Tony Bloom, the owner of English Premier League side Brighton, has made a formal offer of £9.86 million for a 29% stake in Heart of Midlothian FC.

The proposal is to be considered by the club’s majority shareholder, the Foundation of Hearts (FoH), with a consultation period now running until 26 May, after which fans will be asked to vote on the proposal at an extraordinary general meeting.

A majority backing of more than 50% will be required in order for the deal to go through.

The proposal will see Hearts create a new class of ordinary shares – with no voting rights – which will be issued to Bloom in exchange for his capital investment, thus not impacting the 75.1% voting rights held by the Foundation.

If successful, Bloom would also be entitled to one place on the board, which he will hand to a selected representative.

An FoH statement stressed the investment would be a personal one, and that Hearts would not become a feeder club for Brighton or Belgian side Royal Union Saint-Gilloise, where Bloom has a minority shareholding.

The FoH board is recommending the terms are accepted, though approval from the Scottish FA would still be required.

An FoH statement said: “Let us state at the outset: the Foundation of Hearts board believe that this investment in the club presents an opportunity to realise the club’s full potential and take it into a new era.

“It is the recommendation of your board that you vote in favour of accepting the proposal.

“This opportunity has not come around by accident. Tony Bloom has done his due diligence (as has the club) and he has recognised both the importance of Heart of Midlothian Football Club and its significant potential.

“His past and ongoing successes with Brighton & Hove Albion in England and Royale Union Saint-Gilloise in Belgium are there for all to see, and with Hearts, he sees the chance to play a part in another success story. He believes Hearts can disrupt Scottish football, and he wants to be a part of a new glorious chapter in Hearts’ history.”

The statement went on: “On the pitch, there will be investment in the first-team playing squad through the assistance provided by the Jamestown Analytics model. Off the pitch, the investment will help to futureproof a sustainable business model, one which reduces the reliance on external benefactors and maximises our earning potential.”

It added: “Why should FOH members vote in favour of the proposal? You made the club survive, now you have the opportunity to help it thrive. We would reiterate that the FoH board’s recommendation is to vote in favour of the proposal which presents an unprecedented opportunity for the club within Scottish football.”

Hearts are currently managerless having sacked Neil Critchley after failing to make the top six.