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SBD Global/September 3, 2013/Franchises

Scottish Premiership Heart Of Midlothian Thanks 7,500 Who Donated To Foundation Of Hearts

Scottish Premiership Heart of Midlothian Manager Gary Locke "has thanked supporters for supporting the Foundation of Hearts but warned: 'It's going to take several years to get the club back up to its feet,'" according to David Gunn of the SCOTSMAN. Locke spoke Monday after the "first direct debits were drawn down by the Foundation of Hearts." The group-backed bid sees Edinburgh businesses "provide the capital up-front, through Bidco, before entering a binding contract with Fanco to sell the club in a controlled manner at no personal gain." With the direct debit draw down "regarded as the first step towards supporter  ownership of the club," Locke said, "The club exists because of the supporters and the club has a chance of a future because of the supporters." As of 9am Monday, 7,530 supporters "had pledged money to the Foundation of Hearts" (SCOTSMAN, 9/2).
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