Hearts of Oak Executive Board Chairman Togbe Afede XIV says the contraction of the Pobiman project and huge operational cost have impacted the club’s finances negatively.
The highly respected traditional ruler disclosed this during the club's 5th Annual General Meeting held at the Civil Servant’s Auditorium in Osu, Accra on Wednesday.
“The contraction of the project at Pobiman and in addition to the huge operational cost of running the club have had a negative impact on the club’s finances”
“The traditional source of revenue (Gate proceeds) has been very negligible compared to the huge running cost. Other revenue sources including sponsorships has not been as good as expected and the above factors have worsened the club’s reliance on SAS for survival” he said.
Togbe Afede has been in charge of Hearts of Oak since acquiring a majority of the club's shares in 2011.