Foundation of Hearts react to Foster Gillett approach and say Tynecastle fans will vote on future takeover bids

Foundation of Hearts say they will not respond to Foster Gillett's takeover approach because their agreement to own Hearts is legally-binding.

Furthermore, Tynecastle fans will get to vote on any future buyout proposal once the Foundation obtain Ann Budge's 75.1 per cent stake in the Edinburgh club. That should happen later this year.

FoH chairman Stuart Wallace today told the Evening News that the supporters' group did receive an email from a third party on behalf of Gillett, the American businessman and former Liverpool director. Wallace discussed it with current Hearts owner Budge before dismissing it.

Around 8,000 Foundation members pledge monthly cash which helps fund Hearts to the tune of £1.5million per year. Wallace said Gillett, the son of ex-Liverpool owner George, won't be entertained as he explained how fans will be entitled to vote on future takeover bids under Foundation rules.

"The approach came via an intermediary. I got the same approach as Ann into my email. We spoke briefly about it and we dismissed it," said Wallace.

"My view is very clear, and Ann feels the same: We have a legally-binding agreement to transfer the club to the fans, therefore we weren't looking for an approach and it wasn't particularly welcome.

"We always said Foundation of Hearts is 'by the fans, for the fans', so we aren't looking at any other approach."

"Our governance says that, if something like this ever comes up in future, the vote goes to the fans. Any sale of any stake that the Foundation has got in Hearts would always have to go back to the fans for a vote once Ann's majority shareholding has been transferred to us.

"The vote required to pass it would then either be 75 per cent of our members, or 90 per cent of our members. That detail would have been decided at our EGM in April but it had to be postponed because of coronavirus.

"We have no intention of selling any of our shareholding. We have fought so hard for it. However, in years to come, if somebody did turn up with the right motives, then it would be for the fans to decide."

Gillett's father is estimated to have a net worth exceeding £500million. Gillett Jnr insisted he has huge cash to invest and wants to talk to Foundation of Hearts.

“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," said the American.

Wallace said any investment would need to be into Hearts alone as FoH is a fan vehicle which hands all proceeds to the club.

"The 75.1 per cent shareholding is anticipated to come to the Foundation as soon as we can do it. So any investment wouldn't be into FoH at all.

"If he is that way minded it would be a debate for Ann, which she would then have to bring to us as future majority shareholders."

A message from the Editor: Thank you for reading this story on our website. While I have your attention, I also have an important request to make of you. In order for us to continue to provide high quality and trusted local news on this free-to-read site, I am asking you to also please purchase a copy of our newspaper. Our journalists are highly-trained and our content is independently regulated by IPSO to some of the most rigorous standards in the world. But being your eyes and ears comes at a price. So we need your support more than ever to buy our newspapers during this crisis. With the coronavirus lockdown having a major impact on many of our local valued advertisers - and consequently the advertising that we receive - we are more reliant than ever on you helping us to provide you with news and information by buying a copy of our newspaper. Thank you. Joy Yates, Editorial Director.