Foundation of Hearts on track for Hearts takeover after handing over £6.5 million

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Foundation of Hearts chairman Stuart Wallace insists the fans group remain on course to become the majority shareholders at Hearts after revealing that they have now handed over £6.52 million to the club.

Wallace gave FoH members an update at Wednesday’s AGM and also confirmed that £2.47 million of that total is part of their £3 million commitment to the new £15 million main stand.

Once their contribution to the stadium redevelopment is complete, the 8,000-strong group will then begin to repay current owner Ann Budge her £2.4 million loan.

FoH hope to be in a position to acquire Budge’s entire 75.1 per cent shareholding by summer 2020.

Wallace said: “We have now contributed a staggering £6.52 million to our football club – more than £2.47 million of which has been put toward the Tynecastle redevelopment project.

“We are well on track to achieve our £3 million contribution to the Tynecastle redevelopment project by agreed date of June 2018.

“However, we need the ongoing support of all of our pledgers during this next phase more than ever. Any drop off in members will impact our ability to meet our funding target.

“The message for now is that we are absolutely on track, both to meet our contribution to the Tynecastle redevelopment rroject and also to repay Bidco, taking us to the point of being majority shareholder in mid 2020.

“It is clear there is no room for complacency if we are to become the majority shareholders in our club.”

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