Hearts managing director Campbell Ogilvie insists the club are working hard to ensure a sound financial footing, despite carrying a large debt.

The debt level at Tynecastle rose to �37m 11 months ago but Ogilvie said the figures will be better this year.

"We're moving in the right direction," he told BBC Scotland. "A lot of the problems stemmed from high overheads.

"But salary levels have dropped in the last six months, with the number of players on the books reduced."

Scotland goalkeeper Craig Gordon's �9m transfer to Sunderland was not included in the last set of financial figures and will go some way to easing the burden.

Hearts finances have hit the headlines this season, having twice failed to pay their players on time.

"I think every club experiences problems at some point throughout the season and ours seem to have been well-publicised," added Ogilvie.

"A lot of these relate to the overheads we have been working hard at reducing.

"It's not easy in the current financial climate but there's a nucleus of young Scottish talent coming through.

"I think it's fair to say 50% of the match-day squad of 18 players at Hearts will be academy-developed players."

Ogilvie was speaking at the launch of an extension to Hearts' current kit deal with the sports equipment manufacturer Umbro.

The arrangement is expected to net the Edinburgh Scottish Premier League club �3m over the next three years.

"This takes our relationship with Umbro on to five years and is a sign of exceptional commitment between both organisations," said Ogilvie.

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