In full: Hearts consortium statement

“WE have been working for the past two years to try to convince the current owners that a transition to proper fan ownership was the way forward.

At the weekend we did make an offer to the club. However, we have to announce that this initial offer, which included the Foundation paying the £450,000 bill to stop the winding-up order, has today been rejected by the current owners. We are now looking to continue our negotiations, which have always been constructive, with them.

We are of the clear opinion that the future of Heart of Midlothian is based not on the model of a single owner but on fan ownership. So our discussions with the current owners have been based on the vision of the fans - through the vehicle of the Foundation of Hearts - purchasing the club. What we aim to deliver is a structure whereby fans have majority control, not the minority percentage which is currently being proposed by the current owners, and are involved in the management and running of the club.

The Foundation was set up by a group of business people, all Hearts fans and all working in their own time and at their own expense, and we have the backing of the key Hearts supporters’ organisations for our plans.