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."