Hibs open up on a new future?
Club talk openly for the first time - fans now begin to know the score

THERE MAY WELL BE MORE QUESTIONS remaining than there are answers, but in a statement on the Official Hibernian web site today the club have demonstrated a willingness to consult with their supporters that is unprecedented in the history of the football club.  In a move that has already been widely welcomed and applauded by Hibs fans, the board and owner Sir Tom Farmer have sanctioned the release for the first time of details about the extent of investment made by Sir Tom over the twelve years since he became involved in the club, as well as highlighting the levels of expenditure over recent years that have brought the club to the point where debt levels are deemed to be unsustainable and therefore drastic action is required.

The Straiton affair has provided the backdrop for a new dose of reality both within the boardroom and the Easter Road stands.  While some will see the information released today as little more than the latest round in a campaign to see the club moved to a new shared stadium at Straiton, many more seem likely to accept that Hibernian are at last moving closer in trusting their own fan base with the information they need to understand the true extent of the problems facing the Hibs.  Given the willingness clearly stated by the board that they do not wish to move the club, releasing this information can only then be interpreted as part of the process of working together with the fans in finding a way of making that happen.

There will be some surprise as to why much of the information being released by the club was not used during the Hands on Hibs campaign some years ago.  That campaign was seen by many as the root of most urban myths about Sir Tom Farmer.  It was put forward then that Sir Tom had purchased Hibs for a few hundred thousand pounds, and therefore some day stood to make a massive killing from any subsequent sale of the club.  However today it has been revealed that in fact, Sir Tom paid out a total close on £3m, for which he received from the receivers in 1991 the shareholding in the football club, the stadium itself and the adjoining car park land.  There has been a long-held belief that in addition Sir Tom received options to purchase land at Straiton held by the former owners of the club, that however was dismissed today with a spokesman for the club telling Hibs.net: "Sir Tom Farmer did not take up any options to purchase any land, what he purchased from the receivers is the club shares, the stadium itself and the adjoining land - nothing else."

The statement released by the club formed part of the information process undertaken in consulting with fans over the Straiton proposals and the options available to the club.  Hibs made it clear at the outset that they would be transparent in dealings with the forum groups, and last night managing director Rod Petrie revealed to the first 'listening group' just what the extent of the investment made by Sir Tom Farmer was, and outlined year-on-year just how the club came to find itself reaching a point where a the last annual report they were in debt to a total of £14.2m.  In a meeting that was reported to have been 'positive', Petrie told the fans that the debt had come about because of the purchase of the stadium itself, the construction of the new West Stand, and funding of ongoing operational losses.  As well as his initial outlay of almost £3m to gain control of the club, Sir Tom Farmer had, he revealed, guaranteed a £4m loan for the building of the West Stand, and made further loans of £3m to the club in recent years to affray losses with yet more loans made by the club owner in the current year, the amount of which is yet to be revealed.

One question not answered in the statement was the involvement of Irvin Landau in the parent company structure, it having been noted recently that his name appeared as owner of 50% of that company.  The spokesman told Hibs.net: "Mr Landau acts as a professional trustee for Sir Tom - as stated today, the club is owned 90% by Sir Tom Farmer with the remaining 10% owned by Rod Petrie."

Hibs have continued to stress that the first priority for the board is to remain at Easter Road, and to that end the supporters' groups are being asked to put forward ideas on how that might be achieved.  Several ideas have already come from the initial meeting, including the issue of new shares in the club, two-tier season ticket sale schemes with higher prices to include all cup games, and long-term season ticket deals covering 2-5 years at a time.  All ideas are likely to be welcomed by different branches of the Hibernian support, in particular if the open aspect currently being adopted by the board continues.

Meanwhile Hibs.net can also reveal today that the Internet football side Erin Hibs, winners for the second time of the prestigious UK National Cup in Leeds earlier this month, will take on Real Maroon, the Hearts' fans equivalent and winners of the Scottish Championships, in a challenge match at Easter Road before the Festival Cup game this weekend.  Both sides are also expected to parade their respective silverware!