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FOH on target to buy out Budge by 2020.

FOUNDATION OF HEARTS chairman Stuart Wallace insists they are on course to become the majority shareholders as PS6.52million has now been handed over to the club.

Wallace also confirmed at this week's agm PS2.47m of that total is part of their PS3m commitment to the new PS15m main stand. Once their contribution to the stadium redevelopment is complete the 8000-strong group will then begin to repay owner Ann Budge her PS2.4m loan.

FoH hope to be in a position to acquire Budge's entire 76.1 per cent shareholding by summer 2020.

Wallace said: "We have now contributed a staggering PS6.52m to our football club - more than PS2.47m of which has been put toward the Tynecastle redevelopment project. We are well on track to achieve our PS3m contribution to the Tynecastle redevelopment project by agreed date of June 2018.

"But we need the ongoing support of all of our pledgers during this next phase more than ever. Any drop-off in members will impact our ability to meet our funding target. The message for now is we are absolutely on track to meet our contribution to the Tynecastle redevelopment project and also to repay Bidco, taking us to the point of being majority shareholder in mid 2020.

"It is clear there is no room for complacency if we are to become the majority shareholders in our club."

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Title Annotation:Sport
Publication:Daily Record (Glasgow, Scotland)
Date:Dec 22, 2017
Words:235
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