£7.2M Loss

[Carheenlea]

Not good reading.

In some ways it’s a shame Kensell won’t be around to face the music

https://www.hibsobserver.co.uk/news/24917709.hibs-post-7-2m-loss-disappointing-accounts-revealed/?ref=communities

[BILLYHIBS]

Not good reading.

In some ways it’s a shame Kensell won’t be around to face the music

https://www.hibsobserver.co.uk/news/24917709.hibs-post-7-2m-loss-disappointing-accounts-revealed/?ref=communities

:wtf:

[jeffers]

Handy scapegoat imo

[Paulie Walnuts]

That really is ****ing horrendous.

**** you Ben Kensell. Useless prick.

[Wembley67]

Wow....I wasn't expecting such a high loss that's for sure 😭

[Jock O]

Ouch. The news that seemed to be becoming more inevitable, but that's bigger and sorer than I expected. Some proper digging needing done on this, and if it is all player/manager costs then then there probably needs a proper turnaround plan, especially given the line at the end that the shareholders still need to effectively underwrite losses. That's probably not sustainable.

An interesting year ahead and sadly likely to slow the progress.

Some real soul searching needed from all with an influence over this I suspect.

[Paulie Walnuts]

Ouch. The news that seemed to be becoming more inevitable, but that's bigger and sorer than I expected. Some proper digging needing done on this, and if it is all player/manager costs then then there probably needs a proper turnaround plan, especially given the line at the end that the shareholders still need to effectively underwrite losses.

An interesting year ahead and sadly likely to slow the progress.

Some real soul searching needed from all with an influence over this I suspect.

Nearly £20m of operating losses in 3 years whilst delivering a **** show on the pitch should be enough to tell the Gordon’s they have absolutely zero idea what they’re doing. Time for them to sell up.

We need the BKFC to buy them out and get them, and McPherson out the club.

[Pretty Boy]

Grim.

'Reliant on shareholders to underwrite losses' is a line that always gives me the fear when it comes to football clubs. You are basically reliant on people who often have nothing like the same emotional attachment to a club as fans do being willing to continue to use their own money to cover significant losses. All well and good at the moment but we have seen the consequences at other clubs when they decide, or are told to decide by their banks or accountants, that enough is enough.

[yerauldda]

What on earth were they thinking bidding ~£1m on McCowan and Siltanen.
Genuinely an abysmal set of results, really worrying.

[SickBoy32]

Handy scapegoat imo

Kensell was an absolute disaster for the club, for years - and we still have folk wanting to defend him 😂😂😂

****ing bizarre. We are well shot of that liar.

[Chorley Hibee]

Truly horrendous mismanagement of the club.

Time for the Gordons to sell up.

[Alex Trager]

Grim.

'Reliant on shareholders to underwrite losses' is a line that always gives me the fear when it comes to football clubs. You are basically reliant on people who often have nothing like the same emotional attachment to a club as fans do being willing to continue to use their own money to cover significant losses. All well and good at the moment but we have seen the consequences at other clubs when they decide, or are told to decide by their banks or accountants, that enough is enough.

It is grim but at least BK got out in time to have a sexy Linkedin post with much success to shout about - lol.

As for the losses, Ian said they would be covering it. So they should, it's their mess. Tidy it up, you've got the money.

Tidy it up and let us start from scratch again - as you can tell, I am not an accountant so have no idea if that is possible.

Insane to think just under a year ago we were told we were getting game changing investment, and that our next accounts would look 'a lot' better.

Glad Ben got his £1000 per day though.

[Not In The Know]

Nearly £20m of operating losses in 3 years whilst delivering a **** show on the pitch should be enough to tell the Gordon’s they have absolutely zero idea what they’re doing. Time for them to sell up.

We need the BKFC to buy them out and get them, and McPherson out the club.

This should be a new block 7 banner. But keep It the right way up as it would be quite hard to read...

[jeffers]

That really is ****ing horrendous.

**** you Ben Kensell. Useless prick.

I’m not upset he’s gone but he wasn’t making major decisions without board or owner agreement, nor was he scouting utter pish.

[we are hibs]

The bat signal will be going up in 3..2..1...


Be careful what you wish for, though.

Sent from my SM-A405FN using Tapatalk

[Paulie Walnuts]

I’m not upset he’s gone but he wasn’t making major decisions without board or owner agreement, nor was he scouting utter pish.

He was part of those major decisions as a board member and he was also responsible for the day-to-day running of the club as CEO.

He’s not the only one to blame, the Gordon’s get a huge chunk of the blame as well, they’re also ****ing useless. He’s the main one to blame though. He’s also a lying prick.

[snedzuk]

I see that turnover is up 28%, but we still posted enormous losses. Hopefully that puts to bed any points that increasing turnover somehow stands apart. I see as well that paying off LJ and NM is said to cover a substantial six figure sum, which is awful, but not 3 plus million awful.

Said before that the BK can let the current administration devalue the asset before securing it for less - this is along these lines

[Chorley Hibee]

Kensell was an absolute disaster for the club, for years - and we still have folk wanting to defend him 😂😂😂

****ing bizarre. We are well shot of that liar.

Quelle surprise, Kensell was lying through his teeth, yet again, regards improved accounts this year, all whilst drawing 350k a year.

What an absolute ****show those figures are.

I'm absolutely livid that these incompetent ********s have cost the club this much money.

No wonder we weren't particularly active in the January window.

We'll not be very active in the summer either on the back of those loses.

[Jock O]

Has anyone seen the actual accounts and statements as yet?

I assume Shareholders automatically get this, or is it only at AGM?

[Paulie Walnuts]

Has anyone seen the actual accounts and statements as yet?

I assume Shareholders automatically get this, or is it only at AGM?

https://www.hibernianfc.co.uk/club/age-notice-24/

[jeffers]

He was part of those major decisions as a board member and he was also responsible for the day-to-day running of the club as CEO.

He’s not the only one to blame, the Gordon’s get a huge chunk of the blame as well, they’re also ****ing useless. He’s the main one to blame though.

I disagree. As you rightly say he was part of the major decisions, others are equally culpable.

[Onceinawhile]

£7.2m? That is frightening.
£10.5m over two years, is seriously, seriously bad.

Something absolutely needs done here. There's maybe two years of that left before the Gordons decide enough is enough and we are deep, deep in the mud.

[snedzuk]

Grim.

'Reliant on shareholders to underwrite losses' is a line that always gives me the fear when it comes to football clubs. You are basically reliant on people who often have nothing like the same emotional attachment to a club as fans do being willing to continue to use their own money to cover significant losses. All well and good at the moment but we have seen the consequences at other clubs when they decide, or are told to decide by their banks or accountants, that enough is enough.

In with the 150th info there is an initiative for fans to raise money and it says the Gordon's will match fund it up to £50k. It struck me when I read it that in the overall context, that's not as much as they may have pledged previously.

[Chorley Hibee]

The bat signal will be going up in 3..2..1...


Be careful what you wish for, though.

Sent from my SM-A405FN using Tapatalk

Yep, we'll still have folk giving us that line.

We're in the worst case scenario with the Gordon family running this clown show.

[JohnM1875]

Truly horrendous mismanagement of the club.

Time for the Gordons to sell up.

It simply has to be. Just a complete and utter disaster.

[Paulie Walnuts]

£7.2m? That is frightening.
£10.5m over two years, is seriously, seriously bad.

Something absolutely needs done here. There's maybe two years of that left before the Gordons decide enough is enough and we are deep, deep in the mud.

It’s £17.5m over three years, just to make you feel better about things.

[snedzuk]

Quelle surprise, Kensell was lying through his teeth, yet again, regards improved accounts this year, all whilst drawing 350k a year.

What an absolute ****show those figures are.

I'm absolutely livid that these incompetent ********s have cost the club this much money.

No wonder we weren't particularly active in the January window.

We'll not be very active in the summer either on the back of those loses.

I assume we also have a new CEO to fund. Job description should be interesting.

[Paulie Walnuts]

Surely this puts to bed the idea we need to ‘be careful what we wish for’ when people say they want the Gordon’s out?

They have proven to be absolutely dreadful owners of this football club. Racking up not far off £20m of losses in three years is obscene.

[Onceinawhile]

It’s £17.5m over three years, just to make you feel better about things.

This must be the worst set of financial results in 20+ years - The wage bill being 78% of turnover means it needs absolutely slashed and player values realised.

I hope Zwolle or some other dutch team have 3 or 4 million down the back of their couch.

[Paulie Walnuts]

This must be the worst set of financial results in 20+ years - The wage bill being 78% of turnover means it needs absolutely slashed and player values realised.

I hope Zwolle or some other dutch team have 3 or 4 million down the back of their couch.

I can’t be arsed going back and checking but someone said elsewhere they were going to be the worst we’ve ever posted prior to them coming out, so id guess you’re probably correct.

[Trinity Hibee]

I’m not upset he’s gone but he wasn’t making major decisions without board or owner agreement, nor was he scouting utter pish.

He’s been spouting off what a great job he’s done 😂😂

[GreenCastle]

Not actually even surprised as we have had complete jokers running / ruining parts of the club last few years - some of the wages and signings / decline have been awful.

Block 7 will definitely be keeping that banner upside down!!

[Pretty Boy]

Surely this puts to bed the idea we need to ‘be careful what we wish for’ when people say they want the Gordon’s out?

They have proven to be absolutely dreadful owners of this football club. Racking up not far off £20m of losses in three years is obscene.

Aye but Malcolm McPherson said they were the best thing to ever happen to Hibs. In no way influenced by Farmer and Petrie booting his erse into touch years ago I'm sure.

[Heisenberg]

This new five year plan we’re going to get from Ian Gordon will be very interesting.

Get McPherson and his pal to **** and let BKFC take control.

[The Modfather]

Good thing that we’re gearing everything towards a summer rebuild, the season after guaranteed group stage European football, which will now likely have to be done on a budget or dependent on Vente and/or Yousn being sold.

Hibs being so inactive in the January window and breaking even after the outs and signing Maneh must be unrelated to these kind of losses. Not being able to find more than one player to improve us is merely coincidental.

[B.H.F.C]

I knew they’d be bad, didn’t think that bad.

McKay used the word sustainable a lot in his interview the other day, that’ll be why.

I’m not overly clued up on these things but as long as it’s been underwritten then that’s fair enough. Although we can’t rely on that being the case forever. Interesting that we’ve continued to spend 6 figure fees since the reporting period finished though.

[JohnM1875]

Good thing that we’re gearing everything towards a summer rebuild, the season after guaranteed group stage European football, which will now likely have to be done on a budget or dependent on Vente and/or Yousn being sold.

Hibs being so inactive in the January window and breaking even after the outs and signing Maneh must be unrelated to these kind of losses. Not being able to find more than one player to improve us is merely coincidental.

It's always important, but it seems almost vital for the Gordons that we secure group stage European football by winning the Scottish Cup or finishing third and hoping one of the OF win it.

Makes it even more mental we didn't get a few more signings over the line to help us.

After the confirmed loss, I'm now dreading this summer rebuild if we don't keep up this form and end the season well.

Gordons and Kensell have ****ed us.

[Donegal Hibby]

Surely this puts to bed the idea we need to ‘be careful what we wish for’ when people say they want the Gordon’s out?

