Hibs re­veal debt is down by £2.6m

The Herald - Sport - - FOOTBALL -

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”.

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