Jackson, whose firm BDO have been tasked with striking deals with Hearts' creditors, revealed the club have "funds at all to meet costs" with the Scottish Premier League club thought to have debts in the region of 25 million pounds.

The club were officially placed in administration on Wednesday, and spending needs to be slashed immediately.

"Job losses are inevitable," he told BBC Scotland. "We need to cut costs as quickly as we can.

"I think there will be losses on the footballing side, although that has already been pared down quite a bit.

"We intend to speak to all of the staff at 11.30am to let them know what the position as far as we can at this point.

"Unfortunately, there will be redundancies. Even for the people staying on there are real worries. We can't give any promises on funding for wages."

Jackson also said the club will be looking for support from fans to help fix the club's dire situation.

"It's as bad a situation as I've ever come across and it's not helped by the timing, getting the appointment in June when there is no income," he added.

"We are desperately looking at ways of bringing in some income. Unfortunately, probably the only real way of doing it is to make the usual plea to supporters.

"There is nowhere else to go really, apart from trying to sell players."