FANS' group Foundation of Hearts (FoH) have reached a major milestone in their bid to take control of the Tynecastle club after confirming they have provided £1.4 million of mandated working capital.
The payment is the second financial condition of the deal struck between the FoH and Hearts owner Ann Budge last May, with a view to seeing the supporters take control of the club by 2019 at the latest. The first obligation was met last summer when Budge rescued the club from administration, with FoH providing the club with £1 million of immediate investment.
Step three of their takeover bid requires another £1.4m payment towards Hearts' running costs in the 12 months following May 2015. A final £2.4m sum will then be used to repay Budge's loan and take a majority shareholding in the club.
A FoH spokesperson said: "This is a huge achievement and is testament to the loyalty and commitment of every single member of the Foundation.
"We have been told over and over that our dream of owning and shaping the future of our club is not possible. Every single month, when fans pledge to the Foundation, we take another huge stride forward to proving the cynics wrong."
The clearing of this major hurdle caps a momentous few weeks for Hearts' prospective owners.
Brian Cormack, a founding member of the FoH, was named as a Hearts director on Monday, joining Ian Murray MP and further amplifying the group's voice in the boardroom.
April also saw membership numbers for the FoH reach an all-time high, assuaging fears that stability on the field could lead to a drop-off in fans feeling obliged to pledge to the cause.
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