Brighton and Hove Albion owner Tony Bloom has completed the £9.86m purchase of a 29% stake in Hearts.
The Scottish Premiership club’s majority shareholder group had last month voted in favour of Bloom’s offer.
Consultant James Franks, who has worked as part of the businessman’s other football ventures at Belgium’s Royale Union Saint-Gilloise and Australia’s Melbourne Victory, will represent Bloom on Hearts’ board as a non-executive director.
Chief executive Andrew McKinlay says news of Bloom’s investment has “captured the imaginations of our supporters”.
“I am absolutely thrilled to be investing in Hearts,” said Bloom.
“I firmly believe in the club’s ability to disrupt the pattern of domination of Scottish football, which has been in place for far too long.
“This great club has a bright future and I look forward to seeing that unfold in the months and years ahead.
“The appointment of James as my representative on the board underlines the importance I attach to my investment in the club.
“James has been a trusted associate of mine for many years and I believe that his wealth of experience in the football industry and strong business acumen will be a tremendous asset to the board and to the club.”
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“Tony Bloom’s decision to invest in Hearts was very much founded on the many benefits he saw at Tynecastle through the club being in fan ownership, not least its financial security through the level of our pledging.”
Bloom will be purchasing non-voting rights shares, which would not impact the 75.1% voting rights held by the Foundation of Hearts but he will be entitled to one place on the board and is expected to appoint a representative rather than take up the position himself.
FoH had said Bloom believes Hearts can “disrupt Scottish football” and that he wants to be a part of a “glorious chapter” in the Edinburgh club’s history.
Hearts finished season 2024-25 seventh in the Scottish Premiership and have appointed Derek McInnes as their new manager.
The club has a formal relationship with Bloom’s company Jamestown Analytics for recruitment.