New Hearts owner Ann Budge made sweeping changes in a ruthless first day in office as she promoted Robbie Neilson to first-team coach under the guidance of Craig Levein.

Former Scotland manager Levein's return to Tynecastle had been long-rumoured as Budge awaited the completion of her £2.5million takeover, but he has been installed as director of football with Neilson effectively replacing manager Gary Locke.

Locke and assistant Billy Brown have been told their contracts would not be renewed, a decision they feared, but the departure of a number of experienced players was a surprise.

The club confirmed the exits of goalkeeper Jamie MacDonald, midfielders Jamie Hamill and Callum Tapping, reserve goalkeeper Mark Ridgers and defender Dylan McGowan, whose contracts are all set to expire.

Budge stated such decisions were "driven by finance".

And it was also reported that 29-year-old Ryan Stevenson, who has a year left on his contract, had been told he was free to leave.

Decisions were clearly taken some time ago as Levein turned up at Tynecastle to help deliver the news with Budge.

She said: "Please believe me when I say this has been an enormously difficult decision to make.

"We all know the pressures that Gary and his assistant, Billy Brown, have worked under over the last year.

"They were set an almost impossible task, which they handled with dignity and determination. For that, we are all hugely grateful to both of them."

Budge will chair a new board and act as chief executive.