Ann Budge has completed her takeover of Hearts, the Foundation of Hearts has confirmed.

The Edinburgh businesswoman had been working on a sale and purchase agreement for her £2.5 million deal, which takes the club out of administration.

The Foundation, which will gradually buy the club from Budge within five years, wrote on its Twitter account: “Four historic words for all Hearts supporters ‘deal done, thank you.’ More info to follow.”

The club’s administrators, BDO, soon confirmed Budge had assumed majority control “following the successful completion of a sale and purchase agreement in addition to the conclusion of many other administration issues.”

Joint-administrator Bryan Jackson said: “BDO will continue behind the scenes for a few more weeks and it is planned will exit from office before the start of the 2014/2015 football season with Hearts being managed by the new board of directors for the remaining duration of the administration.”

It may still take some time for Hearts to formally exit administration because of issues such as Budge’s legal obligation to make an offer to all shareholders.

However, she has previously expressed confidence that the process will be complete before the start of next season.