Foundation of Hearts: New chairman announced, 10k aim, nearly £13.5m raised

The Foundation of Hearts, the club’s majority shareholders, will have a new chairman, starting from June.

At an open meeting of FoH members on Tuesday evening, Stuart Wallace, who is currently in the position, announced he will be stepping down from May 31, citing “personal and professional” reasons for the decision.

Wallace, who has been in the role for five years, will be replaced by Gerry Mallon.

Mallon, a chief executive of Tesco Bank and member of the Tesco plc executive committee, was elected onto the Foundation's board back in December.

He will also take Wallace’s non-executive director role on the Hearts board.

Mallon has significant experience working in football having served a six-year term as chairman of the Irish Football Association.

He will be tasked with leading the Foundation of Hearts on their ambitious plans to modernise, engage with the club’s young supporters and to reach 10,000 pledgers, bringing in £2million a year.

Under Wallace, FoH have gone from strength to strength, taking on ownership of the club last year to officially become the biggest fan-owned club in British football.

In an update by Paul Cheshire, who oversees the group's finances, this financial year the Foundation of Hearts has seen "unprecedented member numbers”.

"Since October, every month our member numbers have been higher than our record high any other time since the Foundation began, averaging around 8,800," he said.

"So far we’ve transferred just over £1million to the club in the 10 months this financial year. This is after the £100,000 we transferred to acquire the bidco shares.

"I expect we will transfer just under £1.5million for the full financial year.”

In total, the Foundation is closing in on £13.5 million raised for