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Hearts debts mount

Source: Daily Graphic

Accra Hearts of Oak Sporting Club last season attracted a debt of GH¢5,542635 adding to the club’s already existing huge debt stock.

Despite the sombre picture painted last Friday at the club’s Annual General Meeting (AGM) held in Accra, the club’s board chairman, Togbe Afede XIV, insisted the club would continue to float its shares on the Stock Market to attract investors.

Noting that the Phobians had a troubled Premier League campaign last season, Togbe Afede XIV said “we were inconsistent in our matches, did not fare well in the FA Cup and our newly recruited players failed to make any impact thus resulting in the club losing significant amount of money”.

The Hearts chief said he expected a very competitive Hearts in the 2013/2014 season and was upbeat about the club’s potential to boost revenue through sponsorships, enhance ticket sales, and the sale of merchandise.

“The club will also pursue aggressive marketing and promotional campaigns, revenue mobilisation via our online platforms and the Hearts News, our official newspaper publication,” he told the gathering.

He also disclosed that the club would institute monthly and annual awards scheme to reward deserving players and technical team members as a motivational package.

On infrastructure, the Hearts board chairman announced that the construction of a Players’ Hostel at Pobiman and a second hostel for the intended Hearts Youth Academy would all begin next year.

“We will wall the club’s land at Pobiman,” he stated to an applause from members.

The Managing Director of the club, Neil Armstrong-Mortagbe, disclosed that the club would revamp its operations, starting with the improvement of administrative systems, communication, marketing and merchandising.

“By the end of next season we envisage a significant improvement in our brand perception and image that should bring us lucrative sponsorships both locally and internationally’’, he stated. Present at the meeting were some board members, including Frank Nelson Nwokolo and Ms Ivy Heward-Mills.