Hearts explains financial situation

Accra, March 11, GNA - The Management Board of Accra Hearts of Oak Sporting Club has explained the reasons behind the club's current financial crisis which has resulted in the recent streak of poor performances, player revolt and absenteeism.

Speaking at press a conference in Accra on Friday, Mr Clement Dodoo, Management Member in charge of Finance of the Club said as at now the club has amounts of about 400,000 dollars spread across the corridors of the Confederation of Africa Football (CAF), Ministry of Youth and Sports, Ghana Football Association (GFA) and other organisations which yet to be paid into their coffers.

Mr Dodoo said this has been the main reason behind the financial crisis that the club is involved in presently, adding that, "things would have been far better if the Club was able to lay hands on even half of the money".

According to Mr Dodoo, the Club is yet to receive the prize money of 250,000 dollars from CAF for winning the 2004 Confederation Cup as well as 22.5 percent of money accrued from Television rights sold on the competition.

Mr Dodoo said the Club is also expecting 25 per cent of the gate proceeds generated from the Super Cup match against Enyimba International Club of Nigeria.

Hearts is also expecting 7,500 dollars from the GFA for the transfer of Sammy Adjei to Tunisian side, Club Africain since the Club overpaid the FA to secure the International Transfer Certificate (ITC).

He added that the Ministry of Education and Sports is yet to pay the Club a compensation of 40,000 dollars as a result of the re-scheduling of the Confederation Cup final match against Kumasi Asante Kotoko due to the 2004 General Elections.

Mr Dodoo said the Club has also an outstanding 90,000 dollars from the onward transfer of Charles Taylor to a Tunisian club by Kotoko which is pending before the court of law.

He said the Club would fulfil all its financial obligations if it was able to recoup all the moneys outlined.

The Management Member made it clear that the Club is not indebted to the players in terms of salaries and bonuses and that they are only in areas to the players on the 50,000 dollars promised the players from the prize money of the Confederation Cup Competition.

Mr Dodoo explained that besides that, Management had forwarded a donation of 10,000 dollars to the players as well as 30 million cedis out of the 50 million cedis donation made by some loyal fans to the Club for winning the Cup.

He said the Management Board has not in anyway benefited financially from the Club and objected to the allegations that they were misapplying the funds of the Club.

"Since 1999, no Management Member has taken per diem from the coffers of the Club but we rather put in our monies", he added.