STV Sport sponsored by Papa Johns

Hearts to become fan-owned as date set for takeover

Heart and Soul Day, when shares will be transferred from Ann Budge to the foundation, will take place on August 30.

Hearts to become fan-owned as date set for takeover SNS Group
Tynecastle: Hearts nearing formal takeover.

Hearts are set to become the largest fan-owned football club in the country as the takeover nears completion.

A date has been set for the Foundation of Hearts to formally become majority shareholders at the Tynecastle club.

The Heart of Midlothian fans group, founded by five local business people in 2010, say they are “absolutely delighted” with the news that the formal takeover will take place on Monday, August 30.

Being celebrated as Heart and Soul day, the foundation will officially become majority shareholders when club chair Ann Budge transfers her shares via her company BidCo.

The move is being hailed as “historic” and “iconic”.

Foundation of Hearts chairman Stuart Wallace said: “This is a truly historic occasion for the club and its supporters.

“The handover has been delayed by the pandemic but the legal details will shortly be completed and we can look forward to Heart of Midlothian becoming the largest fan-owned football club in the country.

“This iconic moment in time is not the end of a story but the beginning of a new one. The Foundation and its many pledgers become the custodians of this great club and as we do so, we will rightly celebrate what has happened so far, but more importantly look ahead to what we can continue to achieve to support the club we love.

“On August 30, we can all take a moment to reflect on how far we have come together – and in our new custodial role, look forward to ensuring that the next chapter of our story is even more memorable and successful.”

Ann Budge, chair of Heart of Midlothian, commented: “I feel immensely privileged to have been able to play a part in bringing Hearts ‘back from the brink’ when liquidation threatened in 2013 and I will be forever grateful to the ‘original 5’ for inviting me to join them in their efforts to save the club.

“Like so many thousands of Hearts fans, I had no hesitation in pledging my financial support to the Foundation of Hearts from the outset and like so many others, my pledge is for life. I will continue to support the club, through the Foundation, for as long as I am able.

“Being the majority shareholder of any company brings with it great responsibility. I have shouldered that responsibility willingly for over seven years, supported every step of the way by the Foundation of Hearts. It will now be my great pleasure, in turn, to support the Foundation as they now take on that mantle.

“August 30 will be a truly momentous occasion. It is the day we deliver on what we set out to achieve; the day Hearts becomes the largest fan-owned football club in the UK.

“So many said it could never be done. Well, together we have done it. Thank you all. Now, let’s go on to achieve even more.”