They have proven to be absolutely dreadful owners of this football club. Racking up not far off £20m of losses in three years is obscene.

Depends what the alternatives are ? …

Also heard folk on here saying we just keep sacking managers till we get it right even our current one most on here would have sacked too and yet I have no doubt this has added our losses as well .

[jacomo]

Nearly £20m of operating losses in 3 years whilst delivering a **** show on the pitch should be enough to tell the Gordon’s they have absolutely zero idea what they’re doing. Time for them to sell up.

We need the BKFC to buy them out and get them, and McPherson out the club.


Firstly, the Black Knights currently aren't allowed a majority ownership of Hibs, as they also own Bournemouth.

Secondly, I'm dismayed at Hibs fans who want our club to become the minor partner in someone else's soccer plaything.

[Paulie Walnuts]

Depends what the alternatives are ? …

Also heard folk on here saying we just keep sacking managers till we get it right even our current one most on here would have sacked too and yet I have no doubt this has added our losses as well .

At nearly £20m of losses in 3 years I’d suggest it doesn’t matter all that much. The chances of us getting new owners this incompetent are slim to none. They are truly horrific and are the biggest danger to this football clubs existence.

Sacking managers is barely making a dent in these losses. Sacked managers aren’t walking away with millions upon millions of pounds.

[Scotty Leither]

I very rarely post these days for various (boring) reasons, but I shudder to think of the reaction of the fans if these results were announced while we were still floundering along at in 10th/11th place…

The current Board (most of whom I hope are part of the cull that will take place in the summer) owe Davey a massive vote of thanks and an apology for us not being able to augment the squad as he undoubtedly would have liked to have done in January.

We’re in for lots of face saving and spin from Hibs PR team now in the manner of Kensell’s “wisnae my fault” departure.

[GreenCastle]

Imagine if we got relegated ! Even making the top 6 and doing well in cup this season important.

[LaMotta]

Even more bizarre that we turned down a £2.5m+ bid for Youan in the summer.

[TrinityHFC]

I knew they’d be bad, didn’t think that bad.

McKay used the word sustainable a lot in his interview the other day, that’ll be why.

I’m not overly clued up on these things but as long as it’s been underwritten then that’s fair enough. Although we can’t rely on that being the case forever. Interesting that we’ve continued to spend 6 figure fees since the reporting period finished though.

This is the thing - the owners have chosen to make investments into the stadium and the team and they are going to be picking up the losses. Not something I’m going to worry about unless they stop picking up losses. A lot won’t be repeated though on the infrastructure spend - but they have to get the team on the pitch right so that they are not going to have to continually pay out.

Looks like currently we are still happy to try and invest to get it right.

[Viva_Palmeiras]

Is this loss despite the reports £6m cash injection from the BK - I presume that happened? Wow.

[Col2]

So is the £6m BK investment
- included in the accounts?
- included in the turnover (assume not)?

And what is our level of debt now as a consequence of the losses and investment?

Terrible results but what’s the net position?

[GreenCastle]

Even more bizarre that we turned down a £2.5m+ bid for Youan in the summer.

Think it was the plan to sell until he stupidly went into a nothing challenge in final mins of the Queen’s Park game.

Think I would be panicking more if we didn’t have Black Knight involvement.

[blackpoolhibs]

I’m not upset he’s gone but he wasn’t making major decisions without board or owner agreement, nor was he scouting utter pish.

:agree:

This is on the Gordons, they sanction everything, and Ian scouted some of the worst pish ive ever seen in a Hibs Shirt, handing out lucrative contracts for utter sheite that contributed to us finishing bottom 6, out of cups early and loseing millions in revenue.

Sell up you utter morons.

[Pagan Hibernia]

I see that turnover is up 28%, but we still posted enormous losses. Hopefully that puts to bed any points that increasing turnover somehow stands apart. I see as well that paying off LJ and NM is said to cover a substantial six figure sum, which is awful, but not 3 plus million awful.

Said before that the BK can let the current administration devalue the asset before securing it for less - this is along these lines

Indeed.

For all the mismanagement of the club in the last few years the one thing we thought they were getting right was the commercial side. What a waste of time.

[Hibs90]

Very timely to announce these the day of a huge game.

Club is just ran by idiots.

[PatHead]

Even more bizarre that we turned down a £2.5m+ bid for Youan in the summer.

Fed up reading this. We didn't. Youan turned down the move. We were happy to accept the offer from Birmingham.

[SickBoy32]

Firstly, the Black Knights currently aren't allowed a majority ownership of Hibs, as they also own Bournemouth.

Secondly, I'm dismayed at Hibs fans who want our club to become the minor partner in someone else's soccer plaything.

Totally agree.

Find it a bit odd that folk think that a Kensell / Gordon initiative, bringing the Black Knights on board - will be anything other than a disaster waiting to happen.

We definitely need new (competent) owners, but let’s not lose our soul / identity / independence in the process 👍

[Col2]

Very timely to announce these the day of a huge game.

Club is just ran by idiots.

I assume it needs to link in with notice period for AGM formally and the distribution of accounts to shareholders. BBC Sportsound will be wetting themselves about this..

[LunasBoots]

Disgraceful, be no big turnover of players in the summer.

[Lee Marvin]

Evening News reporting Gordon's are going to cover the £7m loss...

'The son and heir of late chairman Ron Gordon also made it clear that he’d be covering the inevitable losses, saying: “So just for clarity on that, the family are just going to essentially write off any money that's an overspend on the football side. That is something that, as a family, we're comfortable with at this time.'

Whilst this would be more than welcome, they need to sell up and get out ASAP. Proven, time after time, that they cannot run a bath. Utterly diabolical and shameful set of accounts.

[hibsforeurope]

Kensell was a big part of the problem but ultimately the major issues is at the very top, the majority shareholders are ultimately to blame. Kensell is very unlikely to have signed anything off without their permission.

the problem now at Hibs is the 3/5 of the directors, i wouldn't trust MacPherson as far as i could throw him. I feel a bit sorry for Kit Gordon (she seems positively involved in the community work) and is getting dragged down by her son and appointed chairman. if a full buy-out is not possible at this stage, step back and let BKFC take over the running of the club. it's the only way they are going to come out of this with any sort of return on Ron's investment (although he's far from blameless during his time in charge)

[LaMotta]

Fed up reading this. We didn't. Youan turned down the move. We were happy to accept the offer from Birmingham.

I'm fed up people claiming we didn't turn down an offer, We did and it was widely reported at the time.

'Hibs holding out for higher bid for Elie Youan' - gossip - BBC Sport (https://www.bbc.co.uk/sport/articles/c4nn0pd8k63o)

[Real Emerald]

Evening News reporting Gordon's are going to cover the £7m loss...

'The son and heir of late chairman Ron Gordon also made it clear that he’d be covering the inevitable losses, saying: “So just for clarity on that, the family are just going to essentially write off any money that's an overspend on the football side. That is something that, as a family, we're comfortable with at this time.'

Whilst this would be more than welcome, they need to sell up and get out ASAP. Proven, time after time, that they cannot run a bath. Utterly diabolical and shameful set of accounts.

Whilst I agree they’ve made a complete mess of running the club, especially the football side, if they are happy covering these losses it might be wise to keep them sweet for a wee while longer. As yet there is no alternative.

[Chorley Hibee]

Disgraceful, be no big turnover of players in the summer.

Yep.

Puts to bed any idea of some great overhaul in the summer.

David Gray is being hung out to dry by these clowns.

[Thatdayinmay16]

Firstly, the Black Knights currently aren't allowed a majority ownership of Hibs, as they also own Bournemouth.

Secondly, I'm dismayed at Hibs fans who want our club to become the minor partner in someone else's soccer plaything.

I'm dismayed at how you look at the losses the Gordon's and Kensell have racked up in the last 3 years and wouldn't want change. I'd take the world's worst dictator in charge if it meant the losses were low and the footballing side was successful.

There is a reason Black Knight's current footballing crop are all thriving.

[500miles]

I'm dismayed at how you look at the losses the Gordon's and Kensell have racked up in the last 3 years and wouldn't want change. I'd take the world's worst dictator in charge if it meant the losses were low and the footballing side was successful.

There is a reason Black Knight's current footballing crop are all thriving.

Lorient fans disagree.

[Donegal Hibby]

At nearly £20m of losses in 3 years I’d suggest it doesn’t matter all that much. The chances of us getting new owners this incompetent are slim to none. They are truly horrific and are the biggest danger to this football clubs existence.

Sacking managers is barely making a dent in these losses. Sacked managers aren’t walking away with millions upon millions of pounds.

I’d suggest it does matter . As bad as this is and the Gordon’s have to take their share of responsibility for mistakes made no question. I still think they will do everything they can to sort this out …

Repeatedly sacking managers like we have doesn’t reduce costs in running a football club but only increase it and a lot on here were quite happy for the club to do so and would have pulled the trigger on our current manager ages ago .

Again if there’s an alternative that’s better , fair enough .

[Hibs90]

Yep.

Puts to bed any idea of some great overhaul in the summer.

David Gray is being hung out to dry by these clowns.

Which is a shame, because Gray is clearly going to be a good manager and have a solid career - and I'd like to have seen what he could do with stability and success up the chain.

[JohnM1875]

Yep.

Puts to bed any idea of some great overhaul in the summer.

David Gray is being hung out to dry by these clowns.

Think Malky already put the message out in the last video about the summer overhaul, saying something along the lines of ‘the summer window and the next’

Transitional season incoming. Buzzing.

[JohnM1875]

I’d suggest it does matter . As bad as this is and the Gordon’s have to take their share of responsibility for mistakes made no question. I still think they will do everything they can to sort this out …

Repeatedly sacking managers like we have doesn’t reduce costs in running a football club but only increase it and a lot on here were quite happy for the club to do so and would have pulled the trigger on our current manager ages ago .

Again if there’s an alternative that’s better , fair enough .

The Grodons have repeatedly sacked managers they hired.

They don't have a ****ing clue what they're doing. Couldn't be any clearer.

[18Craig75]

So is the 6 Million from BKFC included in these accounts? ie - without their investment we would have shown a 13 million loss?

Also - who was the commercial partner that went bust owing us 1 million? Could that be Sportemongo or was that way before? That's a massive failing on the CEO, didn't Kensell have previous for dodgie commercial partnerships at Norwich?

[Pagan Hibernia]

Makes me pine for the prudence of Farmer and Petrie

[Contador]

Genuinely baffled by that figure and at a loss on where the majority of money must be going.

To brush it off as being fine as the owners will take the hit doesn’t ease any concerns. Ultimately they have no long term affinity with the club, and if the rug is pulled we are in deep deep ****.

[skyehibee]

I mean it shows how important qualifying for Europe this season is now.

[Paulie Walnuts]

I’d suggest it does matter . As bad as this is and the Gordon’s have to take their share of responsibility for mistakes made no question. I still think they will do everything they can to sort this out …

Repeatedly sacking managers like we have doesn’t reduce costs in running a football club but only increase it and a lot on here were quite happy for the club to do so and would have pulled the trigger on our current manager ages ago .

Again if there’s an alternative that’s better , fair enough .

