With the votes already in, Jim Jefferies did not have to win the cup to be named Manager of the Year. But steering Hearts to their first trophy in almost four decades was exhilarating vindication of the panellists' judgment.

Jefferies was presented with the award at the annual dinner of the Scottish Football Writers' Association last night, but it did not compare with the elation induced by his beloved club's achievement the day before.

"I knew nothing would compare with this," said Jefferies after Hearts won the oldest competition for the first time since 1956; their last trophy of any kind had been the League Cup of 1962.

"I told the players that before the game and I was right. The last 10 minutes were the longest I have ever had to endure. But the final whistle? Well, it simply brought the greatest day of my life. To win a trophy with our resources is a huge achievement."

It was Jefferies' husbanding of meagre means which brought him recognition from the media as well as triumph in the cup. Before the final, he memorably summarised his astuteness: "We have put this squad together for the cost of Brian Laudrup's wages." In fact it cost about £1 million, whereas the Dane has earned £1.25 million in his last season with Rangers.

Jefferies's extraordinary exploitation of the Bosman ruling - he signed the Frenchmen Gilles Rousset and Stephane Adam, Stefano Salvatori from Italy and Thomas Flogel from Austria - has allowed the club's directors to complete Tynecastle's redevelopment.

Hearts are still in debt, but the progress they have made in the past two years has been phenomenal and their prospects, including an increase in season-ticket sales, give them a chance of achieving financial stability that they have not enjoyed since the Seventies.

As well as adroit juggling of the figures and a nose for a player who will fit, Jefferies imparts his imperishable optimism to his squad. "He is very impressive in the dressingroom," said the former Hearts and Scotland defender Craig Levein, who was forced by injury to retire last year.

Hearts' victory, which left Rangers without a trophy for the first time since 1986, could also be attributed to Jefferies' tactics. His side had lost three and drawn the other of their league matches with the Ibrox side, conceding 13 goals; so he tightened up with a 4-5-1 formation which presented Rangers with insurmountable problems.

Walter Smith, the outgoing Rangers manager, was not helped by the suspension of Jorg Albertz, the injury to Jonas Thern and the transfer to Middlesbrough of Paul Gascoigne which stripped away his first-choice midfield.

He was left with such players as Stuart McCall, Ian Ferguson and Rino Gattuso, who are not celebrated for their creativity. Ian Durrant replaced McCall midway through the second half, but by then Hearts were 2-0 up and the cup was being decorated with maroon-and-white ribbons.

Colin Cameron converted a penalty awarded after only 38 seconds when Ferguson tripped Steve Fulton. In the 52nd minute, Adam brushed past the somnolent Lorenzo Amoruso to collect Rousset's long ball from a free-kick and drive it over the line in-off the goalkeeper, Andy Goram.

Ally McCoist, who had replaced Staale Stensaas at half-time, pulled a goal back with eight minutes remaining, not counting four minutes of stoppage-time, but it was Rangers' only impact on a stout Hearts defence.

Smith, who will be replaced as manager by the Dutchman Dick Advocaat, was visibly shaken when he said: "TV showed Stevie Fulton was outside the box at their penalty, but that's the way it goes. I congratulate Hearts, but the bad news for Scottish football is that this is as bad as it will get for Rangers. We will get better from here."

For Hearts' players, their manager and the thousands of supporters who lined the streets of Edinburgh yesterday, this was as good as it gets.