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The National
10 hours ago
- Business
- The National
Despite stick, Ann Budge's legacy is as saviour of Hearts
After an 11-year official association with Hearts, Tynecastle chair Ann Budge will step aside after the club's AGM later this year. Naturally, that has led to a poring over of her record at the club, and many a ponderance over what her legacy may well be among Jambos in years to come. Perhaps the most telling clue as to what the answer to that question may be has come in the overwhelming outpouring of thanks that has been expressed since the news of her retirement broke on Monday. For whatever opinions and dissenting voices there may be around the way that Budge ran the club, particularly over these past few years, the fact remains that without the intervention of the lifelong Hearts supporter, there was a very real possibility that there wouldn't be a club in Gorgie at all. It is sometimes easy to forget just how stark the situation was at Hearts before Budge (and of course, the wider fanbase and the Foundation of Hearts) rode to the rescue. The disastrous end to the chaotic Vladimir Romanov regime had left one of the game's great institutions on the brink. A creditor's meeting of his doomed Lithuanian bank Ukio Bankas had the potential to push them over the edge, despite the heroic efforts of The Foundation of Hearts and Budge's offer of £2.5m for the shareholding to parent company UBIG. Scottish football's very own celebrity administrator Bryan Jackson spelled out the peril Hearts were in in no uncertain terms, calling it the worst situation he had ever encountered. (Image: Ross Parker - SNS Group) 'We have to accept now that there is a threat of liquidation, and we are doing absolutely everything we can to avoid it,' Jackson said at the time. 'We need to look at 'can we fulfil fixtures until the end of the season?' Read more: 'To do that I would obviously be looking for help from the footballing authorities for any outstanding monies which may be due to the club. Unfortunately, I would also have to go back to the fans and the Foundation of Hearts and make the usual appeal. I know supporters have been stung time and again, but I don't think there will be anywhere else for me to go. 'We can just about make it to the end of the month. And if it is negative news next week we would have to operate very, very quickly – because money would be running out at some pace. 'I can't employ people beyond the end of the month if I can't pay them.' The only other people circling the club at that moment seemed to be doing so with vulturous intent. Former Livingston owner Angelo Massone, who took the Lions into administration previously, was among them. As too was retired shoe salesman Bob Jamieson, who was branded by a Foundation of Hearts spokesperson as 'a Walter Mitty character' who was indulging in an 'unfunded and fanciful rival bid' for the club. His plan included a proposal to move Hearts to a new stadium next to Murrayfield. Mercifully, the Foundation and Budge were named as the preferred bidders after administrators BDO decided that the alternatives could not provide proof of funding, and the rest is history. Has Budge got everything right? Absolutely not. While there are undoubtedly grumbles from certain, less enlightened sections of the Hearts support over a 'wummin' running their club, a lot of the criticism that she has attracted is not without merit. On the football side, there have been highs and lows, but it is hard to shake the notion that Hearts have underachieved over the past decade or so. (Image: SNS Group) A tendency to appoint people she is familiar with over the people who may be best suited for a particular role has drawn particular ire. Her close relationship with Craig Levein seemed to blind Budge to his own missteps, such as the appointment of Ian Cathro when he was serving as director of football, then inspired misplaced loyalty and far too much patience when he was also appointed as manager. See also the decision to later appoint Steven Naismith. Off the park, the building of the new Main Stand at Tynecastle can on the one hand be seen as one of the crowning achievements of her reign. But on the other, the involvement of JB Contractors in its construction, a firm with familial links to Budge and who Hearts have handed over £9.1m to since 2016, raised eyebrows. Indeed, the bungled delivery of the project, including Budge (initially) throwing herself on a grenade for chief operating officer Scot Gardiner after he seemingly 'forgot' to order the seats, became the stuff of infamy, and sparked pithy jokes this week over the issues Hearts may have now they are looking for a new chair. In time, though, these issues will likely fade from memory. What will never be forgotten is that in Hearts' direst moment, Budge stepped up and saved the club. Without her, there seems little prospect that Hearts would have come from such that perilous position, a veritable financial basket case, to where they find themselves now – the biggest fan-owned club in the UK, stable, and with much to look forward to. With the involvement of Tony Bloom, it feels like a natural time to have that break with the past and place the focus firmly on the future. But it is only because of Budge that Hearts have a future at all, and that will always be appreciated by every Jambo. She may never be revered in the same way as playing legends like John Robertson, Dave Mackay, Gary Mackay or Alex Young, for example, but it could be argued that Budge was an even more important figure in the history of the club than any of those greats. The naming of a stand after Budge may be a fitting way to mark her contribution. Even if, perhaps, someone else should order the new signage.
