Hibernian chairman rejects rumours of financial crisis

Hibernian published their financial results for year ending 31 July 2008.

Hibernian published their financial results for year ending 31 July 2008.

Chairman Rod Petrie insists the club is financially secure, despite admitting the cash is not there to fund a proposed new stand at Easter Road.

Hibs made a net profit of £1.2million but suffered an 18 per cent decrease in turnover and made an operating loss of £1.5million before transfers were taken into account.

Their £2.8million debt is remaining static.

Petrie said: "The general economic climate has changed very much in a short space of time, and football clubs are not immune to it.

"Families and businesses alike are feeling the effects of expensive credit and price increases.

"The club is on a rock solid financial footing as we work towards restoring an operational break-even position in the year ahead."

"The board continues to explore the cost and viability of a new East Stand," he added.

"The club's current cash resources are insufficient to pay for the sort of new stand everyone would want.

"The board intends to ring fence a substantial portion of its cash resources to contribute to an appropriate new East Stand when the time is right."

Have your say