Hearts legal costs laid bare as Jambos post a profit despite Covid crisis

p Promotion chasers a data-content-type=section data-link-tracking=InArticle|Link href=https://www.dailyrecord.co.uk/sport/football/all-about/HEARTS-FC target=_blankHearts/a have published their annual accounts for 2020 - posting a small profit despite the raging Covid crisis. /p p But the Gorgie club are only in the black after receiving a total #xA3;3m in donations from their benefactors. That includes James Anderson, who issued grants to all 42 a data-content-type=section data-link-tracking=InArticle|Link href=https://www.dailyrecord.co.uk/sport/football/all-about/scottish-professional-football-league target=_blankSPFL/a clubs at the height of the pandemic. /p p Foundation of Hearts members directly donated over #xA3;600k while owner and chairman a data-content-type=section data-link-tracking=InArticle|Link href=https://www.dailyrecord.co.uk/sport/football/all-about/ann-budge target=_blankAnn Budge/a has issued a fresh loan of over #xA3;1m as the club recorded a profit of #xA3;473k. /p pHearts generated #xA3;340k in player sales for the year - largely down to Irish winger Jake Mulraneyapos;s move to Atlanta United - while the accounts also reveal a staggering #xA3;650k was spent on Hearts and Partick Thistleapos;s doomed legal bid in the first half of this year./p img src=https://i2-prod.dailyrecord.co.uk/incoming/article21046815.ece/ALTERNATES/s810/0_19720581.jpg data-portal-copyright=SNS Group/ p The clubs making up the so-called M8 Alliance were unsuccessful in their bids to stay in the a data-content-type=section data-link-tracking=InArticle|Link href=https://www.dailyrecord.co.uk/sport/football/all-about/scottish-premiership target=_blankPremiership/a and Championship when the leagues were called early in April. /p pBudge said: quot;Financial year 2019/20 saw us cope not just with the direct impact of the pandemic, but also with the consequences of the apos;end the seasonapos; decision taken by the SPFL board and its member clubs./p p/ pquot;This allowed the season to be ended early and in such a manner as to see fellow member clubs relegated, despite the season not having been completed. In so doing, further financial burdens have been placed on ourselves and the other affected clubs./p pquot;Faced with this enforced expulsion from the Premier League and the consequential financial implications, the board sought, unsuccessfully, to have the decision over-turned on the grounds of unfair prejudice, initially in the Court of Session and subsequently, via the SFA arbitration process./p img src=https://i2-prod.dailyrecord.co.uk/incoming/article22588963.ece/ALTERNATES/s810/0_19959132.jpg title=Ann Budge and CEO Andrew McKinlay, who was appointed in August data-portal-copyright=SNS/ pquot;While the chance of success was always recognised as low, the board was unwilling to allow what we, and indeed many others, perceived as a grave and unnecessary injustice, to go unchallenged./p pquot;This action came at a cost, as shown in the accounts. However, we firmly believe that not to have raised this challenge would have cost the club far more, in terms of supporter loyalty and our all-important reputation as champions for openness, fairness, honesty and integrity.quot;/p