Debt talks hold up Hibs’ AGM

Sir Tom Farmer. Picture: Jane Barlow
Sir Tom Farmer. Picture: Jane Barlow
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Hibs have delayed their AGM until the end of next month as they hope to announce positive news with regard to their debt.

Hibs, its holding company and the bank are currently in negotiations aimed at ensuring greater financial security for the club, whose debt is believed to stand at around £8million. It was suggested that owner Sir Tom Farmer was close to agreeing a deal that would allow the entire debt to be wiped out, although the club moved to play down such reports.

However, Hibs chiefs are hopeful that they will be able to provide confirmation of positive developments from the aforementioned discussions when they eventually hold their annual general meeting on Wednesday, January 28.

In a statement yesterday, chief executive Leeann Dempster said: “Discussions have taken place involving the club, HFC Holdings and the bank.

“We have decided to hold the AGM slightly later than usual in order to allow these talks to be concluded.

“The outcome will be reflected in the board’s plans for the future which we will present at the AGM and talk in detail to our supporters.”

It is believed that any restructuring deal would keep Hibs in the hands of the Farmer family for the time being, although a major reduction, or an entire clearing, of the debt would certainly make the club more appealing to potential buyers.