Hearts delay transfer of Ann Budge's shares to Foundation of Hearts amid coronavirus disruption
Last Updated: 26/03/20 12:14pm
Hearts have decided to delay transferring owner Ann Budge's controlling stake in the club to the Foundation of Hearts (FoH), the fan group has announced.
Budge was due to hand over her majority shareholding in April but the uncertainty caused by the coronavirus pandemic has forced a postponement.
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Initially scheduled last year, the transfer of shares to the foundation was put back with funds diverted into the new main stand at Tynecastle instead.
FoH chairman Stuart Wallace told members in an email: "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 a 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.
"Sadly, this is not a time when any of us, we believe, has the inclination for a celebration, however well merited."
Budge sent a letter to all players and staff requesting they take a 50 per cent wage cut last week.