The Foundation of Hearts have agreed to postpone the proposed transfer of ownership from Ann Budge until a later date.

The final £100,000 was due to the owner and the transfer was supposed to take place next month, but the suspension of football due to Covid-19 has prevented that from happening.

The transfer will still happen, but Budge will remain at the helm for a little while longer as the world attempts to manage the disease.

Budge is due a final £100,000 of £2.5 million (Photo by Mark Runnacles/Getty Images)

The change of ownership was initially supposed to happen last year, but funds were diverted towards the cost of the new main stand at Tynecastle.

Foundation chair Stuart Wallace said (Daily Record): “Given the troubled situation, the board of the Foundation of Hearts has taken the decision that this is not the time to be adding any further potential disruption by pushing forward with the handover of the majority shareholding.

“All parties remain totally committed to fan ownership and this handover will, of course, still happen, but such an historic event must be conducted at a more settled time – a time when the handover enables the club to proceed seamlessly with its business and a time when we can properly celebrate the achievement of the fans in reaching this milestone.

Hearts are trying to weather a financial storm (Photo by Ewan Bootman/NurPhoto via Getty Images)

“Sadly, this is not a time when any of us, we believe, has the inclination for a celebration, however well merited.”

Budge purchased a majority stake in the club back in 2014, and last week asked players to reduce their wages by 50% to help her sustain the club during the suspension of football.

It is thought that the majority of players would prefer to go down the wage deferral route, but captain Steven Naismith has accepted the cut and manager Daniel Stendel is working for free.

Related Topics