The Herald Scotland
10 hours ago
- Business
- The Herald Scotland
Despite stick, Ann Budge's legacy is as saviour of Hearts
Perhaps the most telling clue as to what the answer to that question may be has come in the overwhelming outpouring of thanks that has been expressed since the news of her retirement broke on Monday. For whatever opinions and dissenting voices there may be around the way that Budge ran the club, particularly over these past few years, the fact remains that without the intervention of the lifelong Hearts supporter, there was a very real possibility that there wouldn't be a club in Gorgie at all. It is sometimes easy to forget just how stark the situation was at Hearts before Budge (and of course, the wider fanbase and the Foundation of Hearts) rode to the rescue. The disastrous end to the chaotic Vladimir Romanov regime had left one of the game's great institutions on the brink. A creditor's meeting of his doomed Lithuanian bank Ukio Bankas had the potential to push them over the edge, despite the heroic efforts of The Foundation of Hearts and Budge's offer of £2.5m for the shareholding to parent company UBIG. Scottish football's very own celebrity administrator Bryan Jackson spelled out the peril Hearts were in in no uncertain terms, calling it the worst situation he had ever encountered. (Image: Ross Parker - SNS Group) 'We have to accept now that there is a threat of liquidation, and we are doing absolutely everything we can to avoid it,' Jackson said at the time. 'We need to look at 'can we fulfil fixtures until the end of the season?' Read more: 'To do that I would obviously be looking for help from the footballing authorities for any outstanding monies which may be due to the club. Unfortunately, I would also have to go back to the fans and the Foundation of Hearts and make the usual appeal. I know supporters have been stung time and again, but I don't think there will be anywhere else for me to go. 'We can just about make it to the end of the month. And if it is negative news next week we would have to operate very, very quickly – because money would be running out at some pace. 'I can't employ people beyond the end of the month if I can't pay them.' The only other people circling the club at that moment seemed to be doing so with vulturous intent. Former Livingston owner Angelo Massone, who took the Lions into administration previously, was among them. As too was retired shoe salesman Bob Jamieson, who was branded by a Foundation of Hearts spokesperson as 'a Walter Mitty character' who was indulging in an 'unfunded and fanciful rival bid' for the club. His plan included a proposal to move Hearts to a new stadium next to Murrayfield. Mercifully, the Foundation and Budge were named as the preferred bidders after administrators BDO decided that the alternatives could not provide proof of funding, and the rest is history. Has Budge got everything right? Absolutely not. While there are undoubtedly grumbles from certain, less enlightened sections of the Hearts support over a 'wummin' running their club, a lot of the criticism that she has attracted is not without merit. On the football side, there have been highs and lows, but it is hard to shake the notion that Hearts have underachieved over the past decade or so. (Image: SNS Group) A tendency to appoint people she is familiar with over the people who may be best suited for a particular role has drawn particular ire. Her close relationship with Craig Levein seemed to blind Budge to his own missteps, such as the appointment of Ian Cathro when he was serving as director of football, then inspired misplaced loyalty and far too much patience when he was also appointed as manager. See also the decision to later appoint Steven Naismith. Off the park, the building of the new Main Stand at Tynecastle can on the one hand be seen as one of the crowning achievements of her reign. But on the other, the involvement of JB Contractors in its construction, a firm with familial links to Budge and who Hearts have handed over £9.1m to since 2016, raised eyebrows. Indeed, the bungled delivery of the project, including Budge (initially) throwing herself on a grenade for chief operating officer Scot Gardiner after he seemingly 'forgot' to order the seats, became the stuff of infamy, and sparked pithy jokes this week over the issues Hearts may have now they are looking for a new chair. In time, though, these issues will likely fade from memory. What will never be forgotten is that in Hearts' direst moment, Budge stepped up and saved the club. Without her, there seems little prospect that Hearts would