Hibs are officially debt free thanks to Ronald Gordon takeover

Hibs are now a debt-free club after the takeover of US businessman Ronald Gordon.

Tuesday, 2nd July 2019, 6:15 pm

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Ronald Gordon: All you need to know about the new Hibs owner

As part of the deal to take over the club, Gordon and Farmer worked together on a transaction that took the club out of debt.

Getting rid of their mortgage debt of around £2.9 million was an existing goal of the Hibs board, though this takeover means it has come six years ahead of schedule.

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The new majority shareholder of Hibs, Ronald Gordon.

There will also be a seven-figure investment from Gordon in other areas of the club.

Farmer said at the press conference: "We'd been looking for who was the best person to take over from us. We had they criteria: they had to the right people, with the right plans and the right finances.

"The right finance will keep the club going and take it forward. I passionately believe we've found the right person in Ron. I've had talks with Ron and he talks about it at the same level I do, for what this club can do for the community.

"I don't know much about Ron's personal position, but he is a successful businessman. I'm excited about his plans. I can't wait to taste the hotdogs with the American mustard and everything that comes with it.

"As for the finance, I don't know, but I'll tell you now Ron - it'll cost you a bob or two."