Foundation of Hearts asks fans to vote in favour of Hearts owner Ann Budge’s stadium funding plans

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The Foundation of Hearts has urged its members to vote in favour of Hearts owner Ann Budge’s funding proposals for the new main stand.

An online ballot was set-up yesterday and each supporter has until next Wednesday to cast their vote.

In a move that will delay the Foundation’s scheduled takeover by around eight months, Budge has asked the fans group to contribute £3 million towards the planned £12 million Tynecastle stadium redevelopment over the next two years.

As a gesture of goodwill, Budge has vowed to transfer 20 per cent of her shareholding to the Foundation when £1.5 million has been donated and a further 15 per cent on reaching the £3 million target.

Brian Cormack
FoH chair Brian Cormack

The remaining 40.1 per cent stake will then be transferred once the £2.5 million that she paid to take Hearts out of administration is repaid in full.

Foundation chairman Brian Cormack said: “The directors of the Foundation consider the proposal to be fair and reasonable and in the best interests of the Foundation and its members as a whole, and hence we unanimously recommend that you vote in favour of the resolution.

“We regard the proposal as an excellent use of Foundation funds over a finite period.  Supporters will see our funds being employed in the development of the new stand and other improvements at our home at Tynecastle.

“While the proposal means that the schedule for supporter ownership of the club is possibly put back for a period, for this delay we are obtaining a magnificent new stand and, as a gesture of trust, we will have interim hand-overs of shares from Bidco to the Foundation.

“When the Foundation ultimately becomes the majority shareholder of the club, we all want the club to be in good shape financially.

“The new stand should provide the Club with significantly increased revenue streams through corporate hospitality and other commercial activities.

“We also want the club to be successful on the field, and to have first-rate infrastructure in place.

“Implementation of the proposal will, we believe, help to consolidate all of these aspirations and objectives.

“The proposal reinforces the strong partnership we currently have between the Foundation and the club, and paves the way for a very bright future.”

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