Hearts well short of shares target, says Sergejus Fedotovas

Hearts director Sergejus Fedotovas has revealed the club are "well short" of meeting the target of the share issue launched in October.

The club are facing predicted a 拢2m shortfall for the season and are hoping to raise 拢1.79m through selling shares.

Fedotovas described the 拢750,000 raised so far as "a great effort".

"We have to look at reaching 拢1m now. That is the next target and I think it is one that is realistic and achievable," he told Hearts' website.

"We are still well short of reaching the target which was set at the launch of the share issue.

"There will be consequences if we fail to hit that target."

to bridge the predicted shortfall but the club have agreed to pay 拢1.5m to HM Revenue and Customs over a three-year period following a 拢1.75m tax dispute.

And Hearts have settled a separate 拢450,000 tax bill to ward off the threat of a winding-up order.

The club's share issue will hand over 10% of owner Vladimir Romanov's controlling interest, with the scheme due to run until 19 December.