David Low, front man of a consortium trying to gain control has hit out after his offer for control for Hibs was turned down.
Low made has made a reported £3.5m offer for the holding company that owns the club in the last few weeks.
Revealing that the offer has been knocked back, Low released the following statement:
"On 18 June 2014 I made an offer for the shares in Hibernian FC owned by HFC Holdings Limited, Sir Thomas Farmer and Mr Roderick Petrie on behalf of myself and other investors," Low said.
"That offer was rejected by Mr Petrie yesterday evening.
"The principal reason given by Mr Petrie was that it involved no financial consideration in respect of their equity interest and shareholder loan in Hibernian FC.
"I acknowledge that both gentlemen are entitled to reject any offer they do not consider to be in their best financial interests and I accept their decision.
"However, it is apparent that Mr Petrie's decision has more to do with personal wealth management than any Legacy for Leith and, consequently, their estimation of the value of their investment bears no relation to the reality of the marketplace.
"Regretfully, there will be no sunshine on Leith yet."
However, the club immeadiately hit back with the following statement on the official club website:
A statement on behalf of the Board of Hibernian Football Club
"As it has been for 23 years, the first consideration for any proposal received for the football club is whether it is in the best long-term interests of Hibernian.
Mr Low was given every courtesy to explain the benefits to the football club of his proposals to an independent expert.
Potential benefit to the club was put ahead of any personal consideration.
The advice given to the Club was that the proposals set out in heads of terms dated 10 July received from Mr Low's lawyers, and again set out at a subsequent meeting held between Mr Low and the independent adviser, were not in the best interests of the Club.
That point was made specifically in the letter to Mr Low's lawyers rejecting the offer.
Hopefully now in the run up to the Edinburgh Derby the club and supporters can remain focused on the football contest on the pitch."