have come from such that perilous position, a veritable financial basket case, to where they find themselves now – the biggest fan-owned club in the UK, stable, and with much to look forward to. With the involvement of Tony Bloom, it feels like a natural time to have that break with the past and place the focus firmly on the future. But it is only because of Budge that Hearts have a future at all, and that will always be appreciated by every Jambo. She may never be revered in the same way as playing legends like John Robertson, Dave Mackay, Gary Mackay or Alex Young, for example, but it could be argued that Budge was an even more important figure in the history of the club than any of those greats. The naming of a stand after Budge may be a fitting way to mark her contribution. Even if, perhaps, someone else should order the new signage.
The Herald Scotland
a day ago
- Business
- The Herald Scotland
How 'no ego' Ann Budge saved Hearts and became a 'giant of Gorgie'
The former IT entrepreneur bought a majority shareholding in the stricken Edinburgh outfit for £2.5m through her Bidco 1874 company back in 2014 and so ensured that it exited administration and avoided going out of business. Bidco transferred a 75.1 per cent stake to the Foundation of Hearts seven years later and instantly made the William Hill Premiership side the largest to be fan owned in the United Kingdom. Alex Mackie, a chartered public finance accountant and the owner of insurance brokers Edinburgh Risk Management, was one of the five founding members of the Foundation of Hearts in 2010 and was its original chairman. Read more: He knows how important Budge was to the success of the embryonic fan ownership group and believes that his old associate is owed a debt of gratitude by every Jambo. 'I knew from the beginning, from the very first time that we met, that Ann Budge was right for the foundation and right for the club,' he said. 'We wouldn't be here if it wasn't for her. The position we're in just now is far better than we could have anticipated at the start. I can't overemphasize how much we are indebted to her. 'Back in the early days of the foundation, my wife and I had our business at one end of Dean Path in Edinburgh and Ann had her Newell and Budge business at the other end. So I knew of her. But it was Gary Mackay (the former Hearts and Scotland centre-half) who suggested I get in touch with her. He knew that she attended games with her daughter. 'Part of my vision for the foundation early on was to bring in people with talent who could cover all the bases of what we needed for a fan ownership group - we needed a lawyer, we needed an accountant, we needed a marketeer, we needed someone who understood about corporate governance and football, we needed someone who was involved in IT. 'We got to a position where we had to move the foundation to a new level and needed to find people to man the board who worked at a high level in their respective fields and who the fans would trust implicitly. The Save Our Hearts boys and the fans who were driving things had never formed a legal entity before. So I was conscious of this. (Image: SNS Group Alan Harvey) 'When we were looking for someone with IT expertise, Gary said, 'Well, do you realise that Ann Budge is a big Hearts fan?' I decided to write her a personal letter. She responded and we met up. From the moment we met, I knew that this was the right thing. We have had a good friendship and working relationship since.' Mackie continued, 'That was always our vision from the very start – that good, professional, credible Hearts fans would not take the club back down the same road that it had been down. We didn't want success to mean the club getting into major debt. That is what happened in the late 1990s right into the 2000s. 'I think that is what Ann liked about us, that we wanted to have an adherence to a high level of corporate governance. We never pressed her for money by the way. We always thought the fans would come up with the money. But things accelerated with the banking crisis and when Ukio Bankas (the Lithuanian bank that was owned then Hearts owner Romanov) went into administration she stepped up. 'I am eternally grateful for her doing that because I was running a business with my wife, and still am in fact, and had a lot of plates spinning. But we always knew that Ann was on board. She advised us and brought other professional people on board who gave us invaluable advice. 