US businessman Foster Gillett explains why he wants to buy Hearts

Hearts will soon be owned by Foundation of Hearts.

American businessman Foster Gillett revealed he wants to invest significant money in Hearts after attempting to gain control of the Edinburgh club.

Tynecastle officials stressed today that they are not for sale after Gillett, son of former Liverpool owner George, made a formal approach about a buyout.

Hearts owner Ann Budge is committed to handing her 75.1 per cent controlling stake to Foundation of Hearts later this year. They will become owners on behalf of 8,000 fan members.

Gillett admitted he has contacted Hearts and is keen to talk about a potential investment, although he said he has yet to lodge a formal takeover proposal.

“To date there has been no response from the club board or Foundation of Hearts. No formal offer has been made,” he told Sky Sports.

“I would welcome the opportunity to engage with Foundation of Hearts to explore a potential investment. I am looking to acquire a football club with ambitions and I’m looking to invest significantly.”

Gillett Jnr became a Liverpool director during his father’s turbulent reign as co-owner with Tom Hicks, who bought the English club in 2007.

They sold their shares to Fenway Sports Group in October 2010 after a fallout between the partners. Gillett Snr’s net worth is estimated to exceed £500m.

Gillett Jnr has been managing director at Booth Creek Management Corporation in Colorado, USA, which runs ski resorts. He was also involved in a NASCAR team, Richard Petty Motorsports, up until 2010.

On the subject of Gillett Jnr’s interest, a Hearts spokesperson said: “An approach had been made, as have others in the past. We have a commitment to pass club ownership to the fans and that has not changed.”

Budge reiterated the not-for-sale message to BBC Scotland, saying: “My plan has always been to hand the club over to supporters and nothing has changed. Right now, the club needs stability.”

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