Hibs owner makes £7 million 'donation' explanation as Gordon family 'live and breathe' club

Hibs owner Ian Gordon insists the family covering club losses of over £7 million is a “donation” that they’re willing to make. And he says the majority shareholders will not increase their holding as a result of the deal to underwrite the deficit.

Speaking after tonight’s AGM at Easter Road, Gordon said: “So yes, it's a big number, but we have sporting ambitions that we're trying to chase. It'll be covered, and you'll see there's a current loan, but by June 30th that'll be converted.

“The club will be in a very healthy position, debt-free minus the COVID-19 loan from the government, but going into the summer we're feeling very positive about where we are financially and as a club.”

No increase in shareholding

Asked if converting the loan would result in increased shares for the Gordon family, the executive director said: “No, this is just a donation. We've made donations of that size in the past, so it's something that shows our family's commitment and our drive. Now we're so excited with the partnership with Black Knight that we're more committed than ever to continuing to move forward.”

Explaining why he, mum Kit and brother Colin were prepared to carry on pouring money into Hibs, Ian said they were carrying on the mission of late chairman Ron Gordon, revealing: “I think there's such an emotional side to it now. Our family, we love this club. We live and breathe this club, and my father felt that same way.

“And obviously through the passing of my dad, we felt that it was the right thing to do to continue this. I'm still a young guy, and my brother and I are wanting to carry the torch for my father. We love everything about this club and my mom, so it's something we're fully committed to.”

Admitting that there is an aim to make the club self-financing, Gordon – flanked by Black Knight Football Group president Tim Bezbatchenko - confessed: “Yes, I think that would always be the goal, but we're also well aware we're in the football industry and we know the revenues associated with Scottish football aren't the highest. We know the situation, we're accepting of it, but obviously we want to improve that financial position. “We know mistakes have been made. But we've learned so many lessons along that way, with the guidance of someone like Tim to help mentor me but also help us make better decisions moving forward. I think we're in a really good spot.”