Inside Hearts' EGM that approved Tony Bloom deal - where the optimists outnumbered brave dissenters

Hearts fans vote overwhelmingly in favour of £10m investment

On the day Hibs were drawn against FC Midtjylland in Europa League qualifying, Hearts saw their own match-up confirmed. It’s now very nearly official: Tony Bloom owns a stake in the Tynecastle club, after shareholders overwhelmingly approved the Brighton & Hove Albion owner’s proposed £9.86 million investment.

Chairperson Ann Budge expects the deal to be completed within “the next seven to ten days”. Unlike the Hibs v Midtjylland pairing, this isn’t a temporary coming together. Rather, it’s hoped, the financial contribution from Bloom, together with his and his associates’ expertise, will help sustain the Tynecastle club for many years to come.

But perhaps underlining the way football is going, and how the tentacles of certain rich and increasingly tech-orientated owners are being wrapped around the game, the identity of Hibs’ European opponents does seem relevant. They were until fairly recently owned by Matthew Benham, Bloom’s old pal. They met when Bloom recruited Benham at the betting firm he set up in the early 2000s in London.

Hearts fans have overwhelmingly approved a near £10m investment from Brighton owner Tony Bloom. (Photo by Gareth Copley/Getty Images) | Getty Images

They have since fallen out, going their own different ways to deliver success at two of Britain's most go-ahead football clubs - Brighton and, in Benham's case, Brentford. They have transferred their skills into the football arena, where data and statistics have become king. It’s the ground on which Hearts have chosen to build an annex. Jamestown Analytics, an offshoot of a data firm started by Bloom, have signed an agreement with Hearts. They’ve already had a significant say in recent recruitment, with varying degrees of success it must be said.

Nevertheless, money is money, investment is investment. However admirable is the largesse of Hearts’ support, who continue to plough money into the club through monthly donations, it’s not brought significant reward on the pitch. Another push is required, particularly given the absence of European football in the coming season.

Significance of vote cannot be downplayed

While not completely unanimous, Bloom's investment proposal breezed through at an extraordinary general meeting of shareholders at Tynecastle. The entrepreneur will have a 29 per cent stake in the form of a new tranche of non-voting rights shares.

Hearts will remain to all intents and purposes a fan-owned club but the ownership structure has changed as has the club’s articles of association, so it’s impossible to downplay the significance of the day, even if the club’s own website took a minimal approach to reporting what had occurred in the Gorgie Suite. “At the general meeting of the club, held this evening, we are delighted to report that all three resolutions have passed,” it reported shortly after the meeting had concluded at around 5.40pm, following a 5pm start. It hadn’t even taken as long as a half of football for the Foundation of Hearts’ (FoH) shareholding to be reduced by almost a third, regardless of voting rights.

Admittedly, while newsworthy, it wasn’t particularly sexy. It wasn’t about a cup being hoisted towards the heavens. It wasn’t a major new signing – not yet at least. And, of course, the suspense was limited – after all, the approval was all but guaranteed to be gained from shareholders who were nearly all salivating at the chops of the prospect of Bloom coming on board, particularly given the recent strides made by Hibs following fresh investment from the Black Knights Group.

Seven board members sat at the top table. Among them was benefactor James Anderson, who along with wife Morag is estimated to have gifted as much as £20 million to the club, which does put Bloom’s investment in perspective. That’s not to say fresh funds are not welcome, of course. Bloom himself was not present to the evident disappointment of some of those gathered in the room.

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

Concerns aired over ‘waffle’

Following a short questions and answers session, Budge introduced the first of three resolutions: granting authority for the board to issue over 63 million non-voting rights shares to Bloom. Out of around 230 shareholders in attendance, just three hands went up when she asked who wasn't in favour.

“Anyone who doesn’t vote in favour of this needs their head examined,” was one of the first comments beneath a video of FoH chairman Gerry Mallon outlining the pros of the proposed deal in May. The estimates that around 98 per cent would support the investment turned out to be pretty much spot on. No one likes to be out of step with their fellow supporters so it was brave of the three gentlemen in question to take such a public stance.

They all seemed in possession of their faculties so their concerns are legitimate and were adeptly articulated in the case of a Mr Mackie, who stood up to enquire what the money would be spent on. He accused Hearts of “waffle” in the investment proposal consultation document published on the club's website, where terms such as ‘futureproofing’ had been used.

Budge agreed with his contention that £10m was not a lot of money in today’s football world, and it won’t all be splurged on high-profile players. Andrew McKinlay, the chief executive, sought to allay fears about multi-club ownership, given Bloom is also involved with Belgian club Royale Union-Saint Gilloise. “We would never do a deal with any potential to prejudice us playing in Europe,” he said. “That would be crazy.”

One of those opposing had come all the way from Hamilton by train to do so. Ken Darling later stood on a pavement opposite the Tynecastle Arms and explained that he was worried about a continued drift away from using local talent. He made the point that Andy Irving and Josh Doig, who came on as substitutes in Scotland's win over Liechtenstein last week, had both started their careers in the youth ranks at Hearts before moving elsewhere. "Why are these guys not being developed?" he wondered. "We have signed several very poor foreign players recently."

That’s the key now. Not to waste another golden ticket. Demonstrate that data really does work at this level. Other shareholders were far more optimistic – or should that be desperate, the way all football fans are, to experience some glory again. “What do we have to lose?” one wondered on the way out.