Accra Hearts of Oak SC, majority shareholder Togbe Afede XIV has backed the decision of the club to float shares despite the backlash from some former Board Members of the Phobians.

The Hearts of Oak story has been a largely pathetic one after the club floated shares.

The club has gone about ten seasons without a major trophy.

A former board member of Hearts, Isaac Tetteh recently indicated that the flotation of shares that came off in 2011 hasn't helped the club or brought any blessings to the Phobians.

However, the majority shareholder of the rainbow boys in an interview with GTV Sports plus said, “Another way with the traditional club is always a moral hazard issue that you put people in positions for them to do ABC but they end up doing XYX. So I think that the shares floatation was a good decision”

“Otherwise the only alternative between shares floatation and the traditional structure is to have a company own by just a few instead of a company owned by a few but rather the company ownership is open to the public”

“So, the alternative to me as far as I’m concern is to remain a traditional club own by the community effectively own by nobody,” he said.