HIBS have explained the reasons why David Low’s £3.5 million bid was rejected, outlining that the club’s well-being is at the forefront of all decisions made.
As revealed by the Evening News today, Hibs turned down the offer from Low’s consortium, which resulted in a statement from Low alleging that chairman Rod Petrie was acting with “personal wealth management” in mind.
Hibs, however, refuted those claims and in a statement on their website said: “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.”