Accra Hearts of Oak have declared Gh¢40,000 in profit for the year September 2012 to August 2013, a first in the club's history as they chart a new course in football administration in the country.
At the club's Annual General Meeting (AGM) in Accra last Wednesday, the Board of Directors announced that the improved revenue over expenditure had been occasioned mainly by sponsorship from Strategic African Securities (SAS) and a windfall from the transfer of players.
Hearts, Ghana's oldest existing club which celebrated a century in 2011, became the first Ghanaian club side to go public when they floated shares for the first time in 2011 and changed direction in administration.
Generally, Hearts announced a 206 per cent increase in revenue over the previous year's GH¢322,555 to GH¢986,623. The new revenue figure, shareholders were told, owed much to an impressive sponsorship package from the club's sole benefactor at the moment, SAS.
Sponsorship from SAS fetched the club a total GH¢806,623, which came from the GH¢50,000-a-month payment the company makes to the club to cushion it from huge expenditures for salaries of players, coaches and administrative staff, including the GH¢5,000-a-month salary for the interdicted managing director, Neil Armstrong Mortagbe.
For the year September 2012 to August 2013, the club's revenues were helped by the transfer of goal poacher Mahatma Otoo to Norway, which raked in GH¢1,236,637 for the club.
But with Sporting Mirren — from where the player was transferred to Hearts —owning 40 per cent of Mahatma Otoo, transfers brought in a net revenue of GH¢517,924.
Source: Daily Graphic
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