Hearts fans hold key to Tynecastle as 8000 supporters asked to welcome the Lizard

Right at the end of the Foundation of Hearts' communication to supporters on a potentially game-changing £10 million investment into the club, there was a sentence that stood out.

“You made the club survive, now you have the opportunity to help it thrive.”

More than 8,000 FoH members have 20 days to vote on whether to accept a proposal from respected entrepreneur Tony Bloom, who owns English Premier League side Brighton and Hove Albion, which would see him put in £9.86m into Hearts in exchange for 29 per cent of its shareholding.

Tony Bloom wants to take a 29 per cent shareholding in Hearts. | Getty Images

The official announcement of Bloom's plans should not have come as a surprise. This was mooted almost eight months ago when Hearts' dalliance with him became far more serious when the Tynecastle outfit paired up with Jamestown Analytics - a firm run by Bloom - to use its data on players and coaches.

The recently sacked Neil Critchley was unearthed via that database, as were winter signings Elton Kabangu, Michael Steinwender and Sander Kartum. Some sceptics will say that the jury is very much out on those early-days findings.

Hearts are at a crossroads. This season has been poor, given that Critchley and his predecessor Steven Naismith have been axed within seven months of each other. The spectre of relegation was only banished last week after missing out on the top six in the Premiership and the failure to defeat Moldovan minnows Petrocub to ensure European progression in the Conference League continues to rankle.

As the search for a new head coach gathers pace, with Kilmarnock's Derek McInnes among one of the principal frontrunners, the confirmation of Bloom's plans adds a major ingredient into an already busy summer of change. Allowing Bloom into the building officially will add an extra body to the board - although the 55-year-old businessman himself won't be on it, instead putting in one of his representatives.

The Foundation of Hearts’ stance

The Foundation of Hearts do not legally have to put Bloom's potential investment to consultation, but says "it recognises the importance of members’ views". There can be no mistaking where the FoH board stands on the matter, though. “Let us state at the outset," it said. "The Foundation of Hearts Board believe that this investment in the club presents an opportunity to realise the club’s full potential and take it into a new era. It is the recommendation of your Board that you vote in favour of accepting the proposal."

There would also need to be a sign-off from the Scottish Football Association, similar to when Black Knight - another multi-club organisation - became a minority shareholder of Edinburgh rivals Hibs in February last year. There is unlikely to be too much red tape to cut through on that front. The fact that the FoH amended their constitution in December to reduce the approval threshold for issuing new shares or selling FoH shares shows that they have been preparing for this.

When the FoH properly came into play in 2014, with Hearts staring at liquidation following the Romanov era, it and current chairwoman Ann Budge were largely seen as saviours, riding in to rescue the Jambos from a dreadful predicament. More recently, Budge in particular has come under some flak from disenchanted Hearts fans who believe the current regime - including chief executive Andrew McKinlay - are doing them a disservice. A new voice may well be welcomed - yet it must be pointed out that while Bloom's shares would be new, they would be of the non-voting variety.

Bloom is a shrewd operator and truly believes Hearts have the potential to be competitive at the sharp end of Scottish football. He became a professional gambler in the 1990s, earning a nickname of ‘Lizard’ for his calm and cold-blooded nature at the poker table. He has also invested in previously unheralded Belgian side Union Saint-Gilloise, who have since competed at the top of the Jupiler League and broken into the Anderlecht-Club Brugge duopoly.

Hearts chairman Ann Budge, chairman of the Foundation of Hearts Gerry Mallon and chief executive Andrew McKinlay. | SNS Group

Is this a big punt for Hearts? They are understood to not become a feeder club to Brighton, nor would Bloom take a hands-on approach to the day-to-day running. While some of the cash would bolster the summer transfer budget, much of it would also be ringfences for infrastructural work. Hearts remain keen to strike away from Oriam and build their own training facility.

The Foundation wrote in their update to supporters: "Bloom believes Hearts can disrupt Scottish football, and he wants to be a part of a new glorious chapter in Hearts’ history ... having the benefit of Tony’s experience, and the football and business world related experience of those around him, available to the club will be invaluable.”

It is now in the hands of the people who helped rescue Hearts a decade ago to decide whether to welcome outside investment. Some will argue that for Hearts to evolve and be competitive once more, Bloom's money and expertise is badly needed. On May 26, we will find out the answer.