Debt-no-moaar as American tycoon buys Hibs

The Hibbees’ board announced that the majority shareholding in the club has passed from HFC Holdings Limited – owned by Sir Tom Farmer and Rod Petrie - to Bydand Sports LLC, a new company set up for that purpose by US businessman Ronald Gordon. 

Following the transaction around one-third of the shares in Hibernian Football Club will be owned by existing shareholder supporters with Mr Gordon becoming the new majority shareholder.

The historic transfer of ownership has taken place with Mr Gordon’s company acquiring the shares in the club held by HFC holdings Limited and making a further cash investment in the Club.  

Hibs said Mr Gordon is a “successful, self-made businessman who has built and sold a network of broadcasting companies” and also a “lifelong football fan”.

As a result of the transaction:

- Ron Gordon has become the Executive Chairman of Hibernian

- Sir Tom and Ron worked together in the transaction to eliminate the Club’s mortgage debt

- The Club is now debt free, six years ahead of plan

- Ron is making a seven-figure cash injection to the Club

- HFC Holdings has transferred the Ticket Office and 15 acres of land at HTC to the Club

- The new owner is backing the Board’s existing plans and the executive leadership and football management team

- Archie Paton, a senior Sports Industry Executive who has assisted Ron in the transaction, will become a Non-Executive on the Board

Ron Gordon said:“I know that Hibernian is the right club for me, and I am committed to working with supporters, other shareholders and everyone connected with Hibernian to build on Sir Tom’s legacy and take the Club forward.

“I had a great first conversation with Sir Tom. We swapped stories from our childhood and compared our approach to business.

“There are many similarities and those values are evident in Hibernian not only as an outstanding football club but also its engagement with young people and through the Hibernian Community Foundation. That it is such a well-run Club was one of the major attractions for me.

“Hibernian will always be Sir Tom’s club and Easter Road will always be his home.

“I am looking forward to getting to know the supporters and shareholders as quickly as possible, hearing what they have to say and then working with them to help the Club build a successful future. And I will be there as often as I can to support the team!”

Rod Petrie has stood down from the board of the Club after 22 years - 15 of them as chairman.

He said: “In agreeing this transition, Sir Tom and Ron have put the football club first and everyone should recognise and applaud that.  

“The legacy of Sir Tom’s tenure is not just the Club’s infrastructure – our magnificent stadium and training centre - but also the imperative that the Club should live within its means to ensure its stability and well-being.

“During that time, the Club reached 9 cup finals, won the League Cup twice and the long-awaited Scottish Cup in 2016. There were also 10 campaigns in Europe.”    

Bruce Langham, senior independent non-executive director added on behalf of the Club’s Board: “The Board is entirely supportive of this orderly transition to new ownership, something that does not always happen within Scottish football. 

“We are grateful to Sir Tom and to Rod and excited by Ron taking charge of the Club and bringing his considerable energy and ability to bear to help take it forward.”

Leeann Dempster, chief executive said: “Everyone at the Club is excited about the future. Ron is a man who loves football and who is determined to bring a bright future to the Club. He buys into everything we are trying to achieve at Hibernian through our structure and our vision and he brings a wealth of experience in business to add value to that.”