The majority shareholder of Accra Hearts of Oak, Togbe Afede XIV is set to announce to the shareholders of the club’s indebtedness in excess of a whooping GHc 21m (about US$4.3).
The shareholders of the club will meet on Wednesday for its Annual General Meeting (AGM) and the Chief of the Asogli state who doubles of the Chairman will reveal the club’s massive indebtedness.
Togbe Afede XIV who is also the President of the National House of Chiefs emerged the majority shareholder of Hearts of Oak in its maiden rights issue almost a decade ago.
However, the Ghana Premier League giants have failed to win a major silverware despite the constant investments into the club most of which goes into recurrent expenditure.
The bulk of Hearts of Oak’s debt over the reign of Togbe Afede XIV has gone into the purchase of players in the transfer market, payment of salaries, bonuses, administrative costs, and minimal infrastructural investment.
Profits were not recorded over Hearts’ fiscal year despite the sale of Winful Cobbinah.
The AGM on Wednesday is also aimed at securing the mandate from shareholders for another rights issue with the audacious target of raising Ghc 30m (US$6.2).