Foundation of Hearts want to see books before improved takeover bid

By BARRY ANDERSON
Published on Wednesday 28 November 2012 12:01

FOUNDATION OF HEARTS has asked to see full details of the Tynecastle club’s finances before they consider an improved takeover bid. Alex Mackie’s group is no longer in talks with Supporters Direct Scotland and is now dealing solely with the Hearts hierarchy in an attempt to accelerate its bid for control.

The Foundation wants to run the Edinburgh club on behalf of fans, but had a £450,000 offer dismissed out of hand earlier this month. Their representatives have asked the Hearts board for detailed financial documents so they can weigh up another offer.

The group remains in “positive dialogue” with Sergejus Fedotovas, the Hearts director who acts on behalf of majority shareholder Vladimir Romanov. Fedotovas told the Evening News yesterday that even a bid of £5million would 
be “unreasonable” for control of Hearts, who have debts of £24m. Foundation of Hearts want to see the numbers behind the books before they return with any new offer.

“We’ve spoken with the club this week and we are moving things forward. It’s going to take time,” said a spokesperson for the Foundation. “We’re looking for information from the club about the real financial issues behind the management of the club. If we are putting any meaningful bid together, we have to do a certain amount of due diligence before we take things to the next stage.

“We are trying to get an

actual bid together. We’re speaking with the owners and we are looking to move things forward directly with them.

Because we are putting a bid

together and a strategy for the future, it makes sense for us to be dealing directly with the club. Anything that takes fan ownership forward is good news for us and the fans. ”

Foundation of Hearts are reluctant to buy Romanov’s shareholding and merely lease Tynecastle from his Ukio Bankas Investment Group, which Fedotovas stated yesterday could be an option.

“We wouldn’t rule it out but our preference is for a cut-and-dried deal which is clear for everybody,” continued the spokesperson. “We would like a closed agreement and settlement so we would be reluctant to lease Tynecastle. However, if that was the only way a deal could be done, we would have to consider it and ask the fans what they thought of it.”

Meanwhile, Hearts are hoping for a late surge of ticket sales today for tonight’s SPL match with Celtic. As of yesterday afternoon, there were still around 1500 tickets available.

Taken from the Scotsman