Duo aiming to launch Hearts takeover bid

February 5, 2007

Two Edinburgh businessmen are seeking financial help from Iceland and the Middle East to launch a takeover bid for Hearts.

Pat Munro and Fred Wood, who failed in a similar bid in 2005, want to buy out majority shareholder Vladimir Romanov.

Reports in Iceland claim one of their targets is Thor Bjorgolfsson, whose father Bjorgolfur Gudmundsson is part of the group that recently bought West Ham.

Munro, who made his money in the plumbing sector, told the Scottish Sun: 'We have people in Iceland and also people in the Middle East we are talking to at the moment - we are pushing ahead with various things.

'The fans and smaller shareholders of Hearts are unhappy about Romanov's holding of the club and how he runs it.

'Our goal is to take over the club and buy Romanov out.

'Our group of investors, from Edinburgh and the Middle East, want to build a new stadium for the club with a nearby hotel, bank, casino and supermarket.

'We are quite interested to have Icelanders on board because of their interest for British football and good reputation in business.'

However, sources close to Romanov have dismissed the plans and say the Lithuanian-based banker has no intention of selling.