Inside Hearts AGM: Expanding Tynecastle, £2.7m transfer spend, new director, Ann Budge tears

Hearts hosted their 119th annual general meeting this morning at Tynecastle Park as chairwoman Ann Budge officially stepped down in tears. After Wednesday night’s 1-1 draw with Kilmarnock, fans attended in numbers as Hearts officials spoke on finances, answered questions on stadium expansion, and welcomed new directors onto the board. Budge was full of emotion after nearly 12 years in charge of the club.

Around 500 shareholders were in attendance and applauded the businesswoman into Tynecastle Park’s Gorgie Suite as she took her seat. She transformed Hearts since gaining control in 2014 following a year-long administration process and the end of the Vladimir Romanov regime. Fans showed their appreciation with some warm words and rounds of applause, which prompted tears from the lady in question. Genuine and heartfelt tributes were a theme throughout the meeting.

New director James Franks was also at the top table after joining the Hearts board as investor Tony Bloom’s associate. Budge will now become honorary president of the club and is replaced by new chairman Calum Paterson. “He is getting to know the club, meeting people and was there last night so he knows it’s not always roses,” commented Budge.

She admitted Hearts are going through a period of change following Bloom’s arrival as a shareholder. She said Franks brings “vast footballing knowledge and contacts which will be of great benefit to the club”. Euan Forbes was attending his first AGM as Hearts finance director after replacing Jacqui Duncan. Likewise, Foundation of Hearts director Claire Hammond was at the top table for the first time as a representative of the fan group and also a club director. Kevin Windram is leaving the board after 11 years and Budge stated it was “a great shame” that he is choosing to go. Ralph Findlay OBE is his replacement.

Budge delivered a personal message at the end of her tenure. “I will just say a lot of thanks,” she said. “I won’t go through a lot of names or groups. I thank the board, past and present, management team, players past and present, and I got a lovely email from Derek [McInnes, head coach] this morning. He apologised for not getting a win last night. Of course, I have to thank the fans. They have been magnificent over the last 11 years. None of us would be here today if it wasn’t for that.

“We can’t lose sight of long-term goals. While ownership may have changed a bit. We are focused on maintaining fananical stability and secureit yos we don’t get into the position we were in 11 years ago. We are focused on being a force in the community through Big Hearts and being one of the major players in Scottish fotoball. We are talking about improving our position, not just maintaining it. This is what the club is about. This applies to the men’s game and women’s game.”

On her honorary president title, Budge stressed she would not be disappearing into the sunset. “It means I’m not really going anywhere. It means I’m standing down but I’ll still be here,” she said. “I will lend advice to anyone who needs to talk to me. I still look forward to being at Hampden, going on European trips and other things we have all enjoyed.”

Hearts chief executive Andrew McKinlay then spoke on various topics, including the partnership with data recruitment firm Jamestown Analytics. They also work with Brighton and Hove Albion in England, plus Union Saint-Gilloise in Belgium - both clubs where the aforementioned Bloom holds shares. “A crucial part will be our ability to bring in better players who we can then sell for profit, which will allow us to reinvest in better players, leading to better on-field performances, results and so on,” said McKinlay.

“Some of you may have picked up a report last week by the CIES Football Observatory, which gave a league table of the smartest clubs in the transfer market throughout Europe, based on net spend. It was most interesting and encouraging that Brighton were second and Union were eighth. Hopefully we can get up into that top 10.

“This is the model we are looking to follow and we believe it will bring us great success, both financially and on the pitch. The intergration of the analytics into the club to ensure we get the maximum from it is very much down to our sporting director Graeme Jones. He is key to this relationship and the interaction with the head coach.”

The cost of building a new training complex was described as “prohibitive”, with McKinlay explaining that Hearts are working closely with Oriam sports complex to improve facilities at Riccarton. “Unfortunately, a lot of misinformation comes out about our training ground, including on injuries,” he commented. He explained that there was nothing untoward in that area, and also insisted that in future Hearts would be looking to finish higher than third in the league.

He moved on to potential stadium expansion and quickly declared that this was not on the board’s agenda. Tynecastle’s official capacity is 19,852, and McKinlay stressed there are no plans to expand the ground. “Even if the board did think this was something we should prioritise, the footproint of Tynecastle makes it somewhat impossible,” he said, referencing the stadium’s location in among a tight residential area of Gorgie. “Tynecastle has a unique atmosphere based on the steep stands.” He added that filling in the corners is not an option because the stands are supported by the white framework in the corners.

Forbes ran through the accounts for the year to 30 June, 2025, which were published last month, and emphasised record turnover of £24.4m. He thanked benefactors and talked through staff costs, revealing that the club’s football department accounts for £14m of the total £19m-plus figure. Player sales brought in £1.3m during the year in question as Kye Rowles, Daniel Oyegoke and Alex Cochrane were transferred out for profit. The figures do not include James Penrice’s £2m move to AEK Athens, which will be in next year’s accounts.

A total amount of £2.7m was spent on player acquisitions, including agent fees. Forbes advised that the lack of European football this season “would impact on the profit and loss result” for next year’s accounts. He said Hearts continue to be in a strong position financially.

After formal business and the latest accounts were approved, McKinlay then stood up to acclaim Budge’s spell as Hearts chairwoman. “Today is a moment in time, a key moment in the history of this football club,” he began. “This club has been graced with great names, mostly players and managers who have provided some of its greatest and most sombre moments. Very few people off the pitch will be etched into history, but Dr Ann Cochrane Cook Wallace Budge - Ann to you and me - will be.

“She has been chair since 2014 and the club is in a somewhat diferent tstate of repair now after coming clsoe to going out of business. This magnificane stadium is very much the legacy of Ann. She leaves the mens’ and womens’ teams on the pitch in incredible positions. To me, the greatest legacy Ann left is re-establishing the soul of the football club. At the training ground the other day, I noticed a quote from the famous football commentator Bob Crampsey: ‘A club with more suubstance, spirit and soul than any other in Scottish football,’ he said.