Managers will be lucky to leave with a pay off of 6 figures. When you’re losing £17.5m over 3 seasons then it’s safe to say that it’s not even close to being the main issue.

Whether people wanted David Gray sacked are not is completely irrelevant to the absolutely abysmal job the idiots running our club are doing. It also would have had absolutely nothing to do with the accounts in question.

Pretty much any alternative to the Gordon’s is better. Losing nearly £20m in 3 seasons is taking incompetence to whole new levels.

[hibsforeurope]

Lorient fans disagree.

They aren't fully owned by BKFC either.

[Pagan Hibernia]

Genuinely baffled by that figure and at a loss on where the majority of money must be going.

To brush it off as being fine as the owners will take the hit doesn’t ease any concerns. Ultimately they have no long term affinity with the club, and if the rug is pulled we are in deep deep ****.

I think they have an emotional affinity to Ron rather than the club itself. They want to keep it and try to make a success of it because of him.

Of course emotional attachment and competence are two very different things.

[Thatdayinmay16]

Lorient fans disagree.

They can disagree all they like.

Bill Foley advised them not to sack there sporting director (Loic Fery Majority Shareholder) went against this, left player recruitment at the dispense of the head coach at the time which then proceeded to there demise and relegation, they have now started listening to Black Knight/BF and if you look are currently in pole position to get back into Ligue 1 at the first attempt.

Bournemouth are currently 7th in the most competitive league in the world. 4th for goals conceded and 5th for goals scored. Auckland top (regardless of peoples thoughts on the A-League). Don't sit and tell me we wouldn't be better off with guys like Foley in charge, because based on track records we 100% would be.

[Hibs90]

It just shows how badly the club has been run for a number of years. The Gordons underwriting the loss effectively is not going to be sustainable longer term, and one can only hope they are looking for a buyer

[Real Emerald]

I mean it shows how important qualifying for Europe this season is now.

Hence why our rivals for 3rd were very active in the January window and we weren’t. The can was kicked down the road for some imaginary huge rebuild and this is the reason why it won’t happen anytime soon.

[Contador]

I think they have an emotional affinity to Ron rather than the club itself. They want to keep it and try to make a success of it because of him.

Of course emotional attachment and competence are two very different things.

When it comes to chucking millions down a drain every year though then something ultimately has to give.

[Trinity Hibee]

Genuinely baffled by that figure and at a loss on where the majority of money must be going.

To brush it off as being fine as the owners will take the hit doesn’t ease any concerns. Ultimately they have no long term affinity with the club, and if the rug is pulled we are in deep deep ****.


That’s it. Despite them covering the losses, which I am grateful for, it doesn’t solve the issue here of poor recruitment of players and managers. We’ll see if the new structure makes a difference in the summer as we keep being told to wait for that to take place. We’ll find out in 6 months

[Hibby70]

I assume the costs of doing up some of the hospitality is included here (eg BTG). Things that will eventually repay for the costs.

[blackpoolhibs]

Can anyone name me one football decision the Gordons have made that has been good for the club?

And if so, i bet i can name 3 that's not?:rolleyes:

[JohnM1875]

I assume the costs of doing up some of the hospitality is included here (eg BTG). Things that will eventually repay for the costs.

Will BTG and standing section not be in the next set of results?

[Trinity Hibee]

Can anyone name me one football decision the Gordons have made that has been good for the club?

And if so, i bet i can name 3 that's not?:rolleyes:

Holding off and not sacking David Gray. All I have

[Gordy M]

Hence why our rivals for 3rd were very active in the January window and we weren’t. The can was kicked down the road for some imaginary huge rebuild and this is the reason why it won’t happen anytime soon.

Did Hearts not lose the same amount of money and were given 5 million from Anderson and 1.5 million from FOH?

[The Modfather]

Lorient fans disagree.

Do they? I thought Foley made similar noises that Lorient weren’t listening last season but that changed in the summer following their relegation. Lorient also spoke about their mistakes, like sacking the DOF mid season and the manager having to try and absorb that role. It’s looking like they will cone straight back up as champions.

[hibsforeurope]

Holding off and not sacking David Gray. All I have

Was that through choice or lack of funds to support the pay off...

[Unseen work]

That is astonishingly bad.

How can it be so high?
How has it been allowed to get so bad?

The Gordons saying they’ll cover it, go just cover it now and wipe it so we know it’s done.

Bidding close to one million for McCowan and Siltanen? What?!

Also, where has the 6 million form Black Knights went?

I honestly can’t believe professionals can be so bad at this.

[Donegal Hibby]

The Grodons have repeatedly sacked managers they hired.

They don't have a ****ing clue what they're doing. Couldn't be any clearer.

Yeah that we wanted them to sack and if probably the majority on here had their wish Gray would have been another one too..

As to them being clueless , there’s no question about it that they’ve made a lot of mistakes though if they are covering the losses it once again for all their mistakes shows they are at least doing right thing and care ….

We could have another owner that ran up debt that wouldn’t gave a **** or ones like the Glazers who have only been out for themselves in bleeding the club dry ! .

[Chorley Hibee]

That is astonishingly bad.

How can it be so high?
How has it been allowed to get so bad?

The Gordons saying they’ll cover it, go just cover it now and wipe it so we know it’s done.

Bidding close to one million for McCowan and Siltanen? What?!

Also, where has the 6 million form Black Knights went?

I honestly can’t believe professionals can be so bad at this.

Ian Gordon is the son of a rich man who was given a toy to play with.

He's not a professional.

[we are hibs]

"and some would say, 'well, what has been achieved as a result of that success?' as a result of our overspend, we achieved 3 rounds of European football that aren't shown in these accounts. So the accounts for next year are a marked improvement - much, much better on the numbers of this year's accounts, but ultimately it comes down to sporting performance"


Ben Kensell a year ago..

Sent from my SM-A405FN using Tapatalk

[Since452]

There were people on here sticking up for that charlatan Kensell as well. Thank god he was sacked.

[Chorley Hibee]

"and some would say, 'well, what has been achieved as a result of that success?' as a result of our overspend, we achieved 3 rounds of European football that aren't shown in these accounts. So the accounts for next year are a marked improvement - much, much better on the numbers of this year's accounts, but ultimately it comes down to sporting performance"


Ben Kensell a year ago..

Sent from my SM-A405FN using Tapatalk

Yet he's waxing lyrical on LinkedIn, with fellow Hibs fans blowing smoke up his arse, about what a wonderful job he has done.

****ing imposter.

[Jock O]

Will BTG and standing section not be in the next set of results?

I think it talks of £3m being included in costs, but I have only skimmed through accounts, will have proper read later.

I also thought I read Ian Gordon saying he would cover the additional losses this time, but cannot see that now.

I think there is a whole lot of thinking and analysis of this needs done, its a dreadful mismanagement of funds no doubt, but we definitely need to ensure it does not knock us off direction. I am not convinced it will have as big an impact on summer as people are worrying about given IG's statement, but I think now more than ever there will be a drive to make us self sustainable, something McKay referred to in his interview, so that much maligned revenue generation that everyone seems to think doesn't matter, I would argue is even more important now, or we will at best stand still.

[Real Emerald]

Did Hearts not lose the same amount of money and were given 5 million from Anderson and 1.5 million from FOH?

It is exactly the same, they just get the donation into the accounts prior to the loss showing up. Otherwise they would be showing losses of at least the amount of their donations each year. The difference is they say their spend is planned based on incoming donations whereas ours look like a complete **** up.

[The Modfather]

Yeah that we wanted them to sack and if probably the majority on here had their wish Gray would have been another one too..

As to them being clueless , there’s no question about it that they’ve made a lot of mistakes though if they are covering the losses it once again for all their mistakes shows they are at least doing right thing and care ….

We could have another owner that ran up debt that wouldn’t gave a **** or ones like the Glazers who have only been out for themselves in bleeding the club dry ! .

You are allowed to call things as they are. You don’t have to remain relentlessly positive and try and put a spin on owners quite clearly being out of their depth but at least they care and at least they aren’t deliberately running at a loss to the tune of tens of millions.

[CapitalGreen]

That is astonishingly bad.

How can it be so high?
How has it been allowed to get so bad?

The Gordons saying they’ll cover it, go just cover it now and wipe it so we know it’s done.

Bidding close to one million for McCowan and Siltanen? What?!

Also, where has the 6 million form Black Knights went?

I honestly can’t believe professionals can be so bad at this.

The BKFC investment is capital not revenue, it’s not included in the Profit & Loss.

[Unseen work]

Ian Gordon is the son of a rich man who was given a toy to play with.

He's not a professional.

He’s not alone.

[marinello59]

Kensell is gone so hopefully the brakes have already put on his empire building. We can only hope that the Gordon’s find a way out now as well. This is a horrendous position for a club of our size to be in and is the direct result of several seasons of incompetence at the top.

[Onceinawhile]

So is the 6 Million from BKFC included in these accounts? ie - without their investment we would have shown a 13 million loss?

Also - who was the commercial partner that went bust owing us 1 million? Could that be Sportemongo or was that way before? That's a massive failing on the CEO, didn't Kensell have previous for dodgie commercial partnerships at Norwich?

No. The £6m figure is not a profit and loss figure it's a balance sheet figure. It can be seen, most likely in the "share premium" section of the account.

If BK hadn't invested, we would have the exact same loss.

[Jones28]

"At this time" the Gordons are comfortable covering the losses that they've overseen.

When does this time period come to an end? It will at some point.

We can point and laugh at Hearts at their £50m injection from fans/benefactors but at the end of the day we don't have that and look where we are.

It's laughably bad, if Ian Gordon had any sense he'd back away from the club and be a majority shareholder and nothing more. Get in a Black Knight appointed CEO/Chairman whatever and let the Gordons take a backseat.

Sacking managers has accounted for little over 10% of the unbudgeted losses, where the **** is the rest of it coming from?

Recruitment, at least, seems to have been improved and we are clearing away the legacy of failed experiments and moneyball signings.

Just crazy, I was hopeful the £7m+ figure was some Facebook rumour but it isn't.

IG needs to re-affirm to fans that they are covering the losses that THEIR decisions have led to; recruitment, infrastructural spending, flashing stadium lights and all that.

Is the £6m from BK included in these?

[Lago]

This reported loss probably explains the lack of transfer activity in January.

[marinello59]

The overall wage bill rose from £2.3m to £11.2m, leaving the staff costs to turnover ratio at an alarming 81%.

How on earth was that allowed to happen?

[Jones28]

Yeah that we wanted them to sack and if probably the majority on here had their wish Gray would have been another one too..

As to them being clueless , there’s no question about it that they’ve made a lot of mistakes though if they are covering the losses it once again for all their mistakes shows they are at least doing right thing and care ….

We could have another owner that ran up debt that wouldn’t gave a **** or ones like the Glazers who have only been out for themselves in bleeding the club dry ! .

Come on man, call a spade a spade. It's nothing less than a **** show.

Clubs all over the Globe have owners, the vast majority are fine, some are good, some are brilliant, we have duds that don't know what they're doing.

They sack managers THEY appointed, regardless of what the fans think they still put them in positions they weren't up to and had to pull the trigger.

Covering losses for now, when does this end and they get fed up? How long are they willing to sustain that for? These are all questions that need answers.

