He said: "What we do know is that we are facing a collapse of income that is going to be almost impossible to sustain for a prolonged period.

"Three weeks ago we were in a healthy financial position; free of external debt, with £1.5million in the bank.

"We had expected income of about £1million from four home league games and the Scottish Cup semi-final and, potentially, £5million in season ticket sales, seasonal hospitality and new shirt sales coming in through mid-July.

"Our monthly running costs are about £1.2million and it's only prudent to assume that, realistically, there will be no football until July perhaps, at the earliest.

"During this period, we are therefore facing £5million in outgoings with no expected income.

"No matches are planned and we have no idea when a new season starts, never mind the current season ending, and it is highly unlikely there will be any player sales in the summer. This situation is clearly unsustainable.

"No club, whatever their size, scale or level of investment, can withstand a total lack of income over a period of anything between three to six months.

"We are doing everything we can to mitigate this over the next few months and protect our hardworking, dedicated and loyal workforce and all those who depend on the club.

"Once we have answers to these questions, the board will recommend a course of action to ensure the club's future. This will include asking investors, including myself, to support the plan.

"We will be facing some tough decisions and we will need everyone to come together and play their part in efforts to make sure the club get through this period."

With all Scottish clubs dealing with the lack of income from fixtures, Hearts' players and staff were asked to take a 50 per cent wage reduction.

Cormack spoke of "unprecedented circumstances" as he put the football "into context".

He said: "Our priority has, and will continue to be, the health and well-being of all our employees, including football management and players, our fans and sponsors as well as our suppliers and contractors.

"We are acutely aware of the anxiety they will be feeling, which is exacerbated by everyone working from home.

"The over-riding aim of the board is to provide clear and transparent leadership in this unparalleled period of uncertainty.

"But, as Scottish clubs await the decisions on what happens next, there are so many moving parts, largely outwith our control, that it's impossible to provide any degree of clarity or certainty at this time.

"We will be issuing regular updates as the situation becomes clearer and the club has explored all its options.

"In the meantime, the club, along with the AFC Community Trust, remains committed to our #StillStandingFree campaign which is providing valuable, practical support to those in need among our fan base and the wider community."