SNS Hearts reported a loss of £4.4 million for the year ending June 30, attributed mainly to depreciation and rising staff costs despite increased commercial revenues.
Despite not participating in European group stage football this season, Hearts managed to maintain turnover above £20 million for the second consecutive year.
Hearts' financial situation has led to taking out a £7 million loan, set to be paid back over 10 years, to manage existing debts.
Following a challenging start to the season, the appointment of Neil Critchley has reportedly improved team performance, marking two victories in the Conference League.
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