Club opens talks with Supporters Direct

13.11.2012

Heart of Midlothian Football Club has entered into talks with Supporters Direct, the official government-backed organisation set up to promote fan ownership of football clubs.

The Board reiterated its intention to offer supporters an opportunity to take ultimate control of the club.

The club can also confirm that it has received a 'note of interest' from businessman Alex Mackie on behalf of a consortium of unnamed business people.

The proposal has no consideration of cash for the shares of the club, even if the debt is removed completely and demonstrates a staggering misjudgement of the value of the club and a worrying lack of understanding of the situation. At best it is opportunistic, an attempt to exploit what is a difficult financial situation at the club.

No evidence was provided on how the club would be operated and resourced after any potential purchase.

The Board has declined the proposal based on the above and further considerations.

While the club remains open to genuine offers it will continue to operate with the support of its fan base who are rallying round the current Share Issue and a host of other fundraising events.

Sergejus Fedotovas, club director, said: "When we move the club on it will be to the right people at the right time. With this in mind we have held positive initial discussions with Supporters Direct and we have asked this organisation for further talks on how we might be able to structure an appropriate supporter led buy-out of the club.

"At present we will continue these talks with Supporters Direct in parallel with maintaining the momentum that is gathering behind the club's share issue and other fundraising activities. Together the staff, players, supporters, club partners and political and community groups are already making their mark on the club.

"With their continued support we do believe we can steer through the current financial challenges we face."

Taken from the Scotsman