Cobbinah.

The AGM on Wednesday is also aimed at securing the mandate from shareholders for another rights issue with the audacious target of raising Ghc 30m (US$6.2).