Hibs taken over by US businessman Ronald Gordon

Hibernian have a new majority shareholder with US businessman Ronald Gordon buying out Sir Tom Farmer and Rod Petrie.

Gordon becomes the Executive Chairman of the club after purchasing the controlling stake, with current Chairman Rod Petrie standing down after 22 years on the board.

The transaction gets rid of the Easter Road club’s mortgage debt with a seven-figure cash injection coming from the American.

Furthermore, this means the club are now completely debt free – six years ahead of plan.

Sir Tom Farmer has owned the Edinburgh club since 1991, he said: “From the day supporters asked me to get involved to help save the club back in 1991 this day was always going to come.

“After almost 30 years the approach from Ron has struck a chord and the time is right to transfer the stewardship of our great club.

“I want to pay tribute to Rod Petrie who has been integral to the building of the Club.

“Together we picked up the pieces from the receivers of its parent company when the club had nothing and after 28 years of hard work we leave this Club significantly better off than when we walked through the doors all those years ago, with a 20,000 all-seater stadium that is one of the best in Scotland, a first-class training centre and no debt.

“There have been approaches over the years, and we have done them all the courtesy of hearing what they had to say.

"Ron’s passion for Hibernian and its origins and his commitment to the community and the engagement he wants with supporters shone through.”

One-third of the shares in Hibs will be owned by existing shareholder supporters with Ron Gordon becoming the new majority shareholder.

The US businessman 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 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!”

Hibernian’s Chief Executive Leeann Dempster added: “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."