Hearn's plan to assume control of the sport's commercial arm, World Snooker, is due to be voted on at an emergency general meeting of the World Professional Billiards and Snooker Association on Wednesday.
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 plans to take a 63 per cent stake for an initial 15 years, after which the WPBSA would be able to make the rights available for tender once again.
Davison, backed by seven-time world champion Stephen Hendry, is also rivalling Hearn's plan with a promise of £5 million prize money. Hearn is guaranteeing £4.5 million in prize money, rising by 5 per cent annually.
"John Davison is an excellent investment adviser but there's a world of difference between running that and the world of professional sport," Hearn told BBC Sport. "It's a question of who the players think can do the best job for snooker. I think I can offer something very special to the world of snooker.
"There are big hurdles in front of snooker in terms of revitalising the sport and the integrity of the game. We can't afford to let this situation go on."
