Murray, who has been Chairman of FoH for two years, told the official Hearts website “Since my re-election at the General Election earlier this month, I have taken on a number of senior responsibilities that will reduce the spare time I have available to dedicate to other interests.

“I have, after much soul-searching, taken the decision that the FoH requires a new chair and director who can give maximum attention to continuing to grow the membership and preparing the organisation for full supporter ownership.

“I’m very proud to have been part of a team who helped to own the history and shape the future. Generations of future Jambos who put their hard-earned money in to save the club will look back on these times and say ‘we did that’.”

Murray paid tribute to the supporters, Hearts owner Ann Budge and to everyone associated with the Foundation of Hearts.

He said that his involvement with FoH has been “one of the greatest pleasures and privileges of my life.”

Ann Budge paid tribute to Murray, telling the club’s official website: “I fully understand why Ian has come to this decision and want to thank him for everything he has done for both the Foundation and the club.

“He has made a valuable contribution to the Hearts board, from which he will be standing down at the end of June.  A second Foundation director will be appointed to the Hearts board to maintain the level of Foundation representation and ensure the terms of the agreement are met.”

FoH vice-chair, Brian Cormack will succeed Murray as Chairman on 30 June.