Tony Bloom's huge Hearts vote numbers as the verdict arrives on his £10m investment deal
EPL chairman gets approval from Tynecastle fans
Tony Bloom’s proposed £9.86m Hearts investment deal has been approved by a huge majority of the club’s supporters. Thousands of fans voted on Bloom’s plan to gain a 29 per cent stake at Tynecastle Park, and the ballot closed at 5pm today with a landslide victory for the British entrepreneur.
Foundation of Hearts, who own the Edinburgh club on behalf of more than 8,000 paying subscribers, confirmed in an email to members that Bloom’s proposal has received overwhelming backing. A simple majority of 50 per cent was required, but the support for Bloom was way in excess of that threshold. In total, 6208 fans voted, with 6112 in favour and 96 voting against. Bloom therefore received support from a colossal 98.5 per cent.
Hearts will now hold an Extraordinary General Meeting for shareholders to officially approve the investment. The Scottish Football Association must also ratify the move, but Bloom has already visited Hampden Park and met senior SFA officials to ensure the process can move quickly.
The multi-millionaire businessman will gain a 29 per cent stake in Hearts in exchange for £9.86m, plus a seat on the club’s board. That is expected to be taken by one of his associates. Bloom will remain chairman of the English Premier League club Brighton and Hove Albion, where he is majority shareholder, and also retain minority stakes in the Belgian club Union Saint-Gilloise and Australian side Melbourne Victory.
Crucially, the Hearts shares obtained by Bloom will be newly-issued but will be non-voting shares, so he will not be permitted to vote on club matters. The Foundation's stake in Hearts is to be diluted to 53.6 per cent once the deal is finalised, but FoH will retain 75.5 per cent of the voting rights because Bloom’s shares are non-voting.
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The 55-year-old won’t be involved in daily operations in Gorgie but Hearts can utilise his expertise and network of footballing contacts. They are already in partnership with Jamestown Analytics, the London-based sports recruitment and data analysis firm which uses software developed by Bloom’s gambling company, Starlizard.
Bloom is investing in Hearts as an individual, as first revealed by the Edinburgh News last September. His deal does not involve any link or partnership with other clubs. The £9.86m cash sum will increase Hearts’ transfer budget this year, but a portion of the money is certain to be ringfenced to help grow and improve other areas of the club.
The Foundation’s email dropped into members’ inboxes shortly after 5pm today. It read: “Dear Owner, I am very happy to let you know that Foundation members have voted to accept the proposed investment in the club by Tony Bloom. With a 70% turnout, a total of 6208 votes were cast in the consultation exercise, with 6112 voting in favour and 96 voting against. In percentage terms, this resulted in 98.5% voting in favour of the proposal.
“I would like to thank everyone who took part in the consultation process. Clearly it is a huge majority in favour and this demonstrates - once again - the passion the Foundation members have for the club and their determination to see it move forward and reap the benefits of the financial investment. We have a wonderful opportunity now, I believe, to begin to tackle the challenge of becoming a disruptor of the long-standing status quo in Scottish football.
“It will take time, and it will require the continued – and indeed increased – financial commitment of Foundation members, current and new, to achieve this goal, but we have never been better placed to reach that position. Tony Bloom’s decision to invest in Hearts was very much founded on the many benefits he saw at Tynecastle through the club being in fan ownership, not least its financial security through the level of our pledging.
“What a testament to you, the supporters, and what a moment to be able to build on this, increase our membership, and drive forward together. The consultation process was also a great demonstration of the power of fan ownership. Not for Hearts fans the scenario of waking up to find that a deal has been reached behind closed doors with some rich person to take over their club. Foundation members were able, as their right, to scrutinise the offering and make a decision, yes or no. That is the level of influence and power that we the fans now have here, thanks to you.”