[TheSouthMoroccan]

I guess we suspected things would be bad, just not this bad. It's clear Ian Gordon is pretty clueless and is just spaffing his inherited wealth away. It's not clear how long he can continue to cover losses of this magnitude, so yes pretty worrying times. No doubt the Black Knights will be giving it the big I told you so, hopefully they are now being listened to and fingers crossed they can help find a route through for us, maybe even through to full ownership.

The security of being part of a financially secure umbrella organisation far outweighs any concerns that we all may have about being part of any organisation. Their track record elsewhere is excellent, so in reality there is little evidence that any fears are justified.

Ps who knew it would be possible to miss the Tash's fiscal prudence quite so much. Love you big man :not worth

[micksoo]

So is the £6m BK investment
- included in the accounts?
- included in the turnover (assume not)?

And what is our level of debt now as a consequence of the losses and investment?

Terrible results but what’s the net position?

The £6m was an BK investment as was the Gordon’s debt to equity swap of £5m plus (I think) and the £2m+ invested by the other shareholders.

So to put this in context, as I understand it, since the last AGM there has been circa £13m -£14m invested which won’t be part of the turnover or taken into account for profit/loss calculations. Then we have gone on to lose £7m+. If you have investment then spending it is likely to result in a loss.

In addition to this is the owners ‘Gordons’ have said they will cover losses.

We have £2.6m in the bank, more than we had last year.

I have not seen any mention on debt.

I might have this wrong but that is how I understand it.

[Onceinawhile]

How on earth was that allowed to happen?

Amos, Mckirdy, JDH, Kenneh, vente etc...

That must be a solid £500k - £1m a year thrown in the bin

[Trinity Hibee]

How on earth was that allowed to happen?

Again, people who have no idea on how to run a football club

[Trinity Hibee]

Amos, Mckirdy, JDH, Kenneh, vente etc...

That must be a solid £500k - £1m a year thrown in the bin

Very scary

[Paulie Walnuts]

Covering losses for now, when does this end and they get fed up? How long are they willing to sustain that for? These are all questions that need answers.

The Gordon’s are a massive threat to this football club.

They’ve got the club by the balls now. They’ve been disastrous for the club and we’re now at a point where we’re simply praying they’ll bail us out year after year or else we could end up in serious bother.

[Chorley Hibee]

This reported loss probably explains the lack of transfer activity in January.

It absolutely was and I said so at the time.

This idea that it was all because Hibs knew what they were doing in the January window and all the other clubs were clueless and panic buying was just wishful thinking.

The reason was the club is a basket case run by incompetent idiots.

[Centre Hawf]

Depends what the alternatives are ? …

Also heard folk on here saying we just keep sacking managers till we get it right even our current one most on here would have sacked too and yet I have no doubt this has added our losses as well .

The managers being sacked has cost us ‘six figures’ of a 7.2m loss. It’s not insignificant but at the same time if Montgomery wasn’t a useless manager then he would have probably plugged a lot of this gap by making top 6 and maybe sneaking into Europe and selling a few sellable assets. Instead he floundered around with miserable performances and results that meant we finished 8th (again) and or players we would like to sell on terrible form and hard to ask full price for.

The club weren’t wrong to sack these clowns that have let us down, the issue is the circus hiring them is equally as inept.

[StarMan10]

Would love to see a detailed breakdown as the numbers are staggering and quite concerning. It’s firmly obvious that whilst the Gordon’s seem to have the best intentions, the financial management is shoddy at best. Sympathy of course, as this project was clearly Ron’s passion.

Ben Kensell is the main culprit here in my uninformed opinion. He’s been CEO through this all, being paid extortionately above his peers at other clubs, and delivered record losses and next to no footballing success. All the infrastructure upgrades are all fine and dandy but at some point it has to equate to revenue and profit.

We are heavily reliant on the Gordon family’s goodwill and continued interest in the club. It’s not legally possible for Black Knights to get a controlling interest in the club so pointless to suggest unless that changes. Their involvement also complicates matters if the Gordon’s did decide they’ve had enough and want to sell. All abit concerning, and certainly not the shining mirage spewed out by Kensell when the Black Knights investment was announced.

[ElginHibbie]

I guess we suspected things would be bad, just not this bad. It's clear Ian Gordon is pretty clueless and is just spaffing his inherited wealth away. It's not clear how long he can continue to cover losses of this magnitude, so yes pretty worrying times. No doubt the Black Knights will be giving it the big I told you so, hopefully they are now being listened to and fingers crossed they can help find a route through for us, maybe even through to full ownership.

The security of being part of a financially secure umbrella organisation far outweighs any concerns that we all may have about being part of any organisation. Their track record elsewhere is excellent, so in reality there is little evidence that any fears are justified.

Ps who knew it would be possible to miss the Tash's fiscal prudence quite so much. Love you big man :not worth

I think the timing of Foley's two comments of "They are not listening" in July and "They are now listening" in December is pretty much that

Stewart coming in and hopefully BK input into CEO hopefully means the adults are now in control, but also sounds like next year's accounts won't be good reading

[Paulie Walnuts]

The managers being sacked has cost us ‘six figures’ of a 7.2m loss. It’s not insignificant but at the same time if Montgomery wasn’t a useless manager then he would have probably plugged a lot of this gap by making top 6 and maybe sneaking into Europe and selling a few sellable assets. Instead he floundered around with miserable performances and results that meant we finished 8th (again) and or players we would like to sell on terrible form and hard to ask full price for.

The club weren’t wrong to sack these clowns that have let us down, the issue is the circus hiring them is equally as inept.

:agree:

Trying to blame the fans for sacked managers who were massively underperforming is nothing other than gaslighting.

[The Modfather]

Trust the process

[micksoo]

The Gordon’s are a massive threat to this football club.

They’ve got the club by the balls now. They’ve been disastrous for the club and we’re now at a point where we’re simply praying they’ll bail us out or else we could end up in serious bother.

It depends how they cover the losses. If they ‘gift’ money to the club then fair play to them but if the club takes on a loan to them then it’s a problem.

As far I can see there is no debt.

[Col2]

There were people on here sticking up for that charlatan Kensell as well. Thank god he was sacked.

I remember this is the summer. Sticking up for Kensall (while he hid) and Gordon’s incompetence. We all knew it, we all knew how shambolic the club was being run, how bad the recruitment was.

They won a watch with SDG but they also avoided appointing an experienced manager or paying compensation for one. If it wasn’t for SDG absolutely remarkable turnaround with a limited squad we would be trully screwed. He deserves all the credit and while our good run won’t last forever he has done it with little help from those in charge including the winter window.

[Centre Hawf]

The £6m was an BK investment as was the Gordon’s debt to equity swap of £5m plus (I think) and the £2m+ invested by the other shareholders.

So to put this in context, as I understand it, since the last AGM there has been circa £13m -£14m invested which won’t be part of the turnover or taken into account for profit/loss calculations. Then we have gone on to lose £7m+. If you have investment then spending it is likely to result in a loss.

In addition to this is the owners ‘Gordons’ have said they will cover losses.

We have £2.6m in the bank, more than we had last year.

I have not seen any mention on debt.

I might have this wrong but that is how I understand it.

Is a lot of this not going to be relevant to next financial year instead of these numbers? I can’t remember if BKFC came into the fold before these figures were all wrapped up.

[Baldy Foghorn]

Ben said the accounts would be better in a SKY interview last year. Shameful.

No point increasing turnover and updating corporate suites, if we are haemorrhaginv money due to stupidity, over players, managers, and general running of club.

The Gordon's don't do it for me, sorry to say

[Paulie Walnuts]

its not legally possible for Black Knights to get a controlling interest in the club so pointless to suggest unless that changes.

Whilst this is true, I’d hazard a guess it would become possible when we suggest we want to do it. So I wouldn’t say it’s pointless to suggest it. We can’t just sit around waiting for a change to be made without pushing for it.

[Col2]

I think the timing of Foley's two comments of "They are not listening" in July and "They are now listening" in December is pretty much that

Stewart coming and hopefully BK input into CEO hopefully means the adults are now in control, but also sounds like next year's accounts won't be good reading

That’s what I am holding on to. And if we listen and let BK influence more heavily I am certain we will see more investment in the summer for a proper recruitment shift.

[Hibees1973]

I would understand these losses if we had 5 or 6 million pound players in the side who deliver Euro group stage football on a regular basis.

However the success we have had in the last 3-4 years is comparable with the likes of Motherwell and St Mirren.

If the Gordon family are covering these losses then, good. The should do as well. Going forward I worry about the welfare of Hibs with The Gordon's at the helm. We might start to be seeing they have learned from their mistakes, but size of these losses should cause alarm for all Hibs supporters. I stand by every bit of criticism I have aimed at The Gordon's since they stepped through the door.

Never in the history of our club had so much money been wasted and so little achieved.

[Tyler Durden]

How on earth was that allowed to happen?

That’s an error. It should presumably read it’s a £2.3m rise

[Paulie Walnuts]

It depends how they cover the losses. If they ‘gift’ money to the club then fair play to them but if the club takes on a loan to them then it’s a problem.

As far I can see there is no debt.

Even if it’s gifting money, that won’t last forever.

We need shot of them as soon as possible.

[Tyler Durden]

That is astonishingly bad.

How can it be so high?
How has it been allowed to get so bad?

The Gordons saying they’ll cover it, go just cover it now and wipe it so we know it’s done.

Bidding close to one million for McCowan and Siltanen? What?!

Also, where has the 6 million form Black Knights went?

I honestly can’t believe professionals can be so bad at this.

It’s a loss. It’s not a debt.

[Pretty Boy]

I assume the costs of doing up some of the hospitality is included here (eg BTG). Things that will eventually repay for the costs.

It would be an unusual decision to pay for such a big capital project in one go. Not totally unheard of but generally speaking businesses would pay for such revenue generating projects over a longer term/the lifespan of the completed project.

[B.H.F.C]

Yep.

Puts to bed any idea of some great overhaul in the summer.

David Gray is being hung out to dry by these clowns.

Don't see how there won’t still be an overhaul of the squad.

Since the period those accounts cover ended, we’ve signed 12 or 13 players, including one for £600k and a couple of others for fees as well. We’ve got a lot more out of contract come the end of the season. There will still be a big turnaround in the squad.

[Chorley Hibee]

Don't see how there won’t still be an overhaul of the squad.

Since the period those accounts cover ended, we’ve signed 12 or 13 players, including one for £600k and a couple of others for fees as well. We’ve got a lot more out of contract come the end of the season. There will still be a big turnaround in the squad.

Perhaps, but it won't be the quality and fees that many are expecting.

More mediocrity incoming unless these clowns sell-up or relinquish control.

[yerauldda]

I notice in the financial statement that a company owing us £1.1million went into liquidation and the money is unlikely to be recovered, brutal.

[1875Sean]

Seen this on sky, who is that in relation to?

It was also noted Hibs had to write off a £1m sum after a commercial partner went into liquidation.

[Paulie Walnuts]

I notice in the financial statement that a company owing us £1.1million went into liquidation and the money is unlikely to be recovered, brutal.

If it’s a sponsorship deal then it may not be that they ‘owe’ us £1.1m to be fair.

For example, if it’s a company that had 3 more years of being on our shorts and we were going to receive £1.1m for that 3 years then we could now go out and get someone to replace them. Could be for more money, could be for less.

