Kieran Maguire: Hearts finances assessed

Credit: Paul Henery


Hearts total income down 16% with all key elements of revenue falling, especially broadcast, down by a third.

Wage Bill

Despite the shortened season Hearts wage bill up 7%. Way behind Rangers and Celtic but still the 4th highest in Scotland.


Hearts lost £70k a week throughout 2019/20 from day to day operations. Donations and player sales offset these losses.

Wage to income ratio

Hearts spent £72 on wages for every £100 of revenue in 2020. Would have been lower without Covid-19. Reasonable by SPFL standards.

Published by The Baron

I write about football finance, and listen to music that was last popular in the 1980's.

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