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Hearts players take wage cuts, set for redundancy

June 21, 2013

EDINBURGH, Scotland (AP) — Four Hearts players are expected to be made redundant and two others have agreed to take wage cuts in the wake of the Scottish Premier League club falling into bankruptcy protection.

Jamie MacDonald and Ryan Stevenson have accepted an offer proposed by the club to receive reduced salary payments.

Hearts manager Gary Locke says on Friday “it’s a magnificent gesture from the two players and they are the type of players we want at our football club.”

Fourteen members of the administrative staff were laid off on Thursday at the Edinburgh club, which owes 25 million pounds ($39 million) to two Lithuanian companies who used to be controlled by former Hearts owner Vladimir Romanov.

Bryan Jackson, business restructuring partner at financial administrator BDO, says “the truth is that there is no cash and no immediate source of income.”

Hearts will start next season with a 15-point penalty for going into administration.

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