Hibs reveal huge financial losses as Gordon family promise to pick up whopping £7 million tab

The Gordon family have promised to continue writing off their losses as Hibs owners – including taking a whopping £7 million hit revealed in the latest accounts. The shocking figures were published by the club in their annual results this morning.

Despite overall turnover climbing by a remarkable 28 per cent, up to just shy of £16 million, the final figures show a loss of £7.1 million, backing up Ian Gordon’s prediction – back in September – that the numbers would continue to be concerning as the club looked to salvage something from the wreckage of several on-field setbacks. The son and heir of late chairman Ron Gordon also made it clear that he’d be covering the inevitable losses, saying: “So just for clarity on that, the family are just going to essentially write off any money that's an overspend on the football side. That is something that, as a family, we're comfortable with at this time.”

Johnson and Montgomery were both paid off during period covered by accounts. | SNS

The period covered by the accounts covers pay-outs for not one but TWO coaching teams, with Lee Johnson AND Nick Montgomery – plus their backroom staff members – requiring compensation after being binned by the Easter Road hierarchy. And the board also sanctioned backing for Montgomery in what the report calls “an unbudgeted player spend in the January transfer window” as he boosted his squad with the addition of players like Myziane Maolida and Emi Marcondes.

That led to the overall wage bill rising by £2.3 million to £11.2 million, pushing the staff costs to turnover ratio into the red as it climbed to 81 per cent. But the club did make a profit of £1 million in transfer fees, thanks mainly to a sell-on fee when Josh Doig moved from Hellas Verona to Sassuolo Calcio - and from the transfer of Elias Melkerson to Stromsgodset.

The club, who allowed chief executive Ben Kensell to leave by mutual consent earlier this month, also incurred some whopping one-off costs during the year ended June 2024. That included spending £3 million to improve facilities at Easter Road, including the introduction of rail seating to facilitate fan demands for safe standing.

GET THE LATEST HIBS NEWS DIRECTLY TO YOUR EMAIL INBOX WITH OUR FREE NEWSLETTER SERVICE

The club also had to write off £1 million when a commercial partner went bust, although the accounts still show Hibs sitting on nearly £3 million in cash at the end of the period covered. And, although the board expect next year’s figures to be better, they are guaranteed to continue showing a loss – leaving the Gordon family to pick up another tab.

The Gordons remain the majority shareholders at Hibs. Billionaire Bournemouth owner Bill Foley spent £6 million for a minority stake in the club which was approved by shareholders in February of 2024. This year’s AGM will take place on February 25 at the Behind the Goals sports bar in the stadium.

Your next Hibs read: Why Scott Brown’s Ayr United should worry David Gray ahead of tonight’s Cup clash