The Scottish Media Group has announced this morning that it has bought a stake worth £8 million in Edinburgh football club Heart of Midlothian. The group, which owns Scottish and Grampian Television and the Herald newspaper, will assist the club in its media and merchandising activities.
The acquisition, which values shares in Hearts at 140p each, will initially give the group a 19.9% stake. Under the terms of the deal however, the group will also invest £4.8m in convertible loan stock which will mean a stake of 37.4% after four years.
Commenting on the deal today Andrew Flanagan, chief executive of SMG said: “Our investment will help cement a successful long-term media partnership between Scottish Media Group and Hearts. We are confident that the funds we have made available will be wisely invested in helping to realise the full potential of the club and we look forward to working with Hearts across a wide range of exciting projects.”
Hearts for their part are hoping to use the new funds to strengthen the squad and further develop its stadium and youth training programmes.
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