Scottish Championship side Hibernian has announced plans to "allow supporters to purchase shares that would give them up to 51% ownership of the club," according to Brian McLauchlin of the BBC. Up to £2.5M ($3.9M) worth of shares "will be made available and
this will dilute the holding company's ownership to less than 50% of the
enlarged share capital." The club announced it is "also free of bank debt." Former Hibernian player Pat Stanton is "backing the move towards fan ownership at Hibernian." Hibs Chair Rod Petrie said, "The more supporters contribute then the more of the club they will own.
And by owning the club they will also own Easter Road Stadium and the
Training Centre, and the cash they raise" (BBC, 12/29). The Scotland DAILY RECORD reported Hibernian announced it is "free of bank debt thanks to a deal with the Bank of Scotland." New loans provided by the club's holding company were paid "directly into the bank while the holding company also agreed to half the club's total debt" by converting £4.5M ($7M) into new shares with loans "restructured as a single mortgage" (DAILY RECORD, 12/29). STV's Andy Coyle reported speculation over Hibernian's long-term future has been "rife for some time," with majority shareholder Tom Farmer having "rejected offers for the club in recent months." Extensive talks "had taken place with the club, holding company HFC Holdings and Bank of Scotland." The plans will be put to the club's AGM in late January and "are expected to be approved." Hibs' direction under Petrie had been widely criticized by fans "and a group named BuyHibs had been set up to facilitate change at Easter Road" (STV, 12/29).
