Ex-Hearts board member Isaac Tetteh claims the flotation of shares has rather deepened the crisis in the team, just four days ahead of the start of the new season.
The Accra-based listed shares on the Ghana Stock Exchange two years ago to raise funds for the infrastructure development agenda of the club.
The issuing of shares on the local bourse is meant to find alternative source of funding for the club.
But two years down the line, Isaac Tetteh has claimed the club is not doing any better.
“For me if you ask me I will tell you no. I have not seen the Hearts of Oak spirit. Hearts of Oak is worse than before. That’s my opinion,” Tetteh told Happy FM
“When we were not floating shares, individuals were borrowing money from places to run the club.
“That is why the patrons decided that we should float shares. After the flotation we need to see some positives.
“But between you and I tell me two or three things that are different from previously that Hearts was not on the stock exchange.
“Because of the way and manner that we were running the club, the public didn’t like it. They thought we were not running it on professional lines.
“We wanted to take the club to dizzy height. Compare Hearts to Kotoko. I can boldly tell you today that Medeama is even being managed better than Hearts of Oak.
“Watch the structures of Medeama. Watch the structures of some of the new teams. Have you seen something substantially different at Hearts to give hope that the structures have started working gradually?
“How many years have we floated shares? Almost two years. The only thing we have done is to change Chief Executives.
“How many Chief Executives have we changed? The system is simply not working and we must talk about it.”
Hearts struggled to buy top players during the transfer window despite claims money had been made available by majority shareholder Togbe Afede.
They lost out on a number of their key target either due to the unwillingness of the teams to sell or the club could not simply just meet their asking prize.
Coach David Duncan was reported to be unhappy with the slow pace in the transfer market but will have to do with his current squad ahead of the start of the season this weekend.
Hearts travel to Bekwai to face New Edubiase on Sunday.