If we’ve never given them money or provided them with a service that’s cost us money then we’re not really out of pocket other than not getting the money we were going to get in future and that can be replaced.

Without more detail on who/what it was though it’s impossible to say.

[B.H.F.C]

Perhaps, but it won't be the quality and fees that many are expecting.

More mediocrity incoming unless these clowns sell-up or relinquish control.

In terms of the fees, that’s one thing I don’t think we can complain about. Paid plenty of them. They have just wasted enormous amounts on absolute *****.

[Pretty Boy]

Seen this on sky, who is that in relation to?

It was also noted Hibs had to write off a £1m sum after a commercial partner went into liquidation.

My guess would be Terry Healy.

We are unlikely to see that money. Literal pennies in the pound if anything. As said above though there is every chance that investment was replaced by A N Other.

[eastmainsmsh]

There were people on here sticking up for that charlatan Kensell as well. Thank god he was sacked.

💯 poser glad he is away

[Hibees1973]

Seen this on sky, who is that in relation to?

It was also noted Hibs had to write off a £1m sum after a commercial partner went into liquidation.

Some of the partners Ben linked us up with were highly dubious.

[overdrive]

I notice in the financial statement that a company owing us £1.1million went into liquidation and the money is unlikely to be recovered, brutal.

That was my worry with the amount of seemingly "dodgy" companies BK and the commercial team were bringing on board. I'm assuming they didn't do any due diligence on whether these companies would be good for the money agreed.

[weecounty hibby]

If the Gordon's are going to cover the loss, isn't that the same as FoH and Ben E Factor giving donations to the tarts every year? It's not great and unsustainable but surely no different. I'd imagine the Gordon's are looking for an exit strategy and it may be that somehow BKs will be part of that

[Willis1875]

My guess would be Terry Healy.

We are unlikely to see that money. Literal pennies in the pound if anything. As said above though there is every chance that investment was replaced by A N Other.

Did they not fold nearly 3 years ago

[Tyler Durden]

Can anyone provide a link to the accounts or Hibs statement? I can’t seem to find them on the website….

[Willis1875]

Can anyone provide a link to the accounts or Hibs statement? I can’t seem to find them on the website….

https://www.hibernianfc.co.uk/club/age-notice-24/

[Paulie Walnuts]

Can anyone provide a link to the accounts or Hibs statement? I can’t seem to find them on the website….

https://www.hibernianfc.co.uk/club/age-notice-24/

[USA_Hibee]

I was expecting some bad results so I am not too surprised. I am happy the Gordons are covering the loss, as they should after years of mismanagement. :agree:

I suspect they'll be looking to offload their share of the club soon. They can't keep doing this and they are clearly not made to run a football club.

[1van Sprou7e]

Must be about 12.5m on wages
3m on upgrades to hospitality etc
about 1m on transfer fees
maybe 2m on sacking two managers?

What are we spending the other 6-ish million on?

[Since90+2]

Not to defend the Gordons here, but it's essentially a donation akin to what Anderson does at Hear7s. They would have known the loss was incoming so they have factored that in and said they will personally cover the loss.

As has been said it's just how it's been financied, essentially after the accounts go out rather than beforehand.

That doesn't change the fact it's a horrendous set of accounts.

It does make me wonder what the true wealth of the Gordon family is. Writing off 7 million quid from their own finances suggests it's probably higher than what is imagined, although it's never been made public as far as I know.

[JimBHibees]

Very timely to announce these the day of a huge game.

Club is just ran by idiots.

Agree ridiculous timing

[1875Sean]

Must be about 12.5m on wages
3m on upgrades to hospitality etc
about 1m on transfer fees
maybe 2m on sacking two managers?

What are we spending the other 6-ish million on?


The overall wage bill rose from £2.3m to £11.2m Mental

[Paulie Walnuts]

Not to defend the Gordons here, but it's essentially a donation akin to what Anderson does at Hear7s. They would have known the loss was incoming so they have factored that in and said they will personally cover the loss.

As has been said it's just how it's been financied, essentially after the accounts go out rather than beforehand.

That doesn't change the fact it's a horrendous set of accounts.

It does make me wonder what the true wealth of the Gordon family is. Writing off 7 million quid from their own finances suggests it's probably higher than what is imagined, although it's never been made public as far as I know.

It must be a lot higher than I ever anticipated if they’re writing off these sort of sums of money each year.

Dunno why but I always presumed they’d have been between £50-£100m. I’m not sure you’d be writing off these kind of sums with that sort of wealth though.

[HH81]

That's a shocker.

Why release them on game day.

[Paulie Walnuts]

The overall wage bill rose from £2.3m to £11.2m Mental

Think that’s a typo and it increased by £2.3m. So £8.9 to £11.2m. It definitely wasn’t £2.3m before.

[Hibees1973]

Some of the narrative when The Gordons rocked up was they were some rich Yanks, with no affinity to Hibs and wouldn't have a clue.

Well they are not away yet.

Hope they have finally appointed people who know how to run an effective and sustainable football club.

[1van Sprou7e]

The overall wage bill rose from £2.3m to £11.2m Mental

?

Says staff costs for the preceding year were 10m

Hibernian post £3.9m loss in annual accounts for 2022-23 - BBC Sport (https://www.bbc.co.uk/sport/football/68217871)

[ElginHibbie]

Not to defend the Gordons here, but it's essentially a donation akin to what Anderson does at Hear7s. They would have known the loss was incoming so they have factored that in and said they will personally cover the loss.

As has been said it's just how it's been financied, essentially after the accounts go out rather than beforehand.

That doesn't change the fact it's a horrendous set of accounts.

It does make me wonder what the true wealth of the Gordon family is. Writing off 7 million quid from their own finances suggests it's probably higher than what is imagined, although it's never been made public as far as I know.

Yeah, seems like way we are covering our losses being different to Heart's means it makes for a worse headline when it works out much the same in terms of bank balance

It's not sustainable though, as I said in other post I hope the recent changes means lessons have been learned and Gordon's now taking a less hands on approach with the club

[Lago]

Perhaps, but it won't be the quality and fees that many are expecting.

More mediocrity incoming unless these clowns sell-up or relinquish control.
Exactly, they've managed to turn Hibs into a mediocre mid table club, in a league of not a lot of quality.

[1van Sprou7e]

i want to hear cocteautriplets' take in this

[Blaster]

Amos, Mckirdy, JDH, Kenneh, vente etc...

That must be a solid £500k - £1m a year thrown in the bin

Yeah add in Jair and you’ll be nearer £1.5-£2m

[easty]

A company who owed us over £1m went bust, and is "unlikely to be recovered".

Anyone know what that is?

[He's here!]

Adds a fair bit of pressure to the team not to get knocked out the Scottish Cup tonight.

[Jones28]

Must be about 12.5m on wages
3m on upgrades to hospitality etc
about 1m on transfer fees
maybe 2m on sacking two managers?

What are we spending the other 6-ish million on?

We spent "6 figures" sacking 2 management teams, which accounts for just under 14% of the total figure if we spent £999k on sacked managers.

[flash]

Exactly, they've managed to turn Hibs into a mediocre mid table club, in a league of not a lot of quality.

We were that long before they took over let's bot pretend otherwise.

[JimBHibees]

How on earth was that allowed to happen?

Was that increase from 2.3m to 11.2m in one year? Simply wow. Has stuff like hospitality been brought in house where previously was outsourced? We must be paying players ridiculous wages

[Fergos]

Yeah that we wanted them to sack and if probably the majority on here had their wish Gray would have been another one too..

As to them being clueless , there’s no question about it that they’ve made a lot of mistakes though if they are covering the losses it once again for all their mistakes shows they are at least doing right thing and care ….

We could have another owner that ran up debt that wouldn’t gave a **** or ones like the Glazers who have only been out for themselves in bleeding the club dry ! .

“Could have” - an imaginary situation as we stand.

£7.3m loss - an actuality as we stand.

[1van Sprou7e]

We spent "6 figures" sacking 2 management teams, which accounts for just under 14% of the total figure if we spent £999k on sacked managers.

woops misread that part

[Widhibs]

Finishing 3rd and the £5m that comes with guaranteed European Conference League Football feels like a must now.

[Northernhibee]

We need to find new owners. Utterly awful.

[Onceinawhile]

Finishing 3rd and the £5m that comes with guaranteed European Conference League Football feels like a must now.

Or win the cup.

[SteveHFC]

Gordon's out.

[Jones28]

Was that increase from 2.3m to 11.2m in one year? Simply wow. Has stuff like hospitality been brought in house where previously was outsourced? We must be paying players ridiculous wages

Looks to be a mistake - it looks as though its a an increase OF £2.3m, not from.

[cubehindthegoal]

The overall wage bill rose from £2.3m to £11.2m Mental

£8.9m increase in wages within one year, £7.2m loss within the same year.

[B.H.F.C]

We were that long before they took over let's bot pretend otherwise.

I think the difference is they’ve managed to achieve it whilst spending a fortune. The opportunity wasted, to have a decent side on the park, over the last few years has been dreadful.

[Since452]

Good that the Gordon's are covering this but it's clear now, if it wasn't already, that they couldn't run a bath. They need to make this right then sell up.

On the day of a televised game too. FFS. Amateurs.

[JimBHibees]

Looks to be a mistake - it looks as though its a an increase OF £2.3m, not from.

Ok ta

[cubehindthegoal]

Looks to be a mistake - it looks as though its a an increase OF £2.3m, not from.

Ah. That would make more sense, that’s an unfathomable percentage increase in wages in one year.

[danhibees1875]

If it’s a sponsorship deal then it may not be that they ‘owe’ us £1.1m to be fair.

For example, if it’s a company that had 3 more years of being on our shorts and we were going to receive £1.1m for that 3 years then we could now go out and get someone to replace them. Could be for more money, could be for less.

If we’ve never given them money or provided them with a service that’s cost us money then we’re not really out of pocket other than not getting the money we were going to get in future and that can be replaced.

Without more detail on who/what it was though it’s impossible to say.

Would that appear in the P&L? I wouldn't have thought it would.

I think there must have been £1.1M worth of revenue posted in previous year(s) relating to sponsorship during those year(s) but sitting as a debtor as the cash wasn't collected. Now with it seemingly unlikely we'll collect we're having to write off the debtor and put the loss through the P&L.

It shouldn't relate to future sponsorships AFAIK.

[HibeeSince85]

£8.9m increase in wages within one year, £7.2m loss within the same year.

Pointed out multiple times now that wages did not increase by 8.9m in 12 months. They increased from £8.9m which is in the accounts.

[flash]

I think the difference is they’ve managed to achieve it whilst spending a fortune. The opportunity wasted, to have a decent side on the park, over the last few years has been dreadful.

No argument there.

[cubehindthegoal]

Pointed out multiple times now that wages did not increase by 8.9m in 12 months. They increased from £8.9m which is in the accounts.

Yup. I subsequently read and acknowledged this above.

[Donegal Hibby]

The managers being sacked has cost us ‘six figures’ of a 7.2m loss. It’s not insignificant but at the same time if Montgomery wasn’t a useless manager then he would have probably plugged a lot of this gap by making top 6 and maybe sneaking into Europe and selling a few sellable assets. Instead he floundered around with miserable performances and results that meant we finished 8th (again) and or players we would like to sell on terrible form and hard to ask full price for.

