Budge says Hearts can't survive a six-month shutdown without implementing 50 percent pay cuts
Last update: 03/26/20 1:43 pm
Hearts owner Ann Budge says "no apology,quot; for asking club players to cut wages, adding that several players are still reviewing their personal situations, amid disruption of the coronavirus.
In a lengthy statement, Budge responded to reports in various media outlets of players on the Scottish Premier League side who refused to cooperate with the club by asking team members to give up half their wages.
Budge sent a letter to all players and staff asking for a 50 percent pay cut last week.
Forward Steven Naismith accepted the pay cut, while manager Daniel Stendel agreed to work for free during the period.
The owner of Hearts said in a statement Thursday: "For the sake of our supporters, I need to address the huge amount of misinformed and opinionated comments coming from some sections of the media right now."
"In line with most other clubs, our goal is to maintain enough cash reserves to cover two to three months of normal business operations.
"The reason we are implementing cost control measures is because we could be facing up to six months of totally abnormal operations."
"Since we all know that we have to plan for that eventuality, I see absolutely no reason to sit back and wait for a miracle or for the government to bail out all the companies in the country … in a timely manner."
"None of these options are likely to happen, and I therefore do not apologize for establishing immediate plans to mitigate the problems before us.
"I also do not apologize for being open and transparent with staff, players and supporters about the potential scale of the problem.
"In the face of this unprecedented set of circumstances, it is up to all employers to be completely honest and open with their staff. They must also be able to plan.
He added that "most of the staff,quot; agreed to cut wages, but that "several players,quot; are still reviewing their personal situations.
It comes after Budge's announcement that Hearts will lose £ 1 million in revenue next month following the suspension of Scottish football due to the COVID-19 pandemic. The SFA has made a £ 1.5m fund available to the clubs due to the disruption.
Meanwhile, Hearts has decided to delay the transfer of Budge's controlling stake in the club to the Hearts Foundation (FoH), the group of fans announced.
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