Confidence in Hearts' bid to be City slickers.

Ken Gallacher

17 Mar 1997

THIS week will see Hearts go to the City - literally - in their bid to float the Tynecastle club successfully onto the main Stock Market; the first Scottish club to take this route as they look for a cash injection that will carry them into the new century.

On Saturday, at the Edinburgh derby game with Hibs, they were hosts to potential investors and, on Wednesday, the Hearts directors will travel south to London to place their detailed plans before the various institutions that have already shown interest.

It is a move that has implications for other clubs in Scotland.

The wealthiest clubs, Rangers and Celtic, will be unaffected.

At Parkhead, major investment from supporters, as well as from private individuals, allowed the Celtic supremo Fergus McCann to place the club on the Alternative market.

Rangers, of course, are not quoted on the Stock Exchange and their chairman, David Murray, has indicated that they have no plans to make that move.

He reiterated that view at the club's recent extraordinary meeting, which was called to approve the issue of new shares to Joe Lewis, the investor who poured �40m of new money into Ibrox last month.

However, Aberdeen, are looking to float - and Hearts will be the testing ground for the Pittodrie club and for others who wait in the wings to see if the Stock Market interest in football clubs is to provide a way forward.

Hearts are aiming to raise �5.5m from the flotation.

Money that will be used to build a new stand at the Gorgie Road end of the ground - demolition of the present structure there begins today - as well as install under-soil heating and provide funds to build a superstore to sell the club products.

Vice-chairman Chris Robinson said: ''We are confident that this will be successful.

''Myself and the chairman, Leslie Deans, have put up half a million pounds between us and we will look for the remainder from institutions, such as pension funds, when we go to the city this week.

''This is not a flotation aimed at the ordinary Hearts' supporter.

They have assisted the club in the past.

Now we are looking for money from the City and the signs are good for us.

''There is a great deal of interest in football clubs and that is to our advantage just now.

We had potential investors here at the game today and I think they were impressed with what they saw.

''Now it is our turn to visit them.

We shall be in London for around 10 days making our presentations and then we shall find out how successful we have been.'' If things work out for Hearts, then they will proceed with the various improvements that they require immediately.

They see under-soil heating, for example, as a must because of the possibility of lost television revenue when games are postponed due to adverse weather conditions - not an uncommon problem in our country.

The super store, when built, is expected to push revenue from the sale of club products over the million pounds mark from the present level of around �650,000.

Also, of course, on the field itself, Hearts look as if they will be in Europe again if they can maintain their lead over their closest rivals for a UEFA Cup place, Aberdeen.

Robinson said: ''That would be important, too.

We know that Europe marks some kind of success for this club and it also brings in extra revenue.

''We are well aware of the disappointments that this club has suffered over the years because there has been no major trophy win, but we are not going to get hung-up on this.

We will continue to attempt to make improvement and Europe is a benchmark for us in these endeavours.

''The main thing is to continue to make progress and this week and next will let us know just how much we can make.'' It will also be a sign for the others.

If Hearts can succeed, then so should Aberdeen.

Maybe Hibs could then do the same and, in that way, the clubs would be helping themselves as they try to keep in touch with the Old Firm.

They will never catch up.

The financial miracle Fergus McCann has worked at Parkhead is not liable for others because the fan base for that type of success is simply not there.

Similarly, they would not be able to find a fairy godfather, such as Joe Lewis, to pour �40m into the club.

That came through the business acumen of David Murray but also because Rangers, like Celtic, have a mass audience out there to support and sustain them.

Murray has warned that flotation will not be a quick fix for the ills of the game and he is correct.

However, for the moment, it may be the temporary boost needed by the clubs who are being left in the wake of the Glasgow giants.

If flotation can allow them to stay within reach of the Old Firm, then it is to the benefit of the whole of Scottish football, which will be watching and waiting with interest the Tynecastle developments.

Taken from the Herald