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SBD Global/November 20, 2012/Franchises

Scottish Club Hearts Reject Takeover Bid From Italian Businessman Angelo Massone

Scottish Premier League Heart of Midlothian FC has "rejected a takeover offer from the former owner of Livingston, believing Italian businessman Angelo Massone may not be the right person to take the club forward," according to the Scotland DAILY RECORD. The Italian revealed that he was fronting a £4.3M ($6.8M) bid for the "troubled Edinburgh club" on behalf of a group of Italian businessmen. The news "surprised fans and commentators alike, in particular fans of Livingston who saw Massone take their club into administration and to the brink of bankruptcy." Now, "perhaps with that record in mind," Hearts has rejected the bid. A statement on the club's website read, "Heart of Midlothian FC can today reveal that it has rejected a bid from businessman Angelo Massone to buy the club" (DAILY RECORD, 11/19). SUPER SPORT reported that Hearts made reference to Massone's previous involvement in the Scottish game as it opted not to accept his bid. A spokesperson for the club said, "We are aware of Mr. Massone's previous involvement in the game in Scotland, and the board has decided not to pursue his offer any further. In the view of the board, the bid he made also undervalued the club. Vladimir Romanov remains willing to discuss the sale of Hearts to anyone with a genuine interest, and ability, to take the club forward." The spokesperson added, "Bidders will need to provide a financial offer to reflect the value of the club, be fit to run it as required by the Scottish FA and disclose their plans going forward" (SUPER SPORT, 11/19).
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