Scottish Premier League side Heart of Midlothian administrators BDO received three offers for the club prior to Friday's 5pm deadline, according to the SCOTSMAN. Foundation of Hearts, HMFC Ltd. and a group involving Italian businessman Angelo Massone all "lodged proposals hoping to gain control of the Edinburgh club." Foundation of Hearts’ offer totals £5.75M ($8.7M), including £2M ($3M) to fund a Creditors’ Voluntary Arrangement. The remaining £3.75M ($5.7M) would come from fans. The Foundation calculates that cash pledges from around 5,700 fans at an average of £18.50 ($28) per month "can be used as working capital to run Hearts for the next three years." HMFC Ltd. is controlled by Edinburgh businessman Bob Jamieson and financed by U.S.-based sports management firm Club 9 Sports. Its bid is understood to be worth £5M ($7.6M) -- an initial £1.8M ($2.7M) for a CVA and £3.2M ($4.8M) for working capital for the next three years. Massone’s bid, meanwhile, was delivered through the Glasgow-based Five Stars Football Ltd. and is in the region of £4M ($6M). It "does not include any provision for working capital" to meet Hearts’ £2M funding gap this season (SCOTSMAN, 7/13).
