Hibernian Secures Major Investment Deal
By Brian McLauchlin, BBC Scotland
27 February 2024, 19:58 GMT
Updated 14 minutes ago
Hibernian shareholders have approved a game-changing £6m investment from American billionaire Billy Foley at the club’s annual general meeting. Foley, who also owns a controlling interest in Premier League club Bournemouth, will take up a 25% stake in the Scottish club.
The Gordon family, who remain majority shareholders, reduced their stake to just over 60% to make way for Foley’s investment. They have written off around £5m in loans to facilitate the deal. Foley’s Black Knight consortium also holds interests in French side Lorient and a new team in Auckland, New Zealand.
Hibernian chief executive Ben Kensell described the deal as ground-breaking for Scottish football, offering opportunities for best practice sharing and player trading within the network. The partnership with Foley’s consortium is seen as a positive step for the club’s future development.
Family member Kit Gordon emphasized their commitment to Hibs, stating that they still maintain control despite the new investment. The Scottish FA has approved Foley’s investment, allowing him to hold up to 29.9% of the club.
The £6m investment will be used to improve infrastructure at Hibs, including the training base and facilities for the women’s team. The men’s team, currently seventh in the Scottish Premiership, are aiming for a top-six finish with seven games remaining.
In the upcoming fixtures, Hibs will face city rivals Hearts in the league and host Rangers in the Scottish Cup quarter-final. In the SWPL, Hibs are positioned fifth and will meet Rangers in the Women’s Scottish Cup quarter-finals.
This landmark investment sets the stage for a new chapter in Hibernian’s history, promising growth and development across all areas of the club.