Financial Turmoil at Hibernian: A Deep Dive into the £7.2m Loss Despite European Earnings

Explore the financial struggles of Hibernian FC as they report a £7.2m loss, despite significant investments and European match revenues.

Hibernian FC, a prominent name in Scottish football, has recently disclosed a staggering £7.2m loss for the fiscal year ending June 2024. This figure nearly doubles the previous year's losses of £3.8m, despite a 30% increase in turnover to £15.9m.

Key Financial Highlights

  • Management Changes: The club saw the departure of managers Lee Johnson and Nick Montgomery, which had a significant six-figure financial impact.
  • Stadium Upgrades: Investments in Easter Road stadium, including a safe-standing area, floodlights, and hospitality suites, exceeded £3m.
  • Recruitment Strategy: The club acknowledges a poor recruitment strategy leading to a significant overspend and a downturn in performance.

Staff and Player Costs

  • Staff Costs: Increased by more than £2m, with the wages to turnover ratio slightly dipping to 78%.
  • Player Sales: Generated a £1m profit from player sales.

European Ventures

Hibernian's journey in the Conference League qualifiers against Inter Club D'Escaldes and Lucern ended with a knockout by Premier League club Aston Villa, contributing to additional income.

Shareholder Support

  • Gordon Family: The US-based Gordon family, holding controlling shares, continues to support the club financially.
  • Ben Kensell's Departure: The chief executive, instrumental in bringing in Bournemouth owner Bill Foley and his Black Knight consortium, departed after more than three years.

Future Outlook

Hibernian warns that the financial year ending June 2025 will remain challenging, with no European football expected. The club plans to focus on a tighter playing budget as several players' contracts expire at the end of this season.

Shareholder Contributions

Donations from shareholders were allocated to support the women's team and the signing of striker Dylan Vente, currently on loan at PEC Zwolle in the Netherlands.

Annual General Meeting

Hibs will hold their annual general meeting at Easter Road on 25 February, where further financial strategies and updates will be discussed.

For more detailed analysis and updates, visit our Hibs page.

What to Read Next

Brendan Rodgers Optimistic About Celtic's Transfer Strategy for the 2025 Season
Football

Brendan Rodgers Optimistic About Celtic's Transfer Strategy for the 2025 Season

Brendan Rodgers discusses Celtic's transfer plans, emphasizing the importance of refreshing the squad for a competitive 2025 season.

Rangers Secure Gassama Transfer as Propper Nears Exit: A Summer of Strategic Moves
Football

Rangers Secure Gassama Transfer as Propper Nears Exit: A Summer of Strategic Moves

Rangers finalize the transfer of Djeidi Gassama from Sheffield Wednesday while Robin Propper considers an exit, shaping a dynamic summer for the club.

Celtic Bolsters Defense with Japanese Talent Hayato Inamura
Football

Celtic Bolsters Defense with Japanese Talent Hayato Inamura

Celtic secures Japanese centre-back Hayato Inamura on a four-year deal, enhancing their defensive lineup with promising talent.

Ivan Dolcek: The Fearless Winger Boosts Dundee United's Ambitions
Football

Ivan Dolcek: The Fearless Winger Boosts Dundee United's Ambitions

Ivan Dolcek joins Dundee United on loan, bringing his fearless ball-carrying skills and technical prowess to the Scottish Premiership.

Celtic's Strategic Moves: Kuhn to Como and Nawrocki's Loan to Hannover
Football

Celtic's Strategic Moves: Kuhn to Como and Nawrocki's Loan to Hannover

Celtic's manager Brendan Rodgers discusses the strategic transfers of Nicolas Kuhn to Como and Maik Nawrocki's loan to Hannover, highlighting the club's business model.

Hearts Set to Transfer James Penrice to AEK Athens: A New Chapter in Greek Football
Football

Hearts Set to Transfer James Penrice to AEK Athens: A New Chapter in Greek Football

Hearts' left-back James Penrice is nearing a transfer to AEK Athens, marking a significant move in his football career and a strategic acquisition for the Greek club.

Greg Taylor Joins PAOK After Turning Down Celtic Contract Extension
Football

Greg Taylor Joins PAOK After Turning Down Celtic Contract Extension

Scotland left-back Greg Taylor signs with PAOK after rejecting a new contract with Celtic, marking a new chapter in his football career.

Djeidi Gassama: Rangers' New Star Signing from Sheffield Wednesday
Football

Djeidi Gassama: Rangers' New Star Signing from Sheffield Wednesday

Rangers have secured the signing of promising left-winger Djeidi Gassama from Sheffield Wednesday, adding depth and excitement to their attack.

Greg Taylor Opens Up on Celtic Departure Amid Kieran Tierney Return Speculations
Football

Greg Taylor Opens Up on Celtic Departure Amid Kieran Tierney Return Speculations

Greg Taylor discusses his departure from Celtic, addressing rumors about Kieran Tierney's return and his new journey with PAOK.

Football Hate Crime: Seven Charged Over St Mirren vs Aberdeen Match Incident
Football

Football Hate Crime: Seven Charged Over St Mirren vs Aberdeen Match Incident

Seven individuals face charges for alleged hate crimes during a Scottish Premiership match between St Mirren and Aberdeen.

McGlynn's Mastery: Falkirk's Rise to Scottish Premiership Glory
Football

McGlynn's Mastery: Falkirk's Rise to Scottish Premiership Glory

Explore how John McGlynn transformed Falkirk from League One strugglers to Scottish Premiership contenders, emphasizing strategic management and youth development.

Stuart Kettlewell Inspires Kilmarnock to Forge a New Legacy in Scottish Football
Football

Stuart Kettlewell Inspires Kilmarnock to Forge a New Legacy in Scottish Football

Stuart Kettlewell motivates Kilmarnock to build on their rich history and aim for new heights in the Scottish Premiership and cup competitions.

Hibernian Shatters Transfer Record with Signing of Togo Striker Thibault Klidje
Football

Hibernian Shatters Transfer Record with Signing of Togo Striker Thibault Klidje

Hibernian breaks their transfer record to sign Togo international striker Thibault Klidje, enhancing their attacking options with his pace and potential.

Rangers Secure Rising Star Thelo Aasgaard: A New Era Begins at Ibrox
Football

Rangers Secure Rising Star Thelo Aasgaard: A New Era Begins at Ibrox

Rangers have signed Norwegian midfielder Thelo Aasgaard from Luton Town, marking a significant addition to their squad as they aim for Scottish Premiership glory.

Hearts' Legacy: Honoring Ann Budge's Transformative Era
Football

Hearts' Legacy: Honoring Ann Budge's Transformative Era

Explore Ann Budge's pivotal role in transforming Hearts FC, her legacy, and the future under new leadership.

Load More

We use essential cookies to make our site work. With your consent, we may also use non-essential cookies to improve user experience and analyze website traffic. By clicking "Accept," you agree to our website's cookie use as described in our Cookie Policy.