Hearts AGM: £1m pricetag on Callum Paterson's head

Callum Paterson is in the final few months of his Hearts contract

Callum Paterson is in the final few months of his Hearts contract

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Hearts won't sell Callum Paterson in January for less than £1million.

Director of football Craig Levein told the Edinburgh club's annual general meeting today that the Scotland full-back is determined to leave when his contract expires next summer.

However, anyone hoping to sign him in the January transfer window must pay a seven-figure sum. Hearts are entitled to around £400,000 in a development fee, which could rise depending on which club Paterson joins.

Derby County and Cardiff City are both interested in taking the player to England.

Levein also stressed new head coach Ian Cathro will pick the team and will be able to sign new players in January.

Hearts owner Ann Budge told shareholders inside the Gorgie Suite that fundraising will continue towards the club's new £12million main stand.

Work is already underway but the project includes redevelopment of other community areas around Tynecastle and Budge is confident a £3m funding gap will be bridged. She insisted she will not put the club into debt, though.

Benefactors, existing cash and Foundation of Hearts donations total £9m but extra activities are underway to raise the extra cash needed. The first phase of the stand is due for completion in September 2017.

For full details on a jam-packed AGM, log on to www.edinburghnews.com/sport on Wednesday or pick up a copy of the Edinburgh Evening News.