The club weren’t wrong to sack these clowns that have let us down, the issue is the circus hiring them is equally as inept.

Maloney was the biggest gamble of the last three managers we appointed , the other two IMO you could understand why we appointed them for different reasons .. gray wasn’t wanted by quite a few folk and as to the circus hiring them let’s not forget there was some cracking suggestions on here like Docherty , Martindale , McCabe etc as our manager .

Losses of 7.2m aren’t good at all . I’m not try to sugar coat that fact but at least the owners are willing to cover these losses which I thought they would…

Kensell is getting called out as a charlatan and all sorts ( I had no time for him either) now though wasn’t it him that was mainly behind the partnership with Foley/ BK’s ? .

I’d still rather stick with the Gordon’s than see somebody that’s been making donations to help an absolute madman gain power take control of the club which seems to be the popular choice on here ..

Anyhow i’m bowing out from this now as I know how these threads go if your opinion isn’t liked which mine probably won’t be CH 👍

[Tyler Durden]

The overall wage bill rose from £2.3m to £11.2m Mental

It didn’t.

[micksoo]

Is a lot of this not going to be relevant to next financial year instead of these numbers? I can’t remember if BKFC came into the fold before these figures were all wrapped up.

Don’t think the investments have any input to profit or loss. It will go straight onto the balance sheet. i.e. increased bank balance or reduced or written off debts.

I think the accounts will show we have more money in the bank and less debts than we had last year.

[Trinity Hibee]

The company going bust annd owing £1m isn’t that sportemon go company is it?

[Chorley Hibee]

Yeah, seems like way we are covering our losses being different to Heart's means it makes for a worse headline when it works out much the same in terms of bank balance

It's not sustainable though, as I said in other post I hope the recent changes means lessons have been learned and Gordon's now taking a less hands on approach with the club

It may result in the same outcome as such, but the difference for me is that Hearts factor their spending around the donations etc, and this is all budgeted for at the start of each year/season.

I don't believe we factored in a loss of this size, and we are now relying upon 'get out of jail' cards to relieve the pain of these results.

How much longer do we rely on the Gordon family playing these 'get out of jail' cards?

[blackpoolhibs]

We were that long before they took over let's bot pretend otherwise.
To be fair, they took over when we finished 3rd and were making finals and semi's all the time.

Since they started getting involved with making football decisions, the results have dropped, and we dont finish 3rd anymore, we dont make Hampden much and spending has gone through the roof.

They have been a disaster from the moment they walked through the door.

[Paulie Walnuts]

It may result in the same outcome as such, but the difference for me is that Hearts factor their spending around the donations etc, and this is all budgeted for at the start of each year/season.

I don't believe we factored in a loss of this size, and we are now relying upon 'get out of jail' cards to relieve the pain of these results.

How much longer do we rely on the Gordon family playing these 'get put of jail' cards?

:agree:

Ultimately in terms of pure numbers, they may well amount to roughly the same thing.

In reality though, they are MASSIVELY different. They’re working on budgets that are planned and have been commited to whilst we’re firefighting massive debts with share issues and shareholders having to throw money in to fix it.

[Thatdayinmay16]

To be fair, they took over when we finished 3rd and were making finals and semi's all the time.

Since they started getting involved with making football decisions, the results have dropped, and we dont finish 3rd anymore, we dont make Hampden much and spending has gone through the roof.

They have been a disaster from the moment they walked through the door.

Why would you want 3rd place and cup runs when you can have a nice shiny corporate suite and a 25% gaucho discount?

[jakeshibs]

Not sure why anyone is surprised by this when we are constantly sacking managers and their staff. We have made changes to our stadium. We must pay the piper when we sack people given a contract, which is costly. As the fans, we wanted them sacked, so we must share some of the responsibility.

[Speedy]

Would that appear in the P&L? I wouldn't have thought it would.

I think there must have been £1.1M worth of revenue posted in previous year(s) relating to sponsorship during those year(s) but sitting as a debtor as the cash wasn't collected. Now with it seemingly unlikely we'll collect we're having to write off the debtor and put the loss through the P&L.

It shouldn't relate to future sponsorships AFAIK.

Correct. For it to be written off in the P&L, it would need to have been included in the P&L up to this point.

[easty]

Not sure why anyone is surprised by this when we are constantly sacking managers and their staff. We have made changes to our stadium. We must pay the piper when we sack people given a contract, which is costly. As the fans, we wanted them sacked, so we must share some of the responsibility.

I accept zero responsibility for the payouts given to ***** managers that I wanted sacked :aok:

[Bostonhibby]

Why would you want 3rd place and cup runs when you can have a nice shiny corporate suite and a 25% gaucho discount?Impressive range of drink as well.

If only we were running a pub chain or a wedding venue.

Sent from my SM-A750FN using Tapatalk

[Pedro 1875]

My reading of this is we chose to write off the £1m owed to us, we could have done that at another time, awaiting the outcome of any legal proceedings. Thereafter, we have spent £3m on the stadium, which I think everyone would agree is in the best shape it has been for years. If that had been properly spun, that would have been classed as an 'investment' paid for by loans specifically for that purpose, like we did when we refurbished the club shop a few years ago. So that would be perhaps £4m of unusual/one off business expenditure. (I concede that stadium costs are ongoing)

However that is the business side of it, as averse to the football, the sacking of two management teams and recruitment of another in one year is 100% the boards fault and must fall into the category of poor recruitment, one would expect that cost of that would be between £200k - £500k which is again would be classed is unusual expenditure. Poor recruitment has cost us again, one can only hope the clear out in the summer sees quality over quantity and a reduction of wages to turnover.

So for arguments sake, a loss of £7.2m where £4.2m is one off/unusual, would make it £3m of regular/ongoing costs is not so bad. A loss of £3m is still a heck of a lot money for a business turning over £15.9m

The Increase of turnover is great, but the old saying turnover is vanity and profit is sanity springs to mind.

My view of this is that it is very concerning, but as long as over half of the losses are not ongoing costs and won't be repeated, we should be ok as long as the Gordon's keep underwriting things. If that stops then we should be worried.

[Paulie Walnuts]

Not sure why anyone is surprised by this when we are constantly sacking managers and their staff. We have made changes to our stadium. We must pay the piper when we sack people given a contract, which is costly. As the fans, we wanted them sacked, so we must share some of the responsibility.

The money given to sacked managers is a drop in the ocean in terms of this loss. It will literally make up <5%. This isn’t the fans fault.

[Chorley Hibee]

Not sure why anyone is surprised by this when we are constantly sacking managers and their staff. We have made changes to our stadium. We must pay the piper when we sack people given a contract, which is costly. As the fans, we wanted them sacked, so we must share some of the responsibility.

Sacking managers hasn't resulted in a 7.2M loss.

Gross mismanagement from the owners and their appointments has.

Knew the fans would get the blame at some point.

[Thatdayinmay16]

Impressive range of drink as well.

If only we were running a pub chain or a wedding venue.

Sent from my SM-A750FN using Tapatalk

I've not been in the new suites or behind the goals. I couldn't come face to face with the current crop running the club, not sure how anyone can stomach any of them atm.

[danhibees1875]

My reading of this is we chose to write off the £1m owed to us, we could have done that at another time, awaiting the outcome of any legal proceedings. Thereafter, we have spent £3m on the stadium, which I think everyone would agree is in the best shape it has been for years. If that had been properly spun, that would have been classed as an 'investment' paid for by loans specifically for that purpose, like we did when we refurbished the club shop a few years ago. So that would be perhaps £4m of unusual/one off business expenditure. (I concede that stadium costs are ongoing)

However that is the business side of it, as averse to the football, the sacking of two management teams and recruitment of another in one year is 100% the boards fault and must fall into the category of poor recruitment, one would expect that cost of that would be between £200k - £500k which is again would be classed is unusual expenditure. Poor recruitment has cost us again, one can only hope the clear out in the summer sees quality over quantity and a reduction of wages to turnover.

So for arguments sake, a loss of £7.2m where £4.2m is one off/unusual, would make it £3m of regular/ongoing costs is not so bad. A loss of £3m is still a heck of a lot money for a business turning over £15.9m

The Increase of turnover is great, but the old saying turnover is vanity and profit is sanity springs to mind.

My view of this is that it is very concerning, but as long as over half of the losses are not ongoing costs and won't be repeated, we should be ok as long as the Gordon's keep underwriting things. If that stops then we should be worried.

I've not dug into the detail of the accounts but I'd be surprised if that £3M is part of the losses. That investment would have been capitalised and we'd see a portion of it (maybe 10% assuming a 10yr useful life) coming through the P&L as depreciation (not actually sure when the work was finished- it might not be a full years depreciation this time).

[jakeshibs]

The money given to sacked managers is a drop in the ocean in terms of this loss. It will literally make up <5%. This isn’t the fans fault.


Bless, you just want to transfer the blame. We are not blameless; we wanted these people sacked, which is costly. We need to take responsibility for our actions and own them, as it costs the club. Luckily, the Gordons are paying, as we would struggle; they have funded signings and increased wages to attract better-iber players.

[Coco Bryce]

A few ITK people posted this £7m figure on here a few weeks back and were ridiculed and called 'clowns' by certain posters in true Hibs.net style.

[Pedro 1875]

I've not dug into the detail of the accounts but I'd be surprised if that £3M is part of the losses. That investment would have been capitalised and we'd see a portion of it (maybe 10% assuming a 10yr useful life) coming through the P&L as depreciation (not actually sure when the work was finished- it might not be a full years depreciation this time).

You may be correct with this, I'm not an accountant, merely going on what was said in the report that went with the accounts. I did wonder about it as it seems to suggest that all the costs have been factored into this set of accounts. The suspicious part of me, did think, 'Is this a red herring to disguise how bad things really have been?' I will give Hibs the benefit of the doubt as it may be that they have decided to have an absolute shocker of a year, take the flak, get rid of an unpopular CEO and move forward.

[Chorley Hibee]

Bless, you just want to transfer the blame. We are not blameless; we wanted these people sacked, which is costly. We need to take responsibility for our actions and own them, as it costs the club. Luckily, the Gordons are paying, as we would struggle; they have funded signings and increased wages to attract better-iber players.

So it's our fault we appointed **** managers, brought crap players, and paid them all a ****ing fortune for the privilege of being *****.

It's our fault?

A quite unbelievable take on the situation.

[easty]

Bless, you just want to transfer the blame. We are not blameless; we wanted these people sacked, which is costly. We need to take responsibility for our actions and own them, as it costs the club. Luckily, the Gordons are paying, as we would struggle; they have funded signings and increased wages to attract better-iber players.

Condescending much?

[Smartie]

Just saw this news.

Holy ****.

I was expecting bad, nothing like that bad.

The Farmer / Petrie era brought with it problems but at least we knew the club was likely to be there for the long run. This requires some fairly radical change and there will need to be some fairly convincing answers from people at the AGM who aren't really experienced at this sort of thing.

[hibsforeurope]

Bless, you just want to transfer the blame. We are not blameless; we wanted these people sacked, which is costly. We need to take responsibility for our actions and own them, as it costs the club. Luckily, the Gordons are paying, as we would struggle; they have funded signings and increased wages to attract better-iber players.

