Togbe & new board members

Afede ready to sell Hearts

Hearts board chairman and majority shareholder Togbe Afede XIV says he is ready to hand over the club to disgruntled fans, but on condition.

The condition is that the disgruntled fans will have to buy his shares, and then he will leave.

Some aggrieved fans are pushing through an agenda dubbed Project Phobia, with the aim of taking the club away from the current board. These fans feel the board is under-performing.

However, Togbe Afede, while chairing the 2015 Annual General Meeting on Wednesday called the bluff of these unhappy fans.

“I am not here because I have any personal gain. It’s just a burden, and I can promise you and just for the avoidance of doubt those who desire to own Hearts, when they come forward I sell my shares to them.

“The message should go out to those who are saying Togbe should go out, that Togbe is saying come and buy the shares. If you love Hearts of Oak genuinely, come and buy Togbe’s shares, and I will be happy to bow out.

“Too many people call me concerned why I waste my time with Hearts of Oak. Chiefs, politicians, businessmen amongst others but I am saying this again. Whoever wants to have Hearts can have it. They can come and buy SAS shares and own it to run it in the manner that pleases them.”

Togbe Afede became the board chairman of Hearts after purchasing majority of the club’s shared which were floated in 2010.

The club’s performance on the field of play has however deteriorated to the extent that the side escaped relegation by the skin of their teeth last season. Hearts have recorded a total loss of 2,872,516 GH¢ in the year ending 2015 while revenue of the club increased from GH¢ 262,102 during the 2013/2014 period to GH¢ 1,073,894.

The club’s general and administrative expenses increased from GH¢ 2,071,548 to GH¢ 3,544,095 which represents 171%.

The club however recorded a loss of GH¢ 2,872,516 as compared to the GH¢ 1,907,407 loss it recorded same period 2013/2014.

Hearts of Oak also saw an increase in total liabilities from GH¢ 4,892,150 at the end 2013/2014 to GH¢ 8,328,055 at the end of 2014/2015.

The club further had a 175% decrease in the shareholders fund which stood at GH¢ 3,825,084 as at 2013/2014.