Ann Budge loans Hearts a new seven-figure sum to help with running costs

Ann Budge has given Hearts a fresh loan of more than £1million to help with operating costs.

Through her company, Bidco (1874) Limited, the Edinburgh businesswoman loaned the club £1,225,000 interest-free. The amount is detailed in Hearts’ accounts for the year to June 30, 2020.

It means the club now owe their owner more than £2m in repayable loans. None of that money will be reclaimed between now and next June as part of an agreement between all parties.

Bidco loaned Hearts £700,000 last year and, to help offset problems caused by the Covid crisis, Budge has acted again to provide funds for running costs.

Hearts owner Ann Budge has released the club's latest accounts.

Notes to the financial statements in Hearts’ accounts explain that the loans are secured by a standard security over Tynecastle Park.

The notes read: “Bidco (1874) Limited continued to provide a number of short-term loan facilities to the company over the course of the year, amounting to £1,225k (2019 - £700k).

“The total short-term facilities owed to Bidco (1874) Limited at 30 June 2020 was £2,095k (2019 - £870k). These facilities have been provided on an interest-free basis.

“Subsequent to year end, Bidco (1874) Limited confirmed that no repayment would be sought within the next twelve-month period.

“Amounts owed to the company's parent company, Bidco (1874) Limited, are secured by a standard security over Tynecastle Stadium. Bidco (1874) Limited also holds a floating charge over the assets of the company.”

Foundation of Hearts have repaid Budge almost all of the £2.5m she provided to gain control of Hearts in 2014. She is due to hand her 75.1 per cent majority shareholding to the fan group next year.

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