Hearts Of Oak Chief Executive Officer, Frederick Moore claims negative reportage from the local media has driven away several sponsorships from the club.
He said the rate at which the press accentuate the negative stories more than the positive stories has been a hindrance to the progress of the game in the country.
Mr. Moore reveale that Phonians have lost many sponsorship deals because of the negativity attached to the club by the media.
Hearts of Oak already have partnership deals with GOIL and StarLife Assurance.
They also have UK-based Umbro as their official kit manufacturers.
The Ghanaian giants also have partnerships with GTV Sports Plus, Financial Technology firm Cloud Africa, SAS Finance Group, Koflex Gym and Software and Firmware developers Bitsweaver Limited.
However, Mr. Moore says the negative reports about the club has blocked other companies or businesses from associating themselves with the Phobian brand.
"If I tell you the number of sponsorships we’ve lost because of negative press you probably think I’m lying," he told Pure FM in Kumasi.
"We got a sponsor, close to a 4-star hotel who was prepared to give us free accommodation for 2-days for every home game and we lost it.
"Once the information comes out as negative, whether it’s true or not 50% of the people will believe and the other 50% will not believe it.
"I am hoping there will be a day where the press in Ghana will positively support positive news 90% of the time."