Hearts of Oak huge debt is due to high player salaries-Togboe Afede XIV

The Phobian at their Annual General Meeting declared a debt of GHC 14m

Togbe Afede XIV, the board chairman of Hearts of oak says the Phobians are suffering from huge debt because of high player salaries.

Hearts of Oak is one of the Ghanaian clubs, suffering huge debt servicing and the board chairman believes player salary has led to their predicament.

Togbe Afede XIV purchased the highest amount of shares during the club’s floatation in 2009 and he has been the board chairman of the club since then.

Tobe Afede XIV led board of Hearts of Oak which have been declaring loss every year has attributed it to high player salaries.

“The reason why we have so much debt is that we spend every month hundred thousand Ghana cedis to pay salaries of players,” he told the club’s shareholders at Wednesday’s Annual General Meeting.

“Hearts of Oak pays this amount every month to cater for salaries of players.”

Majority of Hearts of Oak’s debt is owed to Togbe Afede XIV and his SAS company.

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