Hearts have missed out on a top-six finish in the Scottish Premier League this season but Romanov urged fans to back Frail.
Although Frail has succeeded in improving the team's fortunes since taking sole charge in January, it appears that he has not done enough to be given the manager's job permanently.
Hearts recently released financial figures for the year to July showing an increasing debt burden.
It was stressed at that time that the Edinburgh club were actively taking steps to reduce their wage bill and improve the salary-to-turnover ratio.
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