Brighton Blum owner Tony Bloom has made an official offer of less than £10m and has received 29 percent of his stake in Middlelot.
The proposal will be taken into account by the Fan Heart Institute (FOH) that have the main shareholder at the Scotland Premier League and must receive more than 50% of members’ approval to succeed.
The consultation period expires on May 26 and the vote will be held after an extraordinary general meeting.
Bloom will purchase the right to vote, which will not affect the 75.1% voter rights held by FOH.
If he succeeds, Bloom will have the right to one place in the executive committee, but he is expected to appoint a representative, not to take the post himself.
FOH proposes to accept the conditions and if this happens, the Scottish FA must agree to a deal.
In a statement issued to its members, FOH says the proposed investment is a personal person and that hearts do not become a nutrient club for Brighton or Unuaun St. Gilues, which Bloom has a minority shareholder, or part of a multi-system system.
He also says Bloom believes hearts can destroy Scotland football and wants to be part of a “glorious subject” in the history of Edinburgh.