ANN BUDGE, the Hearts majority shareholder, has highlighted the importance of bouncing straight back to the Premiership after revealing how being out of the top-flight costs the club £1 million a season.

Budge addressed Hearts' 108th AGM yesterday and although most of the financial figures point to the club heading in the right direction, the self-made IT millionaire admitted getting back to the highest tier was essential for the business' long-term health.

Hearts supporter Budge and fans group the Foundation of Hearts joined forces to lift the troubled Gorgie outfit out of a year-long administration process in June.

It has been a fairytale start with Robbie Neilson's side nine points clear at the Championship summit, and Budge admits promotion is the priority.

She said: "What's the biggest challenge facing Hearts? If I didn't say getting promoted I would probably get slated for it.

"I would have to say at the forefront of everybody's mind is trying to ensure we do get promoted next year.

"It's a minimum £1 million drop in revenue for being out of the Premiership, depending on where you finish.

"It's a big hole to fill and we do really need to get there."

In contrast to recent Hearts AGM's where fans were often left fearing for the very future of their club under the controversial Vladimir Romanov regime, there was a relaxed atmosphere among the approximate 300 shareholders that attended yesterday.

Budge added: "I did say before I went in that if we didn't have a good AGM this year then I would never have one.

"Things are going well so of course it was jovial."

With the team excelling on the park and the finances under control off it, Budge admits she is targeting a return to European football within two-years.

She added: "In terms of planning ahead and looking at aspirations for the club, we are quite bullish although realistic.

"I personally see no reason at all why we shouldn't be striving in the next couple of seasons to get back into Europe because I think that's where we belong as a club."

Neilson, who replaced Gary Locke during the summer, has taken to the dugout like a duck to water, winning three out of four Championship Manager of the Month awards in his maiden season as a head coach.

Budge, who admitted there was money available to add new players during the January transfer window, added: "I think he's amazing.

"I think he has a fantastic career ahead of him.

"I am a realist but I would love to hold onto him for an indefinite period.

"In reality he will move on to a bigger club, I don't doubt that.

"But what we have been talking about, from before he even got the job, was essentially succession planning.

"And that's crucial to what we are trying to do here.

"If he was to go tomorrow it would give us perhaps a bit of a challenge but I don't think that will happen.

"But when it is the right time for Robbie to go, I hope we as a club will be ready to backfill, as the term goes."

And director of football Craig Levein insists Neilson is a workaholic.

He said: "I believe, without fear of contradiction, that he is the hardest working manager in Scottish football.

"He works his players as hard as he works, he embraces everything that the club is about."

Budge, who admitted the club would begin to explore their long-term options over Tynecastle early next year, was also asked by a shareholder whether she planned to take any action after the recent Scottish Cup defeat to Celtic was plagued by off-field problems.

In a statement released shortly after last month's tie, Budge condemned the away fans for vandalising nearly 100 seats and also expressed her disappointment in supporters from both sides that participated in sectarian abuse.

Budge admitted Hearts could look to cut Celtic's usual 3,500 ticket allocation should Hearts earn promotion.

She added: "I think we all agree that the kind of behaviour that was on display was completely unacceptable, I do have to say there was a little bit of that on the Hearts side.

"I've had many e-mails saying that unless you do something you won't have any Hearts fans at the Celtic game, I do know it's a serious issue.

"To a certain extent, it will be a little bit like the Rangers situation this season. If we have appetite from the Hearts support to attend the game then it is within our power to limit the amount of tickets we provide to the opposition.

"We will have to address it when it comes, hopefully next year and we will be making it clear to the fans what we need them so we can limit the amount of tickets that we give to Celtic."

It was also revealed at the AGM that a life-size bronze statue is to be erected at the stadium to commemorate the Hearts players that fought in McCrae's Battalion during the Great War.