The American businessman is in the market to add an SPFL team to his portfolio
Ann Budge has turned down the offer of Hearts takeover talks with Barnsley chief Paul Conway.
And Premiership rivals Motherwell are also poised to reject an approach from the owners of the English Championship club.
As Sportsmail first revealed, American businessman Conway is in the market to add an SPFL team to a footballing portfolio which already incorporates Barnsley and Swiss club FC Thun.
Owner Ann Hodge said changes were needed to protect the club amid the coronavirus crisis
A bid to buy Scottish Championship strugglers Partick Thistle last year was frustrated by dual ownership rules.
With the SFA willing to relax the regulations to attract investment to a Scottish game stricken by the coronavirus crisis, however, Conway has already made overtures to Hearts and Motherwell.
And, after releasing a strongly worded statement defending the Edinburgh club’s request to staff to accept a 50 per cent pay cut, Tynecastle owner Budge reiterated plans to hand over her 75.1% stake in the club to fans’ group Foundation of Hearts later this year.
‘I did receive a call from Paul and indeed over recent months I have received similar calls from a number of other would-be investors,’ she told Sportsmail.
‘In line with my contractual commitment to the fans to transfer ownership of Hearts to them, other than informing the Hearts board of the approaches, I have pursued none of them.’
Sportsmail can also reveal that a colleague of Conway’s also made contact with Premiership rivals Motherwell in recent days.
Debt-free for the first time in 40 years following the January sale of James Scott to Hull City for £1.5million the Lanarkshire club believe they can withstand the temporary loss of income wrought by the suspension of Scottish football.
Willing to hold talks with any SPFL clubs with realistic ambitions of top tier football, however, Conway said: ‘We want to take this opportunity in the current environment to say to clubs in Scotland, ‘we are open for business.’
‘We are hearing there might be more flexibility with regard to dual ownership, which might be a good thing during this difficult period for clubs.
‘We can move fast for the right opportunity in the Scottish league and we are open to creative deals.
‘To that end we have told the SFA and the league to feel free to get the word out that we are open to conversations with Scottish clubs.’
Both the SFA and the English Football League have explicit rules governing individuals in charge of a club controlling or having a major say in another British side without written consent.
Newcastle owner Mike Ashley obtained permission to take a 10 per cent financial stake in Rangers – but was charged by the governing body when he tried to install his own directors on the Ibrox board.
Frustrated by the same rules when he tried to secure a 55 per cent stake in Partick Thistle last year Conway travelled to Glasgow for talks on four separate occasions before the Championship club were eventually purchased for fans by late lottery winner Colin Weir.
To avoid lightning striking twice Conway has entered correspondence with the SFA over a relaxation of the rules – with the governing body now willing to consider allowing existing owners of British clubs to take up a 24.9 per cent stake in a Scottish team.