Vladimir Romanov has taken the first step towards handing over control of Hearts to supporters after unveiling plans to raise £1.79m through a share offer.
The Lithuanian owner is ready to ease his grip on the Tynecastle club with an initiative that would free up more than a 10% of his stake.
Shares, at 11 pence each, are available for purchase from Saturday morning and those attending the game against Ross County will be handed a brochure outlining the plans. The need for investment in the Scottish Cup winners, who are £24m in debt, has been made clear by their failure to pay six players and manager John McGlynn on time in September and October.
Romanov, through his private investment group UBIG, has been in control of Hearts since 2005 but said last year he wants to sell up. Sergejus Fedotovas, the Hearts director, claims the share offer opens up the possibility of fans becoming majority shareholders.
"This share offer provides supporters of Hearts and other interested investors with a real opportunity to increase their interest in the club while contributing directly to the investment in some of the best young footballing talent in the game," said Fedotovas.
"It is a very important moment in Hearts' history where supporters are invited to express their interest and secure the future of the club. Now Hearts needs its supporters more than ever and we count on this appeal being heard and supported.
"If this first share offer is successful we believe that future proposals could be considered that may allow for Hearts supporters to take over the club entirely."
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