Gordon warns Hibs are not immune from crisis fallout

HIBS have become the latest club to warn of an unsustainable financial burden placed on them by the coronavirus shutdown, with chairman Ron Gordon insisting that ‘difficult decisions’ lie ahead. And Gordon’s language in a letter to supporters clearly points to pay cuts in the pipeline — despite the Easter Road outfit boasting £5.5million in the bank and zero debt, according to latest accounts. Insisting that the suspension of all football in Scotland had turned his recently-announced five-year plan for Hibs ‘upside down’, the majority shareholder said: ‘These are unprecedented times impacting our family, civic and economic lives in very dramatic ways. ‘Scottish football is waiting to see “what happens next” and “if and when” the season might resume. ‘In the meantime, our priority as a club is to look after the welfare of our staff, our players, our supporters and — where we can — our community. ‘With all that is going on, it is difficult to look to the immediate future with any degree of clarity. ‘However, there are some certainties — we have lost our revenue streams, while our ongoing running costs remain largely in place, and we anticipate that we will not be playing matches in the coming months. ‘This is clearly not sustainable. Although Hibernian is better positioned than most to weather the storm, we are far from immune. ‘Unfortunately, other clubs are facing similar or even more severe problems. ‘The loss of cash in the bank puts our club under the most severe strain and threat. ‘We have already begun making operational adjustments to impact our costs and will be taking further steps over the next week or so to mitigate the effects of the crisis on our club. ‘Difficult decisions will have to be made. But every decision we do make will be with two key priorities in mind — firstly, to look after our people, and, secondly, to ensure the club remains in as healthy a financial position as possible. ‘It is not going to be easy, and we will need every part of the club to play its part to achieve this.’ Just last month, Gordon (below) proudly announced his intention to double the player budget at Easter Road over the course of the next three seasons. The fact that Hibs have healthy cash reserves and no external debt, mainly thanks to the sale of Scotland midfielder John McGinn to Aston Villa in 2018 and Gordon’s own investment when he bought out Sir Tom Farmer last July, should put them in a stronger position than a number of Premiership sides. With Aberdeen chairman Dave Cormack warning of a £5m hole in finances should the shutdown last six months, however, Hibs won’t be far behind in terms of overall impact on their finances. Gordon, who didn’t explicitly mention pay cuts, said: ‘It was just a few weeks ago that we presented an ambitious and exciting vision and five-year plan for our club. ‘Unfortunately, the coronavirus has turned our world upside down, therefore we have all had to pause, to reflect. ‘Gratefully, football will be back before long, and with your help and support our club will be back strong, ready to compete and bring joy, excitement and pride to our supporters

and city.’