Bill Foley planned Hibs investment dealt major blow as second biggest shareholder to vote AGAINST proposal at club AGM

Resolutions 5 and 6 need 75 per cent backing and the move from the fans' group leaves Leith chiefs up agains it.

Hibs’ second largest shareholder will vote AGAINST a resolution at the club’s AGM on Tuesday that would allow Bournemouth’s American billionaire Bill Foley to invest in the club.

The SFA gave the green light to Foley’s Black Knight group to pump around £6 million into the club, providing his shareholding doesn’t exceed 29.99 per cent, as they approved a dual interest dispensation request from Hibs. The Gordon family, who took over majority shareholding through the late former chairman Ron five years ago, expressed their delight that the path had been cleared for the 79-year-old to get involved at Easter Road.

However, it is subject to shareholder approval and they have suffered a blow after Hibernian Supporters Ltd. issued a statement saying they will look to block the proposal that would dilute their own shareholding. The fans’ group - who had 4000 members - account for 15.4 per cent of the current shareholding and with Resolutions 5 and 6 - which would allow Foley to invest - needing 75 per cent (the Gordon family own 67 per cent) to vote in favour it now leaves the move in the balance.

Businessman Leslie Robb owns 10 per cent while individual fans own a combined eight per cent. A statement read: “Hibernian Supporters Ltd., currently the second largest shareholder in Hibernian FC, announce their voting intentions ahead of the club’s upcoming AGM. Following a voting process taken at their AGM, their chairman, Jim Adie, confirmed that members had directed the Hibernian Supporters board to vote against the club’s Resolutions 5 and 6."

Fellow Hibernian Supporters director and former club captain Jackie McNamara commented: ‘I have been appalled by the way that the club board have behaved towards so many ordinary Hibs supporters who have been so supportive and generous to the club. To find ourselves in such a position, of being asked to vote to deprive ourselves of club shares given that our primary objective is to do just that, is just plain crazy.”

Hibernian Supporters Ltd. account for 15.4 per cent of the current shareholding and will cast their vote in accordance with their members’ instructions at Tuesday’s Hibernian FC AGM. Hibernian Supporters chairman Jim Adie said: “We have carried out our process in accordance with our rules and it is now for other shareholders to make their own choices.”

The Scottish Premiership side posted a £3.9million loss in their latest set of accounts and a wages to turnover ratio of 81 per cent. Those numbers proved alarming to fans, having seen a high turnover of players and managers in recent seasons with little to show for it on the pitch.