We never appointed them in the 1st place either. Ultimately the poor appointments have created this situation or costly sackings.

[ChuckNor]

I said it a while ago and I’ll say it again - the damage being done to our club by these utterly incompetent idiots is stunning. There is no defending any of it.

[Heisenberg]

Bless, you just want to transfer the blame. We are not blameless; we wanted these people sacked, which is costly. We need to take responsibility for our actions and own them, as it costs the club. Luckily, the Gordons are paying, as we would struggle; they have funded signings and increased wages to attract better-iber players.

What better players? 😂 Maolida is the only genuine top quality player we’ve had since the Gordon’s arrived that I’d say was clearly a higher calibre.

We have been worse on the park since the Gordon’s arrived than we were beforehand. They were responsible for Maloney and the whole development team mess which must’ve cost a fortune. Mueller, Tavares, Kenneh, McKirdy the list could go on. They have cost themselves a **** load of cash by being utterly useless at running the club.

A genuinely bonkers post.

[Chorley Hibee]

A few ITK people posted this £7m figure on here a few weeks back and were ridiculed and called 'clowns' by certain posters in true Hibs.net style.

And the people who were ridiculing those figures are conspicuous by their absence now.

[truehibernian]

Terrible figures, that’s undeniable. Interesting that Bournemouth, admittedly with more income posted losses of over £50 million which Foley wrote off. It’s worrying that any business runs huge losses, but that’s when rich owners and shareholders need to step in and take the hit, not the support- after all their the custodians who took on the responsibility and made the decisions leading to it. Can’t be allowed to continue however and perhaps also a not so gentle boot up the backside for every department, particularly the academy and not giving young players a chance to shine - you’re not telling me Landers couldn’t have played rather than McKirdy, or Cleland, MacIntyres, etc.

[Lago]

We were that long before they took over let's bot pretend otherwise.
And now they've set it concrete.

[Trinity Hibee]

Condescending much?

Think Jake is on a fishing expedition

[Exuberance1875]

Clowns in charge will be milking the fans dry using the 150th anniversary as a fundraising event

[we are hibs]

Bless, you just want to transfer the blame. We are not blameless; we wanted these people sacked, which is costly. We need to take responsibility for our actions and own them, as it costs the club. Luckily, the Gordons are paying, as we would struggle; they have funded signings and increased wages to attract better-iber players.

Your at it.

Sent from my SM-A405FN using Tapatalk

[Tyler Durden]

If we look back to last January we had an already bloated squad and we added Marcondes, Maolida, Mayenda, NMW and Amos. Any others?

We were told that we weren’t paying Marcondes’ wages but I’d question that now? Clearly we rolled the dice to back Monty but it’s another window that in hindsight has cost us considerably.

[One Day Soon]

Bless, you just want to transfer the blame. We are not blameless; we wanted these people sacked, which is costly. We need to take responsibility for our actions and own them, as it costs the club. Luckily, the Gordons are paying, as we would struggle; they have funded signings and increased wages to attract better-iber players.

Perhaps one of the daftest posts ever seen on .net.

[AdidasHibernian]

Shambles.


Yet some people out there still believe Kensall and Gordon's were/are the answer.

Sooner they sell up the better.

[Lago]

Bless, you just want to transfer the blame. We are not blameless; we wanted these people sacked, which is costly. We need to take responsibility for our actions and own them, as it costs the club. Luckily, the Gordons are paying, as we would struggle; they have funded signings and increased wages to attract better-iber players.
It's certainly a different take on the situation, fans wanted poor managers sacked, gosh, the fans who had no input into their hiring.

[Baader]

Not sure why anyone is surprised by this when we are constantly sacking managers and their staff. We have made changes to our stadium. We must pay the piper when we sack people given a contract, which is costly. As the fans, we wanted them sacked, so we must share some of the responsibility.

Most didn't want them appointed in the first place! A loss like this is on the owners and those running the club. Not the fans who are the ones regularly putting money in.

[Thatdayinmay16]

Bless, you just want to transfer the blame. We are not blameless; we wanted these people sacked, which is costly. We need to take responsibility for our actions and own them, as it costs the club. Luckily, the Gordons are paying, as we would struggle; they have funded signings and increased wages to attract better-iber players.

I forgot it was .net that signed/hired and then sacked every player & manager under the Gordon administration.

What a weird thing to say.

[overdrive]

The company going bust annd owing £1m isn’t that sportemon go company is it?

That's who I thought it was at first but it was longer than I remember it being when they went bust (2022). Note 4 says the company went into liquidation in the financial year, so I don't think it is them. Possibly Terry Healy Group but we seem to have a whole host of "dodgy" sponsors these days I'm not sure we can be sure.

[Hiber-nation]

Perhaps one of the daftest posts ever seen on .net.

Aye an absolute bizarre take on things.

[Bayern Bru]

If we look back to last January we had an already bloated squad and we added Marcondes, Maolida, Mayenda, NMW and Amos. Any others?

We were told that we weren’t paying Marcondes’ wages but I’d question that now? Clearly we rolled the dice to back Monty but it’s another window that in hindsight has cost us considerably.

Triantis. And we also added Bevan until we discovered he was made of crisps

[TrinityHFC]

Shambles.


Yet some people out there still believe Kensall and Gordon's were/are the answer.

Sooner they sell up the better.


Only a problem if they aren’t funding it. Which they are just now. They are paying for mistakes they’ve made. As we stand now the team is doing well and we can look forward to more investment in the team in the summer. These accounts don’t change that.

[Fergos]

Most didn't want them appointed in the first place! A loss like this is on the owners and those running the club. Not the fans who are the ones regularly putting money in.

100% agreed.

[danhibees1875]

Only a problem if they aren’t funding it. Which they are just now. They are paying for mistakes they’ve made. As we stand now the team is doing well and we can look forward to more investment in the team in the summer. These accounts don’t change that.

:agree:

Whilst it's not "good news" I don't think this is worth getting too concerned about in isolation.

Theoretically, if they wanted to invest in the squad this would be the way it would be done and we'd see losses through the P&L. I'm inclined to believe this wasn't a deliberate and budgeted for overspend but regardless, so long as its being covered then fine.

Only issue would be if we tie ourselves to a high cost base and the funding stops.

Well, that's the only financial issue. The main question is a non financial one and that's whether this funding is yielding success on the park. So let's just see how we get on in Ayr. :greengrin

[WhileTheChief..]

And there’s folk on here been singing Kendall’s praises for all the off field success!!

The guys was an absolute disaster for us from the minute he arrived.

Thank f he’s gone.

[Paulie Walnuts]

Bless, you just want to transfer the blame. We are not blameless; we wanted these people sacked, which is costly. We need to take responsibility for our actions and own them, as it costs the club. Luckily, the Gordons are paying, as we would struggle; they have funded signings and increased wages to attract better-iber players.

Hahaha.

If you think that the board sacking managers (no input from the fans in this decision) that the board appointed (no input from the fans in this decision either), at a cost of <5% of this ****show of a loss is the fans fault then crack on Ben. :aok:

[Onceinawhile]

:agree:

Whilst it's not "good news" I don't think this is worth getting too concerned about in isolation.

Theoretically, if they wanted to invest in the squad this would be the way it would be done and we'd see losses through the P&L. I'm inclined to believe this wasn't a deliberate and budgeted for overspend but regardless, so long as its being covered then fine.

Only issue would be if we tie ourselves to a high cost base and the funding stops.

Well, that's the only financial issue. The main question is a non financial one and that's whether this funding is yielding success on the park. So let's just see how we get on in Ayr. :greengrin

But it's not in isolation. It's on the back of two other years of terrible results financially and who knows what the current year's results are going to look like?

I'm sure when the Gordons took over Ron was supposed to be worth £120m or similar. We'll we've burned through about £30m of that in the last four years - how much longer do you think the Gordon family want to run their family cash into the ground?

[TrinityHFC]

But it's not in isolation. It's on the back of two other years of terrible results financially and who knows what the current year's results are going to look like?

I'm sure when the Gordons took over Ron was supposed to be worth £120m or similar. We'll we've burned through about £30m of that in the last four years - how much longer do you think the Gordon family want to run their family cash into the ground?
Currently that’s their problem. When it becomes our problem then I’ll worry about it a bit more.

[Jones28]

Not sure why anyone is surprised by this when we are constantly sacking managers and their staff. We have made changes to our stadium. We must pay the piper when we sack people given a contract, which is costly. As the fans, we wanted them sacked, so we must share some of the responsibility.


Bless, you just want to transfer the blame. We are not blameless; we wanted these people sacked, which is costly. We need to take responsibility for our actions and own them, as it costs the club. Luckily, the Gordons are paying, as we would struggle; they have funded signings and increased wages to attract better-iber players.

'Kin hell, I've read some ***** in my time but this is special.

We wanted them sacked because they were deserving of it. They were not up to the job.

When these guys were appointed they were so remarkably underwhelming I was fearful that I was just losing my passion for the club. Naw, it was them.

Who appointed them?

The now departed Kensall and Ian Gordon. What say did the fans have in these appointments? None. what say did we have in their sackings? None. We had opinions that were shouted from the stands and hammered out on keyboards, but any real power? No.

[danhibees1875]

But it's not in isolation. It's on the back of two other years of terrible results financially and who knows what the current year's results are going to look like?

I'm sure when the Gordons took over Ron was supposed to be worth £120m or similar. We'll we've burned through about £30m of that in the last four years - how much longer do you think the Gordon family want to run their family cash into the ground?

Maybe the wrong word. What I meant was, it's a confirmation of what we all know/think - there's not adequate sporting success/the players aren't as good as the wages suggest they should be however it's not an existential crisis that opposing fans would try to paint it as being.

That's the point of my penultimate paragraph - it could end up being a problem if the funding stops and there's no quick way to drastically cut costs.

[Paulie Walnuts]

'Kin hell, I've read some ***** in my time but this is special.

We wanted them sacked because they were deserving of it. They were not up to the job.

When these guys were appointed they were so remarkably underwhelming I was fearful that I was just losing my passion for the club. Naw, it was them.

Who appointed them?

The now departed Kensall and Ian Gordon. What say did the fans have in these appointments? None. what say did we have in their sackings? None. We had opinions that were shouted from the stands and hammered out on keyboards, but any real power? No.

Aye but if you ignore all those blatantly obvious points, it was all your fault.

[AdidasHibernian]

Only a problem if they aren’t funding it. Which they are just now. They are paying for mistakes they’ve made. As we stand now the team is doing well and we can look forward to more investment in the team in the summer. These accounts don’t change that.

Of course, however what happens if they decide to stop funding the loss we make season after season. All well and good funding a loss but when do they decide they stop that and we are left up s**t creek?

I know exactly where your coming from it's just the long term picture I'm worried about as I'm sure others are.

[hibsbollah]

'Kin hell, I've read some ***** in my time but this is special.

We wanted them sacked because they were deserving of it. They were not up to the job.

When these guys were appointed they were so remarkably underwhelming I was fearful that I was just losing my passion for the club. Naw, it was them.

Who appointed them?

