Foundation of Hearts repay Ann Budge £2.5m to bring fan ownership closer
Move 'hugely significant'
The Foundation of Hearts have revealed that they have completed their funding obligations to Hearts after paying back current owner Ann Budge £2.5 million.
The FoH confirmed in an e-mail to its members that the final instalment of the loan from Budge had been honoured, with her 75.1 per cent shareholding expected to be handed over to the supporter’s group by the end of April.
Budge joined forces with the Foundation to take Hearts out of administration in 2014.
Since then the FoH have paid in £9.8 million to the club, including £3 million that was ring fenced for the new main stand.
Foundation chairman Stuart Wallace said: “I am absolutely delighted to confirm that the Foundation has now paid over the final instalment to Ann Budge’s BidCo for the loan payment made back in 2014 to save the club.
“This is a hugely significant step along the road towards fan ownership of Heart of Midlothian.
“The next stage will see the transfer of BidCo’s majority shareholding of the club to the Foundation.
“The timing of this historic handover is to be announced shortly but is likely to be around the end of April.”
Even though Hearts are on the verge of being fan owed, Budge is set to continue in her role as chief executive and chairwomen.
The FoH are represented on the club's board by Wallace and Donald Cumming.