Foundation of Hearts approves Tony Bloom investment as egm looms

It was announced earlier this month that the Englishman intended to plough £9.86million into the Edinburgh club in return for a 29 per cent stake in the Jambos via non-voting shares. Bloom would also be entitled to one seat on the board, although he is expected to appoint someone on his behalf.

The transaction had to be approved by members of Foundation of Hearts, the supporters’ group who count as the club’s majority shareholder, with a simple majority of more than 50 per cent of votes cast required in order to confirm the deal goes ahead.

Following a consultation period that ran until Monday, the FoH announced that 98.5 per cent have given the green light for Bloom to come on board.

“Foundation members have voted to accept the proposed investment in the club by Tony Bloom,” read a statement on Monday evening. “A total of 6208 votes were cast, with 6112 voting in favour and 96 voting against. In percentage terms, this resulted in 98.5% voting in favour of the proposal.”

An extraordinary general meeting of the club’s shareholders will now be called in order to formally approve a transaction which Foundation of Hearts chairman Gerry Mallon said at the start of the consultation period could “really help shake up the Scottish football establishment”.