HIBERNIAN have announced that the club now has a new owner - US businessman Ronald Gordon.
Gordon's company Byland Sports LLC have bought a majority shareholding in the Leith club, with Sir Tom Farmer and Rod Petrie stepping dwon from their roles with Hibs.
Byland Sports LLC acquired the shares and are preparing to make "a further cash investment" in the club.
Gordon told the club's website: “I know that Hibernian is the right club for me, and I am committed to working with supporters, other shareholders and everyone connected with Hibernian to build on Sir Tom’s legacy and take the Club forward.
“I had a great first conversation with Sir Tom. We swapped stories from our childhood and compared our approach to business.
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“There are many similarities and those values are evident in Hibernian not only as an outstanding football club but also its engagement with young people and through the Hibernian Community Foundation. That it is such a well-run Club was one of the major attractions for me.
“Hibernian will always be Sir Tom’s club and Easter Road will always be his home.
“I am looking forward to getting to know the supporters and shareholders as quickly as possible, hearing what they have to say and then working with them to help the Club build a successful future. And I will be there as often as I can to support the team!”
Rod Petrie has now stepped down as chairman, following 15 uears at the helm of the Leith club.
Petrie said: “In agreeing this transition, Sir Tom and Ron have put the football club first and everyone should recognise and applaud that.
“The legacy of Sir Tom’s tenure is not just the Club’s infrastructure – our magnificent stadium and training centre - but also the imperative that the Club should live within its means to ensure its stability and well-being.
“During that time, the Club reached nine cup finals, won the League Cup twice and the long-awaited Scottish Cup in 2016. There were also 10 campaigns in Europe.”
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Former owner Sir Tom Farmer told the club's website that Hibernian are now debt free six years ahead of schedule.
“From the day supporters asked me to get involved to help save the Club back in 1991 this day was always going to come," he said. “After almost 30 years the approach from Ron has struck a chord and the time is right to transfer the stewardship of our great club.
“I want to pay tribute to Rod Petrie who has been integral to the building of the Club.
“Together we picked up the pieces from the receivers of its parent company when the club had nothing and after 28 years of hard work we leave this Club significantly better off than when we walked through the doors all those years ago, with a 20,000 all-seater stadium that is one of the best in Scotland, a first-class training centre and no debt.
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“There have been approaches over the years, and we have done them all the courtesy of hearing what they had to say. Ron’s passion for Hibernian and its origins and his commitment to the community and the engagement he wants with supporters shone through.
“The Directors of the Club met Ron so that they could hear and assess his plans and the investment on offer. It was good to hear their enthusiasm and excitement for how Ron can help take the Club forward, building on all we have created in the last 28 years.
“It is also important to recognise the work of all the Board members over those years. This is an unpaid position and often a thankless task, but to all those directors, past and present, I give my thanks.”
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