Vladimir Romanov is offering fans a chance to buy back some of his shares in Hearts in an attempt to raise £1.79m.
The cash-strapped Edinburgh club, who have been unable to pay all their player and staff wages on time twice this season, is placing 10% of the shares owned by controlling company UBIG up for grabs.
The club is owned and run by UBIG, a Lithuania-based holding company controlled by Romanov.
In a statement on Thursday, director Sergejus Fedotovas said the share issue could raise up to £1.79m and ease Hearts’ financial worries.
Fedotovas added that further sales of shares could follow, allowing fans to eventually take control of the club.
Unveiling the scheme, Fedotovas said: "It is a very important moment in Hearts' history where supporters are invited to express their interest and secure the future of the club. Now Hearts needs its supporters more than ever and we count on this appeal being heard and supported.
"If this first share offer is successful we believe that future proposals could be considered that may eventually allow for Hearts supporters to take over the club entirely.
"Every pound raised by supporters, after costs, will be reinvested into the club and we expect that this will be a popular offer.
“There are a range of excellent benefits that will also provide attractions to supporters and we're pleased that we have a relationship with supporters that makes this share offer a truly viable option for the development of the club."
The shares on offer will cost 11p each, with full details of the benefits on offer available in a brochure being distributed to fans at Saturday's SPL match against Ross County.