BY IAIN COLLIN – @CCP_sport
FOUNDATION of Hearts (FoH) directors have recommended that members agree to help fund the planned new main stand at Tynecastle in a move that will delay the supporters’ group’s takeover of the club.
Members are set to meet at the Gorgie ground on Monday to discuss the proposals that would see FoH contribute £3 million of the estimated £12 million needed by the club to redevelop its outdated main stand.
They will then be asked to approve the scheme in a vote before it is given the green light.
The initiative means FoH will not next month start paying off the £2.5 million loan provided by Ann Budge’s BIDCO 1874 when the club came out of administration in 2014, and will instead plough around £125,000 per month into funding the building work.
This will push the date when FoH will assume control of the club back by around eight months.
However, presented with the opportunity to help Hearts redevelop Tynecastle, the FoH board are urging supporters to back the proposals.
In a letter to members, chair Brian Cormack said: “The Foundation directors recommend acceptance of this offer, but we will only proceed if the membership approves the proposal.
“What we are all potentially signing up to is this: By accepting the BIDCO offer and agreeing to an extension of the funding arrangements, we will play a major role in the development of Tynecastle and continue to support the club financially.
“The start date of the period when we buy out the BIDCO loan could move out from the original timetable by two years, although this would be reduced if we reach the £3m stadium payment figure sooner.
“The next step will be to invite members to vote on whether or not to accept Ann’s offer and amend the financial agreement with BIDCO. Our participation in the stadium funding will be dependent on a majority vote in favour.
“The Foundation directors would like to recommend acceptance of the offer from BIDCO and will be seeking the approval of the membership to do so.”
