Official: Billionaire investor given green light for Hibs buy-in

SFA Board clear ambitious plans - now shareholders will have their say

Thumbs up - SFA have approved Foley's purchase of minority stake.

Billionaire Bournemouth owner Bill Foley’s bid for a minority stake in Hibs has been given the official green light by Scottish football authorities. And the groundbreaking deal – aimed at giving Hibs the financial and footballing might to virtually guarantee European football every season – will be put before shareholders at next month’s AGM.

Assuming current investors approve, the financial package – believed to be worth an initial £6 million – will kick in. And the football departments at both clubs will begin liaising about player movement within Foley’s growing stable of clubs.

Foley’s bid through his Black Knight group, first reported here back in October, was put before the SFA Board in December. They requested time to consider whether allowing the American to buy a 25 per cent stake in Hibs breached guidelines on individuals holding a “dual interest” in football clubs.

The rules around ownership had been relaxed, with a number of Scottish clubs believed to be in talk with overseas investors. Foley is easily the wealthiest and most experienced – in terms of running a sports organisation – of those looking to buy into Scotland’s national sport. As well as owning Premier League side Bournemouth, he has interests in clubs in France and New Zealand – and is negotiating for a Dutch club.

Hibs confirmed that they’d broken through the red tape with a statement today, declaring: “Hibernian FC is delighted to confirm that the Scottish FA has approved the club’s ‘dual interest dispensation request’ that sits under Article 13. This decision came after a number of meetings between the two parties, alongside the club agreeing to certain undertakings and commitments at the request of the governing body.

 “The club now has an agreement in principle with Black Knight Football Club for minority investment into Hibernian FC. The investment proposal will now be shared and ratified at the club’s Annual General Meeting, which will occur in February. The club’s shareholders will be informed of the date of the AGM in due course.”

Head coach Nick Montgomery has spoken previously about the Foley investment allowing Hibs to “move up the pecking order” in pursuit of players previously out of reach, while there will also be options to take in players on loan from one of the American’s other clubs. But it’s been stressed that the Gordon family will retain overall control of Hibs – and that the football department at East Mains will have final say on any transfers.