Ann Budge said being recognised in King Charles' New Year Honours list was a "very nice" way to wrap up her "incredible" time as Hearts chair.
The 77-year-old Edinburgh businesswoman has been recognised in the New Year Honours along with ex-Celtic owner Fergus McCann and Lisbon Lion Jim Craig.
Budge has been made an Officer of the Order of the British Empire (OBE). McCann is a Commander of the Order of the British Empire (CBE), with 82-year-old Craig also becoming an OBE.
'It couldn't be much better'
Budge led her beloved Hearts out of administration in 2014 and helped galvanise the club behind the scenes before ending her 11-and-a-half-year reign as chair earlier this month while the team sat top of the Scottish Premiership.
"It couldn't be much better, could it?" she said as the end of her Tynecastle tenure coincided with becoming an OBE for services to sport and the community.
"It's a very nice recognition. It's not something I would have ever expected to see coming my way, so I'm very pleased.
"When I first got involved in sport I was very much a football supporter who went along on a Saturday and then forgot about it for the rest of the week.
"So the last 12 years or so have been incredible. But one of the things I'm glad that was mentioned is everything we've been able to do for the community which I think is the best of what football can offer."
Budge said her becoming an OBE should serve as recognition for the hard work of everyone who helped Hearts re-establish themselves as a force on and off the pitch since their financial implosion more than a decade ago.
"It's not really about me, it's about the whole group of people who've helped do what we've done both for the football club and for the community, so I think it's a great thing for them too," said Budge, who admits it is still to sink in that she is no longer at Hearts.
"It's also nice for the supporters because they've been so kind to me. It's great that it's being acknowledged that the club has done something nice."
Iconic Celtic duo honoured
Fergus McCann made several attempts to invest in Celtic before leading a takeover in 1994 which rescued the club from serious financial peril and ended the long-running ownership of several family dynasties.
Celtic only won three trophies during McCann's five years at the helm but he redeveloped the stadium and modernised the club before selling his shares for a healthy profit, leaving a platform for the Glasgow club to dominate Scottish football.
The 84-year-old grew up in Kilsyth before emigrating to Canada, where he built a successful golf holiday business.
Jim Craig was one of the Lisbon Lions who became the first British team to win the European Cup when Celtic beat Inter Milan in the Portuguese capital in 1967.
He joined Celtic from Glasgow University Football Club, where he was studying dentistry, and continued as an amateur until signing professional in January 1965. He made his first-team debut at the age of 21 while still studying.
Craig, who came from Govan, made 231 appearances for Celtic and won 15 major trophies. He later played for South African club Hellenic and Sheffield Wednesday and had a short spell as Waterford manager before becoming a full-time dentist.