US businessman Ron Gordon buys majority shareholding in Hibs

US businessman Ron Gordon has bought a majority shareholding
in Hibs.

Earlier today the 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 Mr Gordon.

As a result of the transaction, Mr Gordon has become the
Executive Chairman of the club.

The Club’s mortgage debt has been cleared and Hibs are now
debt free, six years ahead of plan.

Mr Gordon is making a seven-figure cash injection to the
Club and Archie Paton, a senior Sports Industry Executive who has assisted Mr Gordon
in the transaction, will become a Non-Executive on the Board

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

Sir Tom Farmer 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.

“The Directors of the Club met Ron so that they could hear
and assess his plans and the investment on offer. It was good to hear their
enthusiasm and excitement for how Ron can help take the Club forward, building
on all we have created in the last 28 years.

“It is also important to recognise the work of all the Board
members over those years.  This is an
unpaid position and often a thankless task, but to all those directors, past
and present, I give my thanks.”

Ron Gordon told Hibernian Media: “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.

“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 “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.”