Hearts owner Ann Budge has
asked players and staff to take a 50-per-cent wage cut in a desperate
bid to stave off financial meltdown.
understands that the Tynecastle club had been budgeting on a windfall
of up to £1million from their now postponed Scottish Cup semi-final
against Hibernian next month, as well as remaining home gate receipts.
with football on lockdown until further notice because of the
coronavirus crisis, the club has been denied those vital income streams –
forcing Budge to take cost-cutting measures which will send shockwaves
throughout the Scottish game.
She said in a statement: ‘In
order to try to prevent a staff redundancy programme and to protect as
many jobs as possible, I am proposing to implement a club-wide salary
‘We have asked all full-time employees,
managers, coaches, players and player backroom staff, with effect from
the beginning of April, to accept a 50-per-cent cut in their monthly
salary. No one’s full-time salary will fall below the living wage.
other words, if the 50-per- cent reduction would take anyone’s salary
below this threshold, the full-time salary will be set at £18,135.
the uncertainty of the whole situation with which we have been
presented, we cannot say how long these measures will be in place.
will, of course, be continuously reviewing the situation. Staff and
players alike, who feel unable or unwilling to accept this revision to
their contracts, will, of course, be offered the option of contract
Hearts reported staff costs of £8.2million in
their annual report for the year up to June 30, 2019, but that was
before they splashed out on a host of new signings, including
experienced internationals like Conor Washington, Liam Boyce and Steven
Naismith, the latter signing a permanent four-year deal following his
loan spell from Norwich City for the previous 18 months.
sacking Craig Levein last October, they also forked out compensation to
land new boss Daniel Stendel — despite his sacking from Barnsley — and
to allow him to assemble his own backroom team.