So last night's breaking news was not just an investment in the club, but a full takeover, as of this morning the Hibees are under new ownership.
Ronald Gordon has bought all of HFC Holdings (The company owned by Tom Farmer and Rod Petrie) controling interest in the club through his Bydand Sports LLC company.
Gordon has become Executive Chairman of the club, and has immediately written of the £3.5m debt owed to Tom Farmer, meaning the club are now debt free.
He has also invested a significant seven figure sum in the club.
HFC Holdings have also transferred the ticket office and 15 acres of land up at East Mains to the club.
Archie Paton, a sports industry executive, has joined the board as a non-executive member.
Rod Petrie has also stepped down from the board after 22 years.
Speaking to the official website, Ron Gordon the new owner of Hibernian FC said:
“I know that Hibernian is the right club for me, and I am committed to working with supporters, other shareholders and everyone connected with Hibernian to build on Sir Tom’s legacy and take the Club forward.
“I had a great first conversation with Sir Tom. We swapped stories from our childhood and compared our approach to business.
“There are many similarities and those values are evident in Hibernian not only as an outstanding football club but also its engagement with young people and through the Hibernian Community Foundation. That it is such a well-run Club was one of the major attractions for me.
“Hibernian will always be Sir Tom’s club and Easter Road will always be his home.
“I am looking forward to getting to know the supporters and shareholders as quickly as possible, hearing what they have to say and then working with them to help the Club build a successful future. And I will be there as often as I can to support the team!”
Outgoing owner Tom Farmer said:
“From the day supporters asked me to get involved to help save the Club back in 1991 this day was always going to come.
“After almost 30 years the approach from Ron has struck a chord and the time is right to transfer the stewardship of our great club.
“I want to pay tribute to Rod Petrie who has been integral to the building of the Club.
“Together we picked up the pieces from the receivers of its parent company when the club had nothing and after 28 years of hard work we leave this Club significantly better off than when we walked through the doors all those years ago, with a 20,000 all-seater stadium that is one of the best in Scotland, a first-class training centre and no debt.
“There have been approaches over the years, and we have done them all the courtesy of hearing what they had to say. Ron’s passion for Hibernian and its origins and his commitment to the community and the engagement he wants with supporters shone through.
“The Directors of the Club met Ron so that they could hear and assess his plans and the investment on offer. It was good to hear their enthusiasm and excitement for how Ron can help take the Club forward, building on all we have created in the last 28 years.
“It is also important to recognise the work of all the Board members over those years. This is an unpaid position and often a thankless task, but to all those directors, past and present, I give my thanks.”
Rod Petrie said:
“In agreeing this transition, Sir Tom and Ron have put the football club first and everyone should recognise and applaud that.
“The legacy of Sir Tom’s tenure is not just the Club’s infrastructure – our magnificent stadium and training centre - but also the imperative that the Club should live within its means to ensure its stability and well-being.
“During that time, the Club reached 9 cup finals, won the League Cup twice and the long-awaited Scottish Cup in 2016. There were also 10 campaigns in Europe.”
Chief Executive Leeann Dempster added:
“Everyone at the Club is excited about the future. Ron is a man who loves football and who is determined to bring a bright future to the Club. He buys into everything we are trying to achieve at Hibernian through our structure and our vision and he brings a wealth of experience in business to add value to that.”
This is very exciting news if you are a Hibernian fan, a debt free club, with a multi million pound investment on top of that.
With the debt paid off it free's up £500,000 a year in debt payments right away that can be reinvested in the club.
Looking over Gordon's past he seems a genuine investor, we are not looking at a Mad Vlad type takeover here.
Welcome to the club Ronald from everyoen at Hibernian-Mad.
Tom Farmer leaves the club an absolute legend, he saved us, and has left us debt free, during his tenure after saving us, we have won the League Cup twice in 1991 and 2007 and of course the long awaited Scottish Cup triumph in 2016.
There has also been 10 campaings in Europe.
Hibernian-Mad call on the club to rename the East Stand after SIr Tom.
A special mention to the much maligned Rod Petrie, his 22 years of input can't be over looked.
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