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Businessman and former Olympian John Davison has launched a late bid to take over the running of top-level professional snooker.

Barry Hearn's plan to assume control of the sport's commercial arm, World Snooker, looked set to be passed at this week's extraordinary general meeting following a favourable response from the majority of players.

But Davison, who attempted a similar takeover in 2002, has submitted a proposal which already has the support of seven-time world champion Stephen Hendry. Davison will have the chance to address Wednesday's (June 2) EGM before the players vote on whether to back Hearn.

Should Hearn not have sufficient support, a further EGM would be called to determine whether the players are ready to back Davison.

Davison has pledged that prize-money will rise from the current £3.5m to £5m for next season – Hearn has promised £4.5m – and stated there will be 10 ranking events on the calendar, rising to 11 in 2011/12.

While Hearn has made a take-it-or-leave-it offer containing a clause insisting he takes a 51 per cent personal stake in World Snooker, Davison's proposal reveals he plans to take a 63 per cent stake but that his tenure would be for an initial 15 years, after which the World Professional Billiards and Snooker Association would be able to make the rights available for tender once again.

Hendry said: "For a sport which many would like to write off, to have two bids on the table to take the game forward shows that there is plenty of life in snooker.

"Players have been crying out for proper tournaments and more money and the proposal put forward by John Davison certainly meets those criteria.

"John is a guy with a fantastic track record and huge experience in the sports industry. That he has come forward again to lend his expertise and acumen to snooker says a lot about what he sees in terms of potential for the sport.

"He has stipulated the time scale he will work within, which for me is more appealing than just handing all of our assets over."

Davison competed in men's skeet shooting at the 2000 Olympics and is also a former partner of private equity firm Bridgepoint, from which he retired last year.