Hibs reveal debt is down by £2.6m
HIBERNIAN have announced that they made an operating loss of £840,000 for the financial year to July 2015, but still managed to reduce their overall debt by £2.6 million.
In a season that saw the team compete in the Scottish Championship following their relegation from the Premiership, Hibs’ cash balance also rose by over £1m to £2.7m.
Those figures were enhanced by the share issue launched in January that gives supporters the chance to become the club’s majority shareholders by raising £2.5m through Hibernian Supporters Limited.
By last July, £500,000 had been raised, equating to a shareholding of nearly 20 per cent.
The Easter Road outfit insist that the size of their operating loss was because the “board chose to maintain the club as a ‘Premiership club’ despite being relegated”.