Hearts Reports Financial Loss Despite Increased Turnover
Hearts Football Club has reported a net operating loss of £400,000 for the year ending June 30, despite an increase in turnover, participation in European football, and profits from player trading.
On June 25, Brighton owner Tony Bloom acquired a 29% stake in Hearts for nearly £10 million. The club noted that this investment is reflected in the balance sheet rather than the profit and loss account.
Additionally, the club stated that "income was further bolstered by total donations from benefactors and the Foundation of Hearts of just under £6 million." The annual accounts indicate a financial year loss of nearly £2 million.
Hearts explained, "The aforementioned investment, combined with the financial impact of poor on-pitch performance during the 2024-25 campaign and ongoing inflationary pressures seen across the industry and economy, contributed to a net operating loss (after including £1.3 million of player trading gains) of £0.4 million." This figure reflects an improvement from the previous year's loss of £1.2 million.
The club's balance sheet remains robust, with net assets totaling £27.6 million at the end of the year, bolstered by Bloom's investment completed in June 2025.
Turnover rose by 21% to over £24 million, with the club indicating a significant increase in gains from changes to the men's squad. Notable player sales during the accounting period included Alex Cochrane and Kye Rowles, with fees undisclosed. Loans increased from £3.42 million to £5.17 million.
Under the management of Steven Naismith and later Neil Critchley, Hearts participated in European fixtures last season, playing six matches in the Conference League during the autumn of 2024. The team exited the competition at the league phase and finished seventh in the Scottish Premiership.
Critchley was dismissed near the end of last season, and Derek McInnes has been appointed as his successor, currently leading a team that is nine points clear at the top of the Scottish Premiership.
In the SWPL, Eva Olid's Hearts women finished fifth last season.
Hearts will hold its annual general meeting on December 4, where chair Ann Budge will step down to be succeeded by Edinburgh-based businessman Callum Paterson.
