Every word Foundation of Hearts chairman said on Tony Bloom investment that could shake Scottish establishment

A new era may be dawning at Tynecastle as Tony Bloom is officially on the table as a proposed Hearts investor.

Brighton and Hove Albion owner Tony Bloom’s £10m investment offer is heading for a consultation period with the fan-owned majority shareholders, the Foundation of Hearts. Bloom is closing in on becoming a minority shareholder at Tynecastle but now needs approval from those who own the Edinburgh club on the fans behalf.

It comes after more than a year of talks between Bloom and Hearts officials. Should it be ratified, it would bring £9.86m worth of investment into Tynecastle. Hearts have signed an agreement with sports recruitment firm Jamestown Analytics - who use Bloom’s analysis software - as they overhaul the process for signing players and coaches. Foundation of Hearts chairman Gerry Mallon has addressed the news in an interview across their channels. Here is every word he said.

Your take on this massive news?

“Well I'm delighted to be where we are now, reaching the end of the discussions that we've had with Tony Bloom and with his legal team. We're in a really exciting position where we think we've got a fantastic agreement where Tony is going to make a very significant investment into Heart of Midlothian. We think this represents a fantastic deal for both parties. I think it's a great opportunity for us to bring somebody on board, a personal investment from Tony Bloom, somebody with an incredible reputation and impact in the game and for us to benefit from the vote of confidence which he gives the club in doing that. Also in terms of the structure of the deal, I think it's a fantastic structure of a deal for the Foundation of Hearts and for our members as well and a perpetuation of the fan ownership which we've got at the minute which is really protected in this deal. I mean I think the interesting and important thing here is that the club will issue a new category of shares which are non-voting shares and these will be Tony Bloom's shares. He will take 29% of the shares of the club but at the same time the Foundation will retain 75.1% of the voting shares of the club so we don't dilute our control in any way at all. Yet at the same time we manage this very significant capital injection into the club and I think that works brilliantly.”

You mentioned a significant capital injection, £9.86 million really is a substantial amount of money in Scottish football terms isn't it?

“Look it's always really difficult to value a club and it's also very difficult to value a minority stake of non-voting shares in this whole context but Tony and his team have been absolutely brilliant in this entire process. They've been incredibly collaborative and a great partner to work with so we're very excited about the fact that this investment represents a great opportunity for us to put money into the club.”

I dare say someone of Tony Bloom's stature could seek to invest anywhere so why does he want to do so with Heart of Midlothian?

“Well that was the first question I asked him as well. So look, Tony is somebody who's passionate about football. He's a real fan. He grew up watching Scottish football as well as watching English football and so he's really excited to take the knowledge that he's got and the knowledge that he and his really sophisticated team have built up over the years and to help benefit from applying that into Scottish football. He thinks he can do something with us which is really special and which will really help shake up the Scottish football establishment and I'm definitely keen to help him do that.”

What exactly would Tony get for his investment?

“Tony Bloom will make a personal investment so this isn't something which is connected to any of his other businesses. It will be for 29% of non-voting shares in the club and it'll put £9.86 million in return into the club. In addition I think we'll suggest that he takes a seat on the board or we'll give him the right to take a seat on the board which it's not my expectation that he will take personally but rather he will he will have the opportunity to nominate somebody into that position.”

You work closely with the club board in your position as Foundation of Hearts chairman. What's your understanding on what this proposed investment could be spent on?

“Well ultimately everything that we do in this football club is and should be about success on the pitch. So whether it goes into investment in the playing squad and recruitment, whether it goes into sharpening our training and development, whether it goes into some other element of the business which supports the playing squad. We've separately recently agreed to bring Jamestown Analytics on board and they offer the world's leading football data platform at our disposal and I think that gives us the opportunity to be able to identify some real talent and make sure that we're developing our developing our playing squad. It's all about driving success on the pitch and that's where we'll be investing but there are other things as well in addition to that that we need to make sure that we put in place.”

Should the proposal gain support then Hearts would not become part of a multi-club system would they?

“I think this was always one of the red lines for me in any kind of deal. Hearts should never be a feeder club to anybody and Hearts should never be part of a multi-club system where we're not calling the shots in terms of our own destiny and this absolutely isn't the case. Tony has interest in other clubs, they don't form a multi-club system and we're also not going to be part of it.”

Tell us why is the Foundation of Hearts Board recommending that its members vote in favour of this proposal?

“Well we think this is a fantastic deal, we think this is a game changer and we think this is something which can put us on a different level. I think bringing somebody on board with the integrity, with the capability and of the calibre of Tony Bloom is a great coup for us. I think it's a great vote of confidence in Heart of Midlothian for us and we think this is something which perpetuates and reinforces the solidity that we have with fan ownership at this club and allows us to guarantee the future for Heart of Midlothian Football Club for the next generation.”

Tell us then what happens next, what does the future look like?

“Well our intention is to consult broadly on this proposal over the course of this next month. We will shortly publish a schedule of consultations, some of which will be digital, some of which may be in person and that will culminate in a vote for our members to be able to decide whether or not they endorse this proposal. We need just a simple majority of the votes that are cast in order for us as a board to have the confidence that we've got the backing of our members. Following that when the investment is made we will expect the club to hold an extraordinary general meeting to allow the investment to be formalised. Then finally whenever that investment is concluded we as a foundation will seek a review of the working together agreement which we have with the club just to ensure that our governance arrangements are fit for purpose for this next stage of our development.”