Heart of Midlothian have confirmed that Brighton and Hove Albion owner Tony Bloom has made a proposal to invest almost £10 million worth of capital into the Edinburgh club.
For said sum, he will receive a 29 per cent stake in Hearts side via non-voting shares.
A consultation with Hearts' majority shareholders, Foundation of Hearts (FOH), will now begin.
It will explain the proposal to FOH's 8,000 or so members, who will then vote on whether they are in favour of it or not. More than 50 per cent of the votes cast need to be in favour of the proposal for it to go through.
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The transaction itself from Bloom equates to exactly £9.86 million, and it could see him become a minority shareholder and have a place on the club's board.
A statement read: "Heart of Midlothian can confirm that Tony Bloom has made a proposal to invest capital of £9.86m into the club for which he shall receive a 29% stake in the club via non-voting shares.
"A consultation period with the club’s majority shareholders – the Foundation of Hearts – will now begin.
"The consultation will explain the proposal to FOH members and ascertain their views before asking them to vote on this. A majority of FOH members’ acceptance is required (as determined by the FoH board) for the proposal to be successfully carried forward.
"Following the FOH consultation process, an Extraordinary General Meeting of the club’s shareholders will be called in order to formally approve the transaction.
"In the meantime, the transaction remains subject to entry into legally binding documentation, SFA approval and other normal course regulatory requirements."
Hearts remain without a manager after Neil Critchley departed the club last month.
Liam Fox has taken interim charge of the team since then and will remain at the helm for this weekend's home game against Motherwell.
