Hearts to raise £6m for fan ownership to go ahead

Heart of Midlothian supporters will need to raise up to £6million over five years in order to gain control of the club.

Heart of Midlothian supporters will need to raise up to £6million over five years in order to gain control of the club.

The Foundation of Hearts group are determined to take over the Edinburgh club but will need to pour in around £1m in working capital straight away before tipping the rest in over the next few years.

Edinburgh businesswoman Anna Budge is looking to fund the initial takeover – believed to be worth around £2.5m – before the Edinburgh business people (Bidco) pay her off and take full ownership.

A statement from Bidco read: "It is vital that supporters understand that is likely £6million needs to be raised over a five-year period to achieve the objectives of saving the club over the long term and moving into supporter ownership.

"This period could be accelerated or extended, depending upon the level of continued support from the fans.

"While this is a large figure, it is also important to understand that the current levels of contribution are sufficient to see this through.

"With additional supporter backing, these objectives will be realised even more quickly."

 
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