FIRE sale?

Hearts barely got started. January had been pencilled in as the month when virtually the entire first-team squad would be sold off, leaving manager Paulo Sergio with nothing but untried kids to fill the jerseys in the remaining weeks of the season. The reality was somewhat different.

Eggert Jonsson's departure to Wolverhampton Wanderers at the beginning of the month was expected to start a stampede. Hearts needed to shed players from the wage bill to ease their money worries and selling or releasing their higher earners seemed the easiest way to lighten the burden. It could have had catastrophic consequences on the football front – the under-19 squad were primed to make the step up – but the mass exodus was deemed a necessary evil to afford Hearts some breathing space and allow them to continue to run as a business, while paying their remaining players on time.

Instead, the squad remains effectively intact with the window now closed. Ryan Stevenson has left for Ipswich Town although, given he was effectively on strike at the time of his exit, Hearts could argue he wasn't contributing in any case. Striker John Sutton was last night concluding a loan to Central Coast Mariners in Australia but had been used only sparingly by Sergio. A number of fringe players, including Calum Elliot, Janos Balogh and Rob Ogleby, were moved on but their absence will not impact greatly on the first-team picture.

Speculation over Andrew Driver, David Templeton, Marius Zaliukas, Marian Kello and others came to nothing. In fact, Hearts have been securing players rather than releasing them. Back-up goalkeepers Jamie MacDonald and Mark Ridgers have agreed extended contracts, while Rudi Skacel has signed on until the end of the season. Should Sergio wish to do so, he could name the same team for this weekend's William Hill Scottish Cup tie against St Johnstone as he did for the derby victory over Hibernian at the start of January. And not many people could have anticipated that a month ago.

The lack of movement strengthens Hearts' chances of re-establishing themselves as Scotland's third force, although Motherwell and St Johnstone may have something to say about that. Sergio's attacking options have diminished with the departures of Sutton and Stevenson, but the strength in depth of his squad should serve them well in the weeks and months ahead.

"I think they will finish third and I thought even that at the start of the transfer window," said Eamonn Bannon, the former Hearts winger. "They have the best group of players outwith the Old Firm and have a good depth of squad. When injuries and suspensions arise, they can bring in players of a similar quality, which other clubs can't."

What holding on to the majority of their squad means for Hearts' financial health is another matter. They have repeatedly run in difficulties paying their players on time this season and narrowly avoided sanctions from the Scottish Premier League for a late payment run last month, albeit only by hours. Given owner Vladimir Romanov's admission that the Tynecastle club were effectively living hand to mouth – Jonsson's transfer fee allowed the players to belatedly receive their December salaries – it remains to be seen how future bills will be settled.

Hearts are, in theory, still up for sale although potential buyers have been put off by Romanov's reluctance to release key financial data that would expedite a change of ownership. The Russian-born Lithuanian, however, has hinted that he may go back on his earlier decision to stop putting money into the club, which may explain why so few players were moved on last month. Either that or there were insufficient clubs willing to meet Hearts' transfer demands or the players' wage demands.

"Hearts still have a big burden with their overdraft, in the region of £30m, so we have to see what the owner does now," said Bannon. "Not paying the players on time was a nonsense and that can't continue. Hopefully, they will ensure it doesn't happen again but with their money difficulties, there are no guarantees of that."