Ann Budge has thanked the Hearts support for their backing after the Gorgie club struck a deal to finally end their administration nightmare.

The Edinburgh outfit's largest creditor Ukio Bankas - which held a 29.5% stake in the Jambos as well as security on their Tynecastle home - have agreed to sell their shares to Budge's Bidco company in a £2.5million deal.

Millionaire IT specialist Budge will now become Hearts' new chairwoman once the club formally exits administration sometime next month but has vowed to hand ownership of the club to the Maroon faithful within five years.

Hearts went into administration last June with debts of close to £30m after former owner Vladimir Romanov's Lithuanian empire crumbled.

But with a deal to take possession of majority shareholder UBIG's stake in the club already agreed by the club's administrators BDO, Budge has agreed to front the cash to pay off Ukio.

The Foundation of Hearts (FoH) fan group and their 8,000 members will now set about raising finance to cover the club's running costs as well as the money to pay back Budge.

"This is the beginning of a new era for Heart of Midlothian Football Club," said the 66-year-old.

"I am very much looking forward to the beginning of this new chapter in the club's history."