Scottish Premier League Side Heart Of Midlothian Receives Three Offers To Buy Club
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).