Future of Hearts is in hands of the fans

Following Gary Naysmith's transfer and the four-goal defeat to derby rivals Hibernian, Hearts fans have been looking for a scapegoat. The sacking of Jim Jefferies was not what they expected, but perhaps the anti-board protesters are misguided.

Wallace Mercer was no fool selling out to Chris Robinson and his consortium in 1995, the year that coincided with the Bosman ruling. Wage growth, in line with other Scottish Premier League clubs, was set to take off at Tynecastle, as witnessed by the #1.1 million increase between 1998 and 1999. Little change is expected this year, despite the recent departures of playing staff.

The Robinson consortium has been drowned by this tide of excess wage costs and it is hard to image anything it could have structurally altered to change this. Hearts' wage bill is the largest in the SPL, excluding the Old Firm.Whether the right personnel are - or were - employed is a matter for the playing management, not the financial management.

It is possible to compare the club with Celtic, where much was made of Fergus McCann's financial contribution, although another factor was just as important in returning the club to a more secure financial footing - the fans. With the stadium full to its 60,000 capacity at most home games, Celtic, in theory, enjoys gate receipts of #1.1m per home game. This can be compared to Hearts' average gate receipts of #240,000 per home game. If this is taken over 18 home games, the difference is around #15.5m per year - about the sum spent at Parkhead on transfers last year.

Hearts' 1998/99 wage bill of #4,830,000 was not fully covered by gate receipts of #4,374,000, the gap being plugged by shirt sales and media rights. Given the cash shortage, there is obviously no room for investment by the club. The average 4000 empty seats at Tynecastle every home game rob the club of some #1.22 million per season. This is more than enough to match the increase in wages of McCann, Naysmith, Ritchie and Weir.

Hearts fans looking for an answer to the current crisis should look closer to home. The greatest problem has been a lack of support for the club in recent years.

John Moore is senior portfolio manager and football specialist with Bell Lawrie White

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