'I can remember having a two hour conversation with our solicitor about whether the foundation should be a community interest company or a company limited by guarantee. We have now greenlighted the arrival of Tony Bloom into our midst with 29 per cent of non-voting shares. But the foundation still has controlling interest and can still hold the club accountable. 'But from the first moment that I met Ann I knew she was right for the foundation, that she would do well for us and that we could trust her. I am saddened that she has decided to step down, but I understand why. She has done her stint and has done very well. In fact, she has done a great job. I couldn't say anything negative about her at all.' Read more: Not all Hearts fans feel the same way despite the enviable position the Tynecastle club are now in. Budge, who stayed on as chairwoman after the foundation became the majority shareholders, has come in for criticism from the stands in recent seasons as the team has struggled both at home and abroad. But Mackie feels the flak has been completely unjustified. 'A lot of people who own or run football clubs are full of ego,' he said. 'They think they know how to run a football club, but football clubs are unique entities. The one thing about Ann was that it was never about ego, it was always about the fans. She knew they needed the club, knew it was part of their lives. She was grounded and did what she did on their behalf. 'Fans need leadership and Ann provided that leadership at that time. Now she has to pass the baton on to somebody else. But she was great for the football club and I am sure she will still be around on match days going forward. 'There are people who have been pillars and giants of Heart of Midlothian Football Club over the years and Ann Budge is undoubtedly one of them.'
The National
a day ago
- Business
- The National
How 'no ego' Ann Budge saved Hearts and became a 'giant of Gorgie'
Hearts announced yesterday morning that Budge has informed them of her intention to step down as their chair following the AGM in December and so bring an end to her 11 year involvement. The former IT entrepreneur bought a majority shareholding in the stricken Edinburgh outfit for £2.5m through her Bidco 1874 company back in 2014 and so ensured that it exited administration and avoided going out of business. Bidco transferred a 75.1 per cent stake to the Foundation of Hearts seven years later and instantly made the William Hill Premiership side the largest to be fan owned in the United Kingdom. Alex Mackie, a chartered public finance accountant and the owner of insurance brokers Edinburgh Risk Management, was one of the five founding members of the Foundation of Hearts in 2010 and was its original chairman. Read more: He knows how important Budge was to the success of the embryonic fan ownership group and believes that his old associate is owed a debt of gratitude by every Jambo. 'I knew from the beginning, from the very first time that we met, that Ann Budge was right for the foundation and right for the club,' he said. 'We wouldn't be here if it wasn't for her. The position we're in just now is far better than we could have anticipated at the start. I can't overemphasize how much we are indebted to her. 'Back in the early days of the foundation, my wife and I had our business at one end of Dean Path in Edinburgh and Ann had her Newell and Budge business at the other end. So I knew of her. But it was Gary Mackay (the former Hearts and Scotland centre-half) who suggested I get in touch with her. He knew that she attended games with her daughter. 'Part of my vision for the foundation early on was to bring in people with talent who could cover all the bases of what we needed for a fan ownership group - we needed a lawyer, we needed an accountant, we needed a marketeer, we needed someone who understood about corporate governance and football, we needed someone who was involved in IT. 'We got to a position where we had to move the foundation to a new level and needed to find people to man the board who worked at a high level in their respective fields and who the fans would trust implicitly. The Save Our Hearts boys and the fans who were driving things had never formed a legal entity before. So I was conscious of this. (Image: SNS Group Alan Harvey) 'When we were looking for someone with IT expertise, Gary said, 'Well, do you realise that Ann Budge is a big Hearts fan?' I decided to write her a personal letter. She responded and we met up. From the moment we met, I knew that this was the right thing. We have had a good friendship and working relationship since.' Mackie continued, 'That was always our vision from the very start – that good, professional, credible Hearts fans would not take the club back down the same road that it had been down. We didn't want success to mean the club getting into major debt. That is what happened in the late 1990s right into the 2000s. 