Last update on. From the section Hearts
Stuart Wallace, Foundation of Hearts chairman, with Ann Budge
After Ann Budge's majority stake was transferred to the Foundation of Hearts, Hearts became the UK's most popular fan-owned club.
Nearly 8,000 supporters pledge monthly to the group, with them officially taking over ownership on Monday.
Budge will remain as chair for at most "two years". He believes that the club's future depends on being fan-owned but not fan-run.
In 2014, she bought Hearts from administration for 2.5m.
"It has been seven years of hard work and many people said it was impossible. But, we have proven it is possible.
"Everything worked almost like a dream. The club is now financially sound, better than ever in the past seven years. The club is currently at the top of the league, and everyone deserves to be happy.
This was the result of Vladimir Romanov, the previous owner of the club. His tenure culminated in around 30m in debts.
The Foundation of Hearts has supported Hearts over the last seven years through pledges from supporters. More than 10m has been donated to Hearts, with a new mainstand also built.
Andrew McKinlay, the chief executive, is expected to have more control over Hearts' day-to-day operations. James Anderson, an Edinburgh philanthropist, may also be a key player in the club’s future.
