Hearts of Oak chairman Togbe Afede XIV has attributed the club’s massive debt situation to the exorbitant salaries paid to players.

The Phobians are in debt in excess of GHc 21m despite going public almost a decade ago.

Some sections of the fans are extremely unhappy with the current state of the club especially as they have not been able to win any major silverware ever since its first rights issue.

Shareholders are now considering floating shares again in a bid to raise an audacious Ghc 30m to recapitalize the club.

But Togbe Afede XIV who emerged the major shareholder in its first rights issue says the club’s choking debts is as a result of the huge monthly financial outlay it is obligated with in paying the salaries of players.

“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.