'I think that is what Ann liked about us, that we wanted to have an adherence to a high level of corporate governance. We never pressed her for money by the way. We always thought the fans would come up with the money. But things accelerated with the banking crisis and when Ukio Bankas (the Lithuanian bank that was owned then Hearts owner Romanov) went into administration she stepped up. 'I am eternally grateful for her doing that because I was running a business with my wife, and still am in fact, and had a lot of plates spinning. But we always knew that Ann was on board. She advised us and brought other professional people on board who gave us invaluable advice. 'I can remember having a two hour conversation with our solicitor about whether the foundation should be a community interest company or a company limited by guarantee. We have now greenlighted the arrival of Tony Bloom into our midst with 29 per cent of non-voting shares. But the foundation still has controlling interest and can still hold the club accountable. 'But from the first moment that I met Ann I knew she was right for the foundation, that she would do well for us and that we could trust her. I am saddened that she has decided to step down, but I understand why. She has done her stint and has done very well. In fact, she has done a great job. I couldn't say anything negative about her at all.' Read more: Not all Hearts fans feel the same way despite the enviable position the Tynecastle club are now in. Budge, who stayed on as chairwoman after the foundation became the majority shareholders, has come in for criticism from the stands in recent seasons as the team has struggled both at home and abroad. But Mackie feels the flak has been completely unjustified. 'A lot of people who own or run football clubs are full of ego,' he said. 'They think they know how to run a football club, but football clubs are unique entities. The one thing about Ann was that it was never about ego, it was always about the fans. She knew they needed the club, knew it was part of their lives. She was grounded and did what she did on their behalf. 'Fans need leadership and Ann provided that leadership at that time. Now she has to pass the baton on to somebody else. But she was great for the football club and I am sure she will still be around on match days going forward. 'There are people who have been pillars and giants of Heart of Midlothian Football Club over the years and Ann Budge is undoubtedly one of them.'
Edinburgh Reporter
2 days ago
- Business
- Edinburgh Reporter
Hearts ‘saviour' stepping down as chair
Ann Budge will step down as chairman later this year, and Foundation of Hearts chair, Gerry Mallon, admitted: 'She saved us from the abyss.' Mallon's reaction followed confirmation that the search for a new chair is under way and Mallon said: 'Ann will leave a remarkable legacy. We are extremely fortunate to have had 12 years of her knowledge and experience at the helm of Hearts. 'In particular, her participation in the birth of the Foundation of Hearts can never be downplayed, neither can the instrumental role she played in saving the club from the abyss and taking it back up to the top of Scottish football. 'For that, I will be forever grateful to Ann, as I'm sure Hearts fans everywhere will be too.' She steps down after the annual meeting in December after playing a key role in enabling Hearts exit administration in 2014 and, since then, driving the club forward. Major projects overseen have included the museum, Memorial Garden, a state-of-the-art pitch, and the new Main Stand, incorporating the hotel. Investment in infrastructure has included improving facilities at The Oriam for players of all levels and the youth academy has been redeveloped, including the creation of a performance school. Ann said: 'Having discussed this with the board, I feel now is the right time to confirm that I intend to step down. 'When I first got involved with the Foundation of Hearts in 2013, I could not have envisaged the journey it would take me on. 'With Tony Bloom's investment now complete, and the supporters ensconced as custodians of the club, I believe I have done what I set out to achieve.' Andrew McKinlay, the club's chief executive officer, said: 'It cannot be overstated just how much Ann has done for Heart of Midlothian. 'As we get closer to December's AGM, we will update our supporters on our succession plans.' Like this: Like Related
