Leeann Dempster: Fan cash is not for Rod Petrie

Hibernian chief executive Leeann Dempster. Picture: Lisa Ferguson

Hibernian chief executive Leeann Dempster. Picture: Lisa Ferguson

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Hibs chief executive Leeann Dempster has moved to reassure sceptical fans that no money raised through the club’s supporter ownership scheme will go to Sir Tom Farmer and Rod Petrie.

Fans groups Hands on Hibs and BuyHibs have already spoken out against the club’s plans in which fans have been asked to subscribe to a £2.5million share issue which will ultimately see parent company HFC Holdings Ltd hand over a controlling 51 per cent stake.

BuyHibs were wary that some of the cash would go towards clearing a £5m debt due to the holding company, which is controlled by owner Farmer and club chairman Petrie.

However, Dempster explained in a statement on the club’s website: “Assertions are being made that there is some uncertainty about what will happen to the money the process generates.

“So, for the record: The club has said from the outset that funds raised through supporters buying shares in the club will not be paid to any existing shareholders, including the Holding Company.

“Instead, the monies will benefit the club. It is really important to remember that the cash raised by the sale of shares to supporters will be new money, money we never had and could not therefore use and it goes straight into the club.

“That is why we have said that this money will help fund the club’s sporting ambition – helping bring improvements to our football performance from first-team level down.”