Potential Hearts owners want out of the old and into a new home

ONE of the groups hoping to buy Hearts would look to relocate the club from Tynecastle if their bid was successful.

HMFC Ltd, a company which was created last month with Bob Jamieson, a retired businessman and Hearts supporter, as its sole director, is expected to submit an offer to administrators BDO ahead of tomorrow's deadline, although have yet to do so. Foundation of Hearts, an amalgam of fans groups, is expected to provide the only rival offer and may submit their bid today.

Jamieson, and Club 9 Sports, the American sports agency which was involved in a failed takeover of Rangers last season, have facilitated HMFC Ltd's bid but neither is expected to fulfil active roles in the Hearts hierarchy should the offer prove successful. Instead it is understood the group comprises a number of investors from Scotland and the United States who believe they have the financial strength to move Hearts from Tynecastle and relocate to land next to Murrayfield. The proposals, originally drawn up in 2011, include dismantling three of the stands at Tynecastle and transferring them to the new site, where they would be re-constructed alongside a new main stand to create a stadium capacity of around 20,000. The group believe that there is limited scope to expand and improve Tynecastle and that the club would be better off moving a few miles down the road to a larger site.

Representatives from HMFC Ltd have met with Ian Murray MP, chairman of the Foundation, and Lord George Foulkes, a leading Hearts supporter, at the House of Lords to discuss the possibility of formulating a joint bid but were left unconvinced of the merits of the Foundation's proposals, that involve members paying a monthly contribution in return for a vote on key club matters. To date the Foundation have secured around 5000 direct debit pledges – paying upwards of £10 a month –alongside a substantial capital injection from an unnamed investor.

Herald Sport understands HMFC Ltd believe closer to 20,000 pledges at £20 a head would be required to provide the necessary cash flow to cover next season's expected shortfall in finances.

It is also thought the Scandinavian consortium which had been weighing up an offer to take Hearts out of administration are no longer likely to do so. The group, comprising investors from Norway and Sweden with ties to Edinburgh, have been approached by both the Foundation and HMFC Ltd about joining their respective bids but are now expected to look elsewhere as they attempt to get a foothold in British football.

Jamieson, a former sponsor of Hearts and Dundee, is also a director of Kex Sport, Kex Limited and Shoes 4 Africa but is now effectively retired due to ill health. He confirmed to Herald Sport that he was involved in facilitating HMFC Ltd's bid but was unable to comment further due to a confidentiality agreement with BDO.

The uncertainty over the future of the Tynecastle club continues to hold sway, even after Hearts began their pre-season schedule this week with a 5-1 defeat by Dinamo Bucharest on Tuesday night. Details of the process of administration have also been supplied to the first-team squad – some of whom have taken 50% wage cuts to help the club survive – and the manner in which the players have been kept in the loop has been met with gratitude by Ryan Stevenson.

"The club is better run now by the administrators. All the players ever asked for is honesty," said Stevenson. "We just wanted to know what was happening. We were in the dark as much as anyone. [Joint-administrator] Trevor Birch came in on day one and told us what the plans were. He's been up front. Even if it's bad news you'd rather know the bad news than have things sugar-coated. Hopefully someone comes in with the right intentions to take the club forward. The fans have been put through a lot for the last season so it would be good for them to have a bit of stability."

Stevenson captained Hearts in the defeat by Bucharest in the absence of Danny Wilson, with the side also including full-back Gary Naysmith. The former Scotland internationalist is training with his former club following his release by Aberdeen and he has proven to be a welcome addition among an otherwise inexperienced group.

"Gary's looking to get himself fit," said Gary Locke, the Hearts manager. "It was good to see him in a Hearts jersey again. We're a young, young team so to have Gary about the place is good."

Taken from the Herald