Hearts suitors asked for proof of funding

The takeover battle at Hearts is set to become clearer tomorrow when all three bidders have to submit proof of funding to the administrators.
Picture: Joey KellyPicture: Joey Kelly
Picture: Joey Kelly

And despite uncertainly over their offer, HMFC Limited, which has Peebles-based businessman Bob Jamieson as its sole director, are refusing to rule themselves out of the running.

Administrators BDO have set a deadline of Wednesday for fans group Foundation of Hearts (FoH), former Livingston chairman Angelo Massone’s Five Stars Football Limited and HMFC Ltd, which also involves US investment company Club 9 Sports, to hand over the finer details of their respective offers.

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FoH have put forward £2 million for a Company Voluntary Agreement, with £3.75 million, through a monthly direct debit scheme, available for working capital.

It is thought HMFC Ltd’s offer is £1.8 and £3.2 million respectively, while Massone is said to have tabled £4 million.

Privately, administrators BDO have serious doubts over Jamieson’s credibility and the club’s former shirt sponsor has already been forced to deny a rift with the American investment company.

Former Edinburgh councillor Dave Anderson is also lending a hand to HMFC Limited’s bid. Anderson, who was the author of a 2011 council report that stated that refurbishing Tynecastle “was not a viable option”, has suggested they are not about to throw in the towel.

Jamieson has already said that HMFC Ltd would move away from Tynecastle to a new 25,000-seater stadium. Anderson said: “The position is that the deadline has been set by the administrators for proof of funding.

“We’re not going to make any definite comment until we’re in a position to do so. That’s where we are at the moment.

“Bob is correct in that Club 9 Sports are looking at how best to formulate the bid and that’s as much as we can say at this juncture. When we’re in a position to say something, we’ll say it.

“We don’t think it makes any sense to be conducting this publicly through the press at this point in time. We are working towards the deadline.”

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Former councillor Anderson was suspended from his position as director of city development last year in the wake of corruption claims in his department.

He later resigned to set up his own company and the council, following an internal probe, appeared to exonerate Anderson of any wrongdoing.

FoH, meanwhile, insist that they are comfortable with tomorrow’s deadline, while it remains to be seen if Massone, who led Livingston into administration in summer 2009, can fulfil the administrators’ request.