The Board of Directors of Accra Hearts of Oak Sporting Club Limited has corrected a publication in an Accra bi-weekly sports paper to the effect that the club is in financial crisis due to monies it owes its creditors.

A statement issued in Accra on Tuesday and signed by Ernest Thompson, Board Secretary said, the fact that the club owes, does not mean it is facing financial crisis adding, "since we are not the only club in the country owing individuals and organisations".

The statement said there is no controversy over the transfer fee of Stephen Appiah a former player of the club as stated in the Tuesday's publication and added that Hearts has paid part of the amount owed to Mighty Victory, Appiah's colts club.

It said the delay in paying of the rest of the transfer fee is due to the fact that there are several factions within Mighty Victory who are demanding the same amount. Sequel to this, the Board held several meetings with solicitors of the Mighty Victory and agreed on terms of payments. Hearts subsequently filed a motion for a stay of execution for payments by instalment, which the court agreed, the statement said.

The Board described as unfortunate an attempt to exaggerate the issue to the extent of inciting supporters of Hearts against both management and board. The statement also denied that the board has paid $20,000 as "thank you" to a board member from the transfer proceeds of Sam Johnson also a former player of the club and said, "all monies from that transfer were paid by electronic transfer into the accounts of the club".

On the purchase of the clubs new secretariat, the statement said, an independent valuation by renowned valuer was commissioned and completed by the board before the purchase was effected. "All payment were made to the solicitors of the vendors; at no point did $800,000 came up", it said.

The statement said anybody aware of the property market and having had the chance to value the property "will not seriously dream of mentioning $80,000 as the price money for the property". It said the frozen of the Pobiman project is not a reflection of crisis in the club.

The statement said no property of the club has been frozen and the secretariat is under close police protection due to threats by a dismissed faction of the club to take over. It said there is no problem of player uprising in the club adding "Hearts players are given the best treatments in the country".