Hearts were "effectively safe from liquidation" yesterday after Lithuanian bank Ukio Bankas agreed to give up their shares in the Edinburgh club.

The administration-hit team's largest shareholder agreed to sell their 29.5 per cent stake and security over Tynecastle Stadium to businesswoman Ann Budge for £2.5 million.

A source close to the Gorgie club told Press Association Sport: "Like any of these processes there may still be a few creases to be ironed out, but this is the club effectively safe from liquidation.

"If everything goes to plan, the club should formally exit administration sometime next month."

Former IT specialist Budge has stumped up the cash on behalf of Bidco 1874, the company that will run the club.

The 66-year-old will become executive chair of the Jambos on a "no-fee basis" before transferring ownership to fan's group Foundation of Hearts within five years.

The foundation's 8,000-strong membership will donate cash on a monthly basis to pay running costs before Budge gets her £2.5m back.

She said: "This is the beginning of a new era for Heart of Midlothian Football Club.

"I would personally like to express my gratitude to the fans for their support and I am confident that together we can rebuild Heart of Midlothian FC to once again become one of the greatest clubs in the country.

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

Foundation of Hearts chairman Ian Murray MP added: "This is fantastic news for the club and all the supporters who have, time after time, shown their support for the club.

"We still need to conclude the legal agreement but there is little doubt that today is the second most important day in the recent history of the club. The most important day will be when we officially exit administration.

"All supporters can have a great deal of self-congratulations tonight in what they have done to save this great club."