Hearts held their AGM at Tynecastle on Thursday, with chair Ann Budge leaving her role before becoming honorary club president.

She addressed shareholders, as did CEO Andrew McKinlay, and here are some of the takeaways:

• Budge received a standing ovation as she relinquished her post as chair, with one shareholder suggesting Tynecastle’s main stand should be named after her.
• On her new role, Budge says she’s “not really going anywhere” and will be “lending an ear to whoever might want to talk to me”.
• In her opening remarks, Budge also said the club “can’t lose sight of our long-term goals” which are financial security, being a major force for good in the community, and to retain and improve their position in Scottish football.
• McKinlay admitted there were “more downs than ups” last season in which Hearts finished seventh and spent most of the campaign near the bottom of the table while failing to qualify to the knockout stage in the Conference League.
• New finance director Euan Forbes told the crowd that staff costs were up 16%, with “football costs around £14m”.
• McKinlay spoke about the Oriam, where Hearts train and have a lease until 2029, and said “the cost of building our own exclusive training HQ is prohibitive” – especially if it was to meet the same standards as the Oriam.
• It was revealed the club have spent over £46m on players in the 11-and-a-half years Budge has been in charge.