Hearts to roll out share issue
26 Oct 2012
Cash-strapped Scottish Premier League (SPL) outfit Heart of Midlothian has revealed details of a share offer, which officials claim could eventually allow fans to secure control of the club.
The reigning Scottish Cup champion claims that the share offer could raise up to £1.79 million if fully subscribed. It is set to open on Saturday and will allow supporters to claim a 10% stake in the club. “It is a very important moment in Hearts’ history where supporters are invited to express their interest and secure the future of the club,” Hearts director Sergejus Fedotovas told the club’s official website.
He continued: “Now Hearts needs its supporters more than ever and we count on this appeal being heard and supported. If this first share offer is successful we believe that future proposals could be considered that may eventually allow for Hearts supporters to take over the club entirely. Every pound raised by supporters, after costs, will be reinvested into the club and we expect that this will be a popular offer.”
The announcement comes after Hearts were this week hit by a 60-day player registration embargo by the SPL for failing to pay its players and staff on schedule for September and October. Wages were paid late on four separate instances last season. Hearts’ controversial owner Vladimir Romanov last year announced his intention to sell the club after becoming increasingly disillusioned with football.