Scottish Premier League Club Hibernian FC Reports Loss Of $1.4M Last Fiscal Year
Scottish Premier League Hibernian FC Chair Rod Petrie Tuesday "issued a 'call to arms' to lapsed supporters after the club posted a financial loss for the second year running," according to Anthony Brown of the SCOTSMAN. Turnover for the fiscal year '11-12 was £6.9M ($11M) (down £100,000 ($160,000)), "while the loss before taxation was unchanged from the previous year" at £900,000 ($1.4M). The figures relate to a season when Hibs "battled relegation for the second year running, while also changing manager again, with Pat Fenlon replacing Colin Calderwood." Club chiefs, however, "are far from alarmed by the club’s overall financial predicament," and Petrie insisted that, "if Hibs could get their average attendances back up to the 12,000 mark, they would be in a strong position to prosper at a time when many clubs in Scottish football are battling to make ends meet." However, with gate money "considered the biggest factor in determining the club’s annual budget, Hibs revealed a desire to grow attendances by around 2,000 per home game from present levels." Petrie wrote in a letter to shareholders, "Every season we need the positive engagement and financial contribution by supporters to provide an annual budget" (SCOTSMAN, 11/20). The Scotland DAILY RECORD reported "staff costs fell by £700,000 ($1.1M) to £4.1M ($6.5M), resulting in a wages to turnover ratio of 60%, which itself was down from 69% for the previous year." Petrie said: "The financial results for the year reflect the poor performances on the pitch almost throughout the season." Hibs finished second bottom last season, but "results have improved so far this term, and they sit second in the Clydesdale Bank Premier League, a point behind champions Celtic" (DAILY RECORD, 11/20).