Hibs supporters’ chief slams ‘horrendous’ financial results as he reveals why he’s ‘heartbroken’ over Bill Foley deal
HIBERNIAN Supporters Limited chairman Jim Adie has branded Hibs’ financial results as ‘horrendous’ and admits he is ‘appalled’ at how ordinary fans are being treated.
Hibs recorded a £3.9 million loss for the year to June 2023 with turnover of £12.4 million, giving a wage-to-turnover ratio of 81 per cent.
Adie is alarmed at those figures and is also furious that HSL’s 15.4 per shareholding could be halved by Bill Foley’s proposal to become a minority shareholder.
Bournemouth owner Foley's plan to take up a 24.9 per cent stake in the Easter Road outfit is set to be ratified at the AGM on February 27.
On the club’s accounts, Adie, who represents 4,000 members, said: “On the face of it they (the financial results) look horrendous, the club must be very disappointed with those figures.
“I think I’m right in saying it’s probably the biggest loss on record. Really quite worrying I would say.
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“What we can tell by looking at the accounts is that the existing board on the face of it have not done a terribly good job of running the club.
“We have moved from a situation of no debt to a situation of £5.7 million in debt, that’s just to the Gordon family alone.”
Adie is just as disappointed by the prospect of HSL, currently the club’s second biggest shareholder, having their stake diluted when Foley becomes involved at Hibs.
The American billionaire is said to be ready to inject around £6 million to boost the club.
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Adie has also hit out at the lack of transparency from the Gordon family and chief executive Ben Kensell.
Adie said: “I would say there are more questions than answers, it’s difficult without having more detailed information regarding Mr Foley’s proposals, how much money will be available?
“I’m disappointed, very, very disappointed (regarding the dilution of shares).
“In fact I would go as far to say heartbroken.
“When I think of the ordinary men, women, children - 4,000 members - who worked so hard to donate funds to help the club, we gifted the club £500,000 during the pandemic to help it during difficult times, and to be treated in this way is just appalling.
“My guess is we’re going to be diluted by as much as 50 per cent."
Speaking to Sky Sports, Adie added: "How did we get here? Why are we in this situation where we are needing to reach out for further investment.
“I’ve expressed my disappointment (with the club) that they have not made any contact, they have declined to discuss anything with us.
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“We have been out on a limb essentially, which is extremely disappointing. There is a complete lack of transparency.”
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