Ann Budge to step down as Hearts chair in December
She will formally leave her role following the club's AGM at the end of the year
Ann Budge has announced her decision to step down as Hearts chair at the end of this year.
The 77-year-old became a majority shareholder in 2014, when she played a vital role in rescuing the Edinburgh club from administration following Vladmir Romanov’s controversial time as owner.
Budge eventually handed the reigns over to the fan-led Foundation of Hearts. She has since continued to act as chair and has been a key figure in building the club back up.
This has included the building of a new main stand as well as the Tynecastle Park Hotel.
The announcement comes after Brighton owner Tony Bloom recently ploughed £9.86 million into Hearts in return for a 29 per cent stake in non-voting shares.
Budge told the club's official website: "This is something I have thought long and hard about. Having discussed this with the board, I feel now is the right time to confirm that I intend to step down later this year.
"When I first got involved with the Foundation of Hearts in 2013, I could not have envisaged the journey it would take me on. Initially, the aim was to stabilise the club before even thinking of growth.
"Now, 12 years later, as I look at where the club stands I can allow myself to feel a sense of pride at what we have achieved.
"With Tony Bloom's investment now complete, and the supporters ensconced as custodians of the club, I believe I have done what I set out to achieve.
"The appropriate time for reminiscing and saying goodbye will come after the AGM in December but until then, my full focus will remain on what it has always been, and that is doing my very best for Hearts and our fans."
The search for a new chair is now underway.
Chief executive officer Andrew McKinlay said: "It cannot be overstated just how much Ann has done for Heart of Midlothian and on behalf of everyone at the club, I extend both my thanks and my gratitude.
"As we get closer to December's AGM we will update our supporters on our succession plans, but for now we will continue to enjoy and benefit from working with Ann until the end of her tenure as the club's chair."
Foundation of Hearts chairman Gerry Mallon said: "Ann will leave a remarkable legacy when she departs the club and we are extremely fortunate to have had 12 years of her knowledge and experience at the helm of Hearts.
"In particular, her participation during the birth of the Foundation of Hearts can never be downplayed, neither can the instrumental role she played in saving the club from the abyss and taking it back up to the top end of Scottish football.
"For that, I will be forever grateful to Ann, as I'm sure Hearts fans everywhere will be too."