After a disappointing season following some lofty ideas, Accra Hearts of Oak are back on the drawing board, taking to prudent spending.

The Phobians finished third, 16 points adrift rivals and league winners, Asante Kotoko in a season where they had sought start their domination and a return to continental football.

Both targets went amiss and now the Phobians who announced their AGM this week a huge loss of GH¢ 975,745 for the financial year which ended on August 31, 2011.

The Club's quest to be self sufficient will be felt in all departments as they begin by cutting down on the squad numbers.

Hearts of Oak registered 50 players last term but Board Chairman, Togbe Afede XIV says the Phobians will be submitting a list of 40 for the 2012-13 season.

However, the Club says the decision to keep a regular side of 25 players and 15 reserves is to motivate the players to give off their best.

Faced with the huge loss of nearly GH¢ 1 million, Togbe Afede XIV explains that the Phobians have targeted four avenues to raise funds to save the poor financial state of the former African champions.

Sponsorships and gate proceeds are among the areas but Hearts of Oak are well aware that performance on the pitch remains crucial in turning round their finances.

Though off-loading some players to reduce the wage bill, Hearts have bolstered their ranks with the signings of Heart of Lions striker Gilbert Fiamenyo, Richard Addai from Bechem United and Medeama's Seth Owusu to help their bid to return to their glory years.

It will be C.K. Akunnor's first full season after coming in midway to guide Hearts of Oak to third but with the benefit of pre-season, the Phobians, who last saw title success when they clinched the 2008-09 Premier League title will be counting down to edging champions and rivals, Kotoko this time round.