By Patrick Akoto
Hearts of Oak have confirmed the club's debt stock has risen to US$ 2.4 million and hopes the floating of shares will help ease their financial woes.
The club floated shares on the Ghana Stock Exchange this month and the interest for the Initial Public offer from stakeholders and fans have been impressive.
They have been engaged in cost-cutting for more than two years.
The latest figure has underlined the continued reliance on the largesse of the management team.
The selling of shares is expected to raise enough money to write off their debt and put the club on a sound financial stable.
"Yes it's true we owe that much and that's why the floating of shares was crucial for its survival," the club's spokesperson Albert Commey said.
"Running Heart of Oak is capital intensive and with such a huge financial debt, it has not helped us to get the needed funds to buy players.
Hearts' vociferous supporter wing Chapter 'O' has secured a massive 5000 Ghana cedis worth of shares in a move to ensure the ownership of the club.