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.
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.
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."