Hearts record £2.4m loss in Bloom's first year

What the report says

Heart of Midlothian have reported a £2.4m loss for the year ending 30 June, covering the first 12 months of Brighton owner Tony Bloom’s involvement with the Scottish Premiership club. The accounts show turnover of more than £23m, which the club says is a record for a season without European competition.

The Edinburgh club said Bloom invested £10m for a 29% non-voting stake, with the intention of supporting recruitment through his Jamestown Analytics network. Hearts also said they recorded £1.8m in player-trading gains, while spending £7.8m on signings during the period. The club’s statement said the deficit reflected a deliberate choice to strengthen the squad from a financially secure position.

Hearts said like-for-like revenue rose 20%, with sponsorship and advertising income up 37% and retail and hospitality income up 17%. They also noted continued support from benefactors and Foundation of Hearts members, including £1.49m from the latter. The club said Bloom’s equity investment improves the balance sheet rather than counting as income in the profit and loss account.

The club added that it expects a stronger set of accounts next time, helped by a return to European league-phase football and further player trading. Hearts said net assets stood at £20.3m at the year end and that discussions about further investment are ongoing.