The Foundation of Scottish Premier League side Heart of Midlothian has turned down an offer from a group led by former Scottish Rugby Union CEO Gordon McKie to "submit a joint bid for the Tynecastle club, revealing instead a preference to either work with another backer or go it alone," according to the HERALD SCOTLAND. McKie "would only prolong his interest in taking the club out of administration alongside the Foundation." The fans-led body, however, has "instead elected to go down a different route, effectively ending McKie's involvement." McKie's consortium was "confident Hearts could exit administration via a Company Voluntary Agreement and offered to meet that cost" -- thought to be in the region of £3M ($4.5M) -- if the Foundation could fund the requisite working capital. The Foundation will now turn to an alternative funding source to help with its bid, "with businesswoman Ann Budge among those quoted as possible investors." Business services firm BDO partner Trevor Birch had spoken of "three or four" parties showing credible interest, "but with McKie out of the running and others yet to show their hand, there is a growing feeling that the Foundation's bid may be the only one on the table come Friday's deadline, something that may influence their offer" (HERALD SCOTLAND, 7/6).
