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Soccer News of Thursday, 26 October 2006

Source: GNA

Hearts Secretariat For Sale

Accra, Oct. 26, GNA - The plush secretariat of Accra Hearts of Oak Sporting Club Limited, situated at Number 13 Farrar Avenue at Adabraka in Accra is to go under the auctioneer's hammer in fulfillment of an Accra High Court Order.

The High Court Order became effective due to the failure of Hearts of Oak to meet the deadline for the first installmental settlement of a 370 million cedi debt owed Accra Great Olympics.

Justice P. Baffoe Bonnie, sitting at a Fast Track/Automated High Court on Thursday August 30, 2006 had ordered that the Hearts Secretariat and branded items of the club be sold at Reserve Prices of 1 billion, 650 million cedis and 5 million and 64 thousand cedis respectively on the Valuation Report prepared by Tent Services.

However the court issued a stay of execution the next day and ordered Hearts of Oak to pay 100 million cedis installment of the debt by the end of September; latest by October 3 and the second installment of 100 million cedis by the end of October; latest by November 2.

The Court further ordered Hearts of Oak to pay 'the rest, including any interest that may have accrued from now until the said date; by the end of November, latest by the 5th of December.
A high point of the stay of execution was a 'proviso that if any of the installmental payments is not made by the due date; the Judgment/Creditor could move into execution without coming to court for any further order.'
Despite the looming danger of losing their secretariat, and their Branded Items, Hearts of Oak have failed to make any payment, therefore defying the High Court Order, thus compelling Great Olympics to enforce the law by selling their secretariat and other paraphernalia.
Throwing light on the impending auction of the Hearts of Oak Secretariat, Mr. Amarkai Amarteifio, Board Chairman of Great Olympics said the patience of the Olympics family had been exhausted and no amount of vain promises would prevent them from carrying out the court order.
He said the new Management Committee of the Wonder Club had been putting the Board under severe pressure to redeem the debt as they need money to prosecute their prorammes.
The Board Chairman said the team was determined to win the premiership and it was imperative to put resources at the disposal of the management committee to motivate the players adequately to meet the expectations of the Great Olympics fraternity.
Meanwhile the Board was meeting with some auctioneers to discuss the implementation of the court order.
Accra Hearts of Oak and their city rivals Accra Great Olympics had been embroiled in litigation over the failure of the former to pay 370 million cedis to the latter in respect of players' onward transfer fees.
Key among the players involved is Black Stars playmaker, Laryea Kingston, who Hearts of Oak transferred but failed to pay Olympics their share of 39 thousand dollars.