After amassing millions of dollars from international and local engagements, lucrative player-transfers and all, 91-year-old Accra Hearts of Oak is collapsing under massive debt.

So severe is Hearts’ indebtedness that the club's 60-seater bus, the 'Phobia Bird', has been impounded "under a writ of FIFA.Other properties including office equipment at the club's Tudu secretariat, which is under 24-hour police guard, as well as the land earmarked for a Hearts of Oak complex at Pobiman are also frozen.

There is also a serious threat of internal rebellion following the non-payment of allowances and bonuses to players and technical men. The Hearts crisis came to a head last 29 November when an Accra High Court issued an order for Mighty Victory, an Accra-based colts club, to impound the Hearts bus for a breach of an earlier contract.

In one of the dozens of transfer deals that Hearts have engaged in over the years, the club traded Stephen Appiah to Italian club Udinese for a figure that has stirred controversy since 1997.

Mighty Victory, an impoverished colts club run voluntarily by R.S.A. Young also had an interest in the Appiah transaction, but after collecting whatever amount was involved, club officials refused to part with the colts club's share of the $40,000.00.

Even an order from the Sule Gbadegbe Commission on player transfers for the club's board and management to respect the contract was ignored, compelling the poor colts club to seek redress in a court of law.

After the judgement of the High Court, bailiffs with police guard impounded the Hearts bus on the High Street in Accra and packed it temporarily in a house near the Ring Road. But staff at the Hearts Secretariat yesterday said they do not know the bus's where about.

Other sources also confirmed that Hearts indebtedness to Mighty Victory, which stood at $40,000 in 1998, has now risen to $70,000. This, and the wider implication of how the finances of Hearts have been managed over the past decade or so, stirred emotions at this year's National Chapters delegates’ conference held at Assin Fosu last 30 November.

Angry delegates at the conference submitted the club's treasurer Maxwell Addo to scathing attacks over what they perceived as improper management of Hearts finances. A statement issued after conference expressed supporters' anger at attempts made by Addo to deceive the delegates that the bus was still being used by the club.

While attributing the treasurers behaviour to recalcitrance on the part of the Hearts Board and management, the statement further revealed that the club owes the Ghana Private Road Transport Union (GPRTU) of TUC an amount of $20,000 (over ?170m) being the balance of the cost of the bus bought from them.

It explained that but for the recent ?30m paid to the GPRTU by the club's Chief Executive, Thomas Okine, the transport body might have carried out their threat to go to court to seek redress.

"In the year 2000 when Hearts won the Africa Champions League and were swimming in dollars, could they not have paid off these debts?" It questioned. Sources close to the club say that the club bagged a little over $1.7m and yet were unable to pay the players the promised $25,000," the statement revealed.

According to the supporters, their investigations have also revealed that a top member of the Board pocketed $50,000 from Sam Johnson's transfer deal after concealing $30,000 through his own "manipulations" while getting a "thank you" of $20,000 from the club's board.

"As we write, Hearts of Oak is totally broke to the extent that Thomas Okine has had to mortgage his house at Korle Gonno for some money to run the just-ended league," they emphasised.

The statement further referred to a recent publication in the "Hearts News" in which the club's Board Secretary, Ernest Thompson wrote that Hearts owe some individuals and institutions to a tune of over ?2.5b including ?140m to Mendskrom Hotel in camping accommodation as well as outstanding players salaries for November and December and annual bonuses.

The supporters seized the occasion to call on the National Chapter Committee (NCC) to wake up and reach out to all Phobians of vision and integrity, commitment, dedication, accountability and love for the club.

They consequently made a passionate appeal to Prof J.E.A. Mills, J.S. Addo, George Osekre, Bright Akwetey, Dr Attoh, T.V. Musah, Alhaji Hearts, Thomas Okine, Alhaji Tijani Nagaya, Steve Akwetey, and Ato Ahwoi to come together to salvage the club from its disgraceful status after the present Board's nine-year reign with nothing to show other than debts.

In a writ to the Fast Track Court on the matter, dated 12 December 2002, Hearts Board Secretary, Ernest Thompson said the club had wished to clear the debt "but circumstances conspired against that effort."

He said the club was negotiating with its development partners for foreign exchange and promised to receive the money in three trenches. "That we promised to pay the judgment debt together with cost without any fail," Thompson wrote.

He then prayed the court that "the club's bus seized under a writ of FIFA be released upon above payment terms. The case resumes at the High Court on Wednesday.