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The financially-stricken SPL outfit are looking for investors with the threat of administration looming, and a fans' foundation is hoping to bring the club out of crisis

A Scottish MP leading a fan-backed bid to buy cash-strapped Hearts believes the threat of insolvency will work in their favour as they look for a deal to take over the club.

The Foundation of Hearts is hoping to resolve the club's dire financial situation after the SPL outfit put their entire first-team squad up for sale on Thursday as they aim to raise the funds to pay their tax bill as well as player and staff wages.

The fans’ foundation is believed to be looking to make a bid by the end of the month and MP Ian Murray, who is leading the bid, says the dire situation faced by the current owners could work in their favour.

"From a hard-nosed business outlook, the club only has value in terms of its history, its share in the SPL and the assets that it holds," he told fans at a Foundation of Hearts meeting on Saturday.

"Given Thursday's statement and the club accounts, it's quite clear there is an on-going annual funding gap at the club that is quite substantial.

"That obviously has an effect on what the club is worth and I would go as far to ask whether the club is worth anything?"

Major shareholder Ukio Bankas – which has a 29.9 per cent stake in the club – has been declared insolvent, while investment company UBIG, which owns around half of the club’s shares, is on the verge of insolvency.

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