Budge makes financial pledge

Hearts owner Ann Budge has promised to pay £300,000 of her own money towards the new stand at Tynecastle.

The Edinburgh businesswoman has also offered to defer repayment of her £2.5m loan to allow the Foundation of Hearts supporters group to contribute more cash to the project.

It has been estimated the main stand will cost around £11m, with contributions of £2.5m coming from unnamed benefactors.

Budge has unveiled a detailed payment plan, including a debenture scheme, and will also use funds already in the club’s account.

Work on the 7,000-capacity stand is due to begin this autumn, and when completed will raise the capacity at the ground to more than 20,000.

In a statement on the official Hearts website, Budge provided detail on how she hopes to finance the rebuild.

“Our estimates of cost are circa £11m,” Budge said. “Allowing for some contingency (10%), we are working to a budget of £12m.

“Our funding plan is, in summary, as follows: Financial Reserves from the club: £3m; Benefactor Contributions £2.5m; Commercial Contributions: £0.5m; Total …

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