The Club is delighted to confirm that Foundation of Hearts pledgers have fulfilled their promise of a £3 million contribution to the Tynecastle Redevelopment Fund.
We will now revert to the original 3-way agreement between the Club, FoH and BidCo, which will see Hearts become the biggest fan owned club in the UK within the next two years.
Stuart Wallace, FoH Chairman, said:
“In 2016, Ann Budge made an offer to FoH pledgers to defer repayment of the BidCo loan in favour of contributing £3 million towards the development of the Main Stand.
“That offer was overwhelmingly accepted by the FoH membership and we are delighted to have now paid the agreed £3 million on schedule.
“We now continue on our extraordinary journey which has seen Hearts go from the brink of liquidation to a club that is laying down the foundations for a bright future, epitomised by the development of the new Main Stand at Tynecastle Park.
“The journey, made possible thanks to the monthly contributions of thousands of Hearts supporters, now continues and that backing will be absolutely vital as we move towards fan ownership of the club.”
Ann Budge, Hearts Chairwoman & Owner, said:
“The backing that the Club has received… and indeed continues to receive from Hearts supporters is nothing short of incredible. A prime example of this is the £3 million contribution made by FoH pledgers to the Tynecastle Redevelopment Fund. I would like to say a huge thank you to every single FoH pledger for their contributions.
“We now have a magnificent new Main Stand at Tynecastle Park…something that quite simply would not have been possible in the timescales we have achieved without the constant backing of the Hearts supporters.
“We have come a long way since those dark days in 2014 and the way Hearts fans have rallied behind the Club is remarkable.
“We set out with the goal of making Hearts the biggest fan owned club within the UK and we are on course to achieve this within the next 2 years. How amazing is that!
“By continuing to pull together in this way over the coming years, there is no limit to what we can achieve.”