The Council of Patrons of Accra Hearts of Oak has thrown its weight behind the club's withdrawal from next year's continental club championship. The defending league champions announced their withdrawal from the 14th edition of the Orange CAF Champions League citing lack of funds, a decision the highest decision making of the body has lauded. Mr Harry Sawyerr, President of the Council of Patrons, in a statement to mark the 98th Anniversary of the formation of the club, said the decision reached served the interest of the club. "The Board has decided that in the best interest of the club, it would not take the offer. The Council of Patrons has been fully briefed on the considerations that went in and endorses this decision." Describing the present situation of the club as surmountable, Mr Sawyerr said the move by the Board of Directors to enlist the club on the Stock Exchange would enhance the financial situation of the club, considered the oldest in the country. "There is no doubt that once this goes through, we shall have enough funds to retire our debts, invest in infrastructure and have enough for operational expenses. He entreated all Phobians to team up with the Board to ensure the expansion of the asset base with the construction of a training pitch to climax the club's centenary anniversary in 2011. The Chairman of the Council of Patrons also congratulated the entire Hearts family - players, technical handlers, Directors, Administrators and loyal supporters - for the club's successes during the past few seasons. "Of the three recognized competitions staked by the competent authorities, we won two - Glo Premier League and the GHALCA President's Cup. "Unfortunately, we lost the Top Four, but what would the others who did not win anything say? Indeed the Council of Patrons received these trophies with great pride." He also acknowledged the invaluable contribution of the founding fathers whilst paying glowing tribute to those who passed away recently. "It is also important to pay tributes to former officers of the Club who passed on in between the last and this anniversary. That is Dr Eugene Quaynor, a Director of the old order, Nii Opare Baddoo, former Secretary and Clement Erastus Adjei Laryea, another benefactor of Old." The Chairman of the Council of Patrons also conveyed warm felicitations and best wishes to all members of the Phobian family on their anniversary. Hearts, the oldest existing football club in the country, was formed on November 11, 1911. Nicknamed "Phobia" and considered one of the most successful clubs in the history of Ghana football, they have won the league 20 times and were also crowned African champions in 2000. Source: GNA