Monday, September 6, 1999 Published at 19:01 GMT
SMG takes stake in Hearts
Hearts keeper Giles Rousset in action at Tynecastle
The Scottish Media Group has confirmed it is buying a 20% stake in Scottish Premier League football club Heart of Midlothian for £8m.
The deal is similar to recent ones in England which have seen Granada buy a stake in Liverpool and BskyB purchase a shares of Leeds United.
"We're going to look to build a first-class youth academy and we will put some money into continuing to develop the stadium.
"It's an investment in the club by a strong partner who we believe is the right partner for Hearts Football Club in the medium term."
Mr Robinson said SMG's day-to-day involvement in the club would be mainly in merchandising, and that the group would also have a director on the board.
SMG, which owns Scottish and Grampian Television as well as the Herald newspaper group, confirmed last week that it is in talks which could see it increase its stake in the breakfast broadcaster GMTV.
The group's Chief Executive Andrew Flanagan said: "Our investment will help cement a successful long-term media partnership between Scottish Media Group and Hearts.
SMG is to subscribe for 2,514,093 new shares in Hearts at 140 pence per share to give it an inital 19.9 percent stake in the club.
A stake of this size would normally trigger a full takeover bid.
However SMG said the Takeover Panel, which oversees takeover activity on the London Stock Exchange, had agreed to waive this requirement.
Hearts reported pre-tax profit of £222,000 in the year to 31 July, following a loss of £1.94m a year ago.