McGrail plans to buy Tynecastle stadium

Robert McGrail, a shareholder in the Premier League club Hearts has announced he plans to buy the club’s Tynecastle ground and lease it back to the club, a developments which please the ‘Save Our Hearts’ supporters’ group. The deal will provide the opportunity for the club, which is carrying debts of around £17m, to increase its borrowing facility with the Bank of Scotland. The club had previously sanctioned the formation of a working party to assess the commercial viability of Tynecastle and the group is expected to present its findings at the end of this year. The club has managed to retain the right to withdraw from the agreement before January 31 if the party can come up with a feasible plan to stay at the ground. "Our proposals include a condition which allows us to withdraw from the sale of Tynecastle before 31 January 2005 if a financially viable alternative is acceptable to us,” said club Chairman George Foulkes.

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