Where do Hearts go from here?

I wonder how many Hearts players watched the recent strikes by public sector workers and thought 'I wish I could do that.'

There have been plenty of moments during the ownership of Vladimir Romanov where Hearts have looked a step away from a catastrophe, but alarm bells were ringing when the players received their October wage packet nearly three weeks late. They are due their December pay cheque this week; each player has received a £1,000 payment in lieu of their November wages so far.

No wonder form is suffering on the pitch, with only one win in seven matches. They lie fifth in the league, but only two points above the team in eighth. They are closer to bottom-placed Dunfermline than they are to third-placed Motherwell.

Romanov's motives, as ever, are difficult to interpret. On the one hand, the current economic climate makes it reasonable to wonder about his personal financial situation and that of his bank, UKIO Bankas, especially when the other major bank in Lithuania was recently taken over by the government. On the other hand, Romanov has been happy to invest in his Lithuanian basketball team, so he must have at least some pocket change to spare.

A more likely explanation is that he is simply fed up of pouring money into Tynecastle's black hole. For all his questionable decision-making during his seven years at the club, Romanov has pumped, according to some estimates, around £20 million into Hearts. And bear in mind that before his arrival, Hearts were effectively insolvent and on the brink of selling Tynecastle. Aside from his first full season in Scottish football, when George Burley's team briefly looked like becoming the first non-Glaswegian champions of the SPL era, Hearts have not been close to challenging the Old Firm. And the prospect of doing so becomes bleaker for every year that passes.

Whilst the wage bill is probably nowhere near where it was five years ago, when some players were on weekly wages reaching five figures, it's not unreasonable to assume Hearts have the third highest budget in the country. They certainly have a bloated squad that needs trimming. But the intention appears to be to cut down the entire forest, not just the dead wood.

According to this weekend's Scotland On Sunday, the players can walk on 14 January if they are not paid by then. But that won't pay the bills. Bear in mind that these are not English Premier League players with vast wealth. A few of the more seasoned pros are bound to have some cash in the bank, you'd think. But, like anyone else in life, these guys will have families to support, mortgage payments, car payments...and, of course, Christmas too.

But the SFA and the SPL won't lift a finger until players make individual complaints against their club. The players, of course, are wary of how their volatile paymaster could punish them for speaking out openly. It seems that there is no escape for the squad for at least another month, unless Romanov loosens the purse strings.

THE POSSIBLE OUTCOMES

Romanov sells
Romanov wants out, and if Hearts could find new owners then this is the best solution for everyone. But the asking price stands at £50 million, and I can't see anyone offering even a fraction of that for a club who have no obvious prospect of doing better than third in the league without significant investment.

The players get paid
Doesn't seem likely somehow, though you never know with Romanov. Even if he loosens the purse-strings, what's to say that future wages won't be late?

The players walk
This appears a likely outcome right now. The younger players have been getting their wages during all of this, and presumably they would be integrated into the team. It's fair to assume they would struggle, and would slump down the table. But would Romanov really care?

ANY SELLABLE ASSETS?

If only Hearts had sold Andrew Driver two years ago, when his stock was through the roof and allegedly offers of £3 million were rejected. His subsequent injury record would surely discourage anyone from risking anything more than a nominal fee.

Goalkeeper Marian Kello has been the most consistent player of the last couple of seasons, but his contract is up this summer. Winger David Templeton was electric at times last season but his form has been erratic during 2011.

The Bosman signings of last summer - Danny Grainger, Jamie Hamill, John Sutton and Mehdi Taouil, have not done enough to suggest they are worth paying a transfer fee for.

Hearts' biggest problem is the presence of highly-paid players who are either injured long-term or who can't make the team - Darren Barr, Suso Santana, Kevin Kyle and Calum Elliot stand out. But no-one else wants them either.

L.