The now departed Kensall and Ian Gordon. What say did the fans have in these appointments? None. what say did we have in their sackings? None. We had opinions that were shouted from the stands and hammered out on keyboards, but any real power? No.

I dont know why youre getting so agitated. Obvious fishing expedition. His leather driving gloves can be spotted in the manky dashboard of his Rover SE.

I have very little interest in football finance until it starts to affect what goes on on the park. We’re on our best stretch of form in the last 7 years , ten games unbeaten and i can see why not everyone is running around panicking at this point.

[WhileTheChief..]

Aye but if you ignore all those blatantly obvious points, it was all your fault.

According to some on here it’s always the fans’ fault.

The club are blameless in anything they do apparently.

We’ve had a spell at the bottom of the league and now these financial results.

What will it take for the penny to drop that the Gordon’s are, and always will be, totally useless? They are doing more harm than good and are leading us down a horribly slippery slope.

If they decide to walk away any time soon, where does that leave us?

Hopefully someone can come in and buy them out at a knock down price asap.

[Jones28]

I dont know why youre getting so agitated. Obvious fishing expedition. His leather driving gloves can be spotted in the manky dashboard of his Rover SE.

I have very little interest in football finance until it starts to affect what goes on on the park. We’re on our best stretch of form in the last 7 years , ten games unbeaten and i can see why not everyone is running around panicking at this point.

We're on a great run of from and it's very much welcome, being a Hibs fan hasn't been a millstone around my neck for a few months which is refreshing.

If the figures released today aren't alarming to you then great, good on you. I do find them alarming. The Gordons will stop funding this at some point and if we aren't on an even keel by that point it will be very concerning.

[TrinityHFC]

I dont know why youre getting so agitated. Obvious fishing expedition. His leather driving gloves can be spotted in the manky dashboard of his Rover SE.

I have very little interest in football finance until it starts to affect what goes on on the park. We’re on our best stretch of form in the last 7 years , ten games unbeaten and i can see why not everyone is running around panicking at this point.

There was a time people didn’t care about hearing about ‘balance sheets’ as only what happens on the park matters.

Now our statutory accounts seem to be something we need to worry about whilst things are going well on the park.

If we had huge debt, if we were being asked to pay for it or if we thought there was any long term threat then that might be different.

[Chorley Hibee]

According to some on here it’s always the fans’ fault.

The club are blameless in anything they do apparently.

We’ve had a spell at the bottom of the league and now these financial results.

What will it take for the penny to drop that the Gordon’s are, and always will be, totally useless? They are doing more harm than good and are leading us down a horribly slippery slope.

If they decide to walk away any time soon, where does that leave us?

Hopefully someone can come in and buy them out at a knock down price asap.

The Gordon family are the biggest danger to our club.

This latest ****show confirms it.

[B.H.F.C]

But it's not in isolation. It's on the back of two other years of terrible results financially and who knows what the current year's results are going to look like?

I'm sure when the Gordons took over Ron was supposed to be worth £120m or similar. We'll we've burned through about £30m of that in the last four years - how much longer do you think the Gordon family want to run their family cash into the ground?

It definitely has to be a concern. But if you listen to McKay’s interview the other day it’s clear that it’s been recognised and they’re addressing it going by the number of times he used the word sustainable.

If you just look at the number of players who we are or have been paying this year alone, who have made absolutely no contribution then it’s a pretty expensive list. Kenneh, JDH, McKirdy, Amos just off the top of my head. Then you’ll still be getting stung for wages for the likes of Tavares as well. That’ll be hundreds of thousands of pounds paid to them just this season alone.

I think (hope) this will be as bad as it gets but it really sums up how badly run we’ve been under this regime.

[WhileTheChief..]

'Kin hell, I've read some ***** in my time but this is special.

We wanted them sacked because they were deserving of it. They were not up to the job.

When these guys were appointed they were so remarkably underwhelming I was fearful that I was just losing my passion for the club. Naw, it was them.

Who appointed them?

The now departed Kensall and Ian Gordon. What say did the fans have in these appointments? None. what say did we have in their sackings? None. We had opinions that were shouted from the stands and hammered out on keyboards, but any real power? No.

Most of us have been correct for the last 5 years in our criticism of Maloney, Johnstone and Montgomery.

They were alll uselsss wannabe managers that somehow got offered the Hibs job.

If the club had listened to some of the fans on here we’d still be stuck with LJ no doubt.

[WhileTheChief..]

The Gordon family are the biggest danger to our club.

This latest ****show confirms it.

Yup, but alas, there’s still folk on here think it’s our fault and that they can do no wrong.

[Paulie Walnuts]

It definitely has to be a concern. But if you listen to McKay’s interview the other day it’s clear that it’s been recognised and they’re addressing it going by the number of times he used the word sustainable.

If you just look at the number of players who we are or have been paying this year alone, who have made absolutely no contribution then it’s a pretty expensive list. Kenneh, JDH, McKirdy, Amos just off the top of my head. Then you’ll still be getting stung for wages for the likes of Tavares as well. That’ll be hundreds of thousands of pounds paid to them just this season alone.

I think (hope) this will be as bad as it gets but it really sums up how badly run we’ve been under this regime.

It was as bad as this 2 years ago as well. We’d have likely thought that was as bad as it would get and here we are again.

There’s absolutely nothing that gives me any confidence that things are going to get better from here under the utterly incompetent Gordon’s.

[Paulie Walnuts]

The Gordon family are the biggest danger to our club.

This latest ****show confirms it.

:agree:

Talk of scary bogey men coming in to take us over is laughable when we have bogeymen at the helm already, racking up nearly £20m of losses in 3 years whilst producing sporting disaster classes.

The Gordon’s are the biggest threat to Hibs since Wallace Mercer.

[Lago]

Currently that’s their problem. When it becomes our problem then I’ll worry about it a bit more.
Flippant remark, but I think we should all be worrying, no way are they going to impoverished themselves for Hibs FC.

[Paulie Walnuts]

Flippant remark, but I think we should all be worrying, no way are they going to impoverished themselves for Hibs FC.

:agree:

The idea we just sit back and accept these horrendous losses until the day they rack one up and go.. “na, not this time” is ridiculous.

They need to **** off and sell the club.

[Since452]

Not sure why anyone is surprised by this when we are constantly sacking managers and their staff. We have made changes to our stadium. We must pay the piper when we sack people given a contract, which is costly. As the fans, we wanted them sacked, so we must share some of the responsibility.

If we hadn't sacked Maloney or Montgomery we'd have ended up in the Championship and things would have been a hell of a lot more grim. The only folk to blame are the incompetent charlatans who hired them. Certainly not the fans who were forced to watch the utter tripe on the park. If anything the fans have made a bad situation a bit better by venting their thoughts on them. If we helped get them sacked then great.

[B.H.F.C]

It was as bad as this 2 years ago as well. We’d have likely thought that was as bad as it would get and here we are again.

There’s absolutely nothing that gives me any confidence that things are going to get better from here under the utterly incompetent Gordon’s.

Two years ago you still had a hell of a lot of ***** on long contracts where as that is, largely, not an issue come the summer (as long as we don’t revert to handing daft contracts out to more *****). You’ve got the infrastructure spend as well, the majority of which doesn’t need repeated.

I’m no trying to defend the results because it does make me feel a bit uncomfortable that we’re relying on the Gordon’s to cover the losses. But in reality, I’m sure that was pre agreed before they ran some of it up, Vente transfer fee for instance.

[Corstorphine Hibby]

Currently that’s their problem. When it becomes our problem then I’ll worry about it a bit more.

Amen.

[Pedantic_Hibee]

Kensell is away now, thankfully.

And if Kit Gordon wants to protect her family and the inheritances of her nearest and dearest, she needs to tell her son to get on the first flight back to the States and stay the **** away from Hibs.

[Iain G]

:agree:

Talk of scary bogey men coming in to take us over is laughable when we have bogeymen at the helm already, racking up nearly £20m of losses in 3 years whilst producing sporting disaster classes.

The Gordon’s are the biggest threat to Hibs since Wallace Mercer.

That last statement is just nonsense.

[Ribs1875]

The money we will make om Youan and Vente might take the heat off the losses. Perhaps villa might move McGinn on, which would net us some profit.

[we are hibs]

As I said earlier in the thread, the bat signal is well and truly up now.

Sent from my SM-A405FN using Tapatalk

[hibsbollah]

We're on a great run of from and it's very much welcome, being a Hibs fan hasn't been a millstone around my neck for a few months which is refreshing.

If the figures released today aren't alarming to you then great, good on you. I do find them alarming. The Gordons will stop funding this at some point and if we aren't on an even keel by that point it will be very concerning.

Id draw a parallel with hearing a story on the news about a hike in interest rates or inflation rates looking worrisome. I tend to glaze over a little but because these kind of huge figures don’t really effect me in my day to day. Thats what loss numbers feel like to me.

If some interest rate shock meant my kid’s couldnt make their mortgage repayments, or inflation meant my weekly shop started to become unaffordable, then i’d start to worry. In Hibs terms, that hasnt happened yet. Once im personally affected i’ll be massively concerned. But at this stage none of us really know the long term implications of these losses so ill let people that gave 17 million pound worry about it. I appreciate thats not everyones take. Maybe i just find money talk boring compared to the actual football :greengrin

[Paulie Walnuts]

That last statement is just nonsense.

No, it’s not.

STF came in and saved us from Wallace Mercer. In the 30 years after that, we couldn’t have been in safer hands. Unless you think Hibs were under more threat from STFs ownership, then it’s absolutely correct.

Who, or what, has posed a bigger threat to Hibs over that period?

[TrinityHFC]

Flippant remark, but I think we should all be worrying, no way are they going to impoverished themselves for Hibs FC.

Well yes, we should always look for some signs there may be trouble ahead - but it isn’t hugely worth a lot of energy just now when we are a long way from any trouble of an existential nature.

Some of the spend has just been bad decisions and players and mangers. That’s happened forever I’m afraid.

Some of the spend is on facilities and infrastructure which are one offs and will provide additional income in the future.

Then you’ve got spend which will have been made knowing full well it was going to come out their pockets to make up for a combination of the above and trying to improve the position.

Yes there will be a time that they won’t sustain paying this amount out each year. They’ve already sought out some additional investment and hopefully help in making better football decisions. That goes for Hearts, Aberdeen etc too - who have shareholders funding huge overspending in the same way.

The time to properly worry is when we build up debt that can’t be sustained. That isn’t happening just now.

As fans we do seem to want people to come in and invest and speculate to make us better. Accounts like these show the practicalities of how you see that investment being recorded. The club itself seems to be on the up and we are making much more sensible decisions about who we are bringing into the club. These numbers don’t change that.

[Real Emerald]

The money we will make om Youan and Vente might take the heat off the losses. Perhaps villa might move McGinn on, which would net us some profit.

But we’ll still need to replace these players with better quality according to MM. It’s a harder task if our sell ons are paying for losses, luckily as it stands the Gordon’s are covering these. I’m sure that won’t continue for ever though.

[TrinityHFC]

No, it’s not.

STF came in and saved us from Wallace Mercer. In the 30 years after that, we couldn’t have been in safer hands. Unless you think Hibs were under more threat from STFs ownership, then it’s absolutely correct.

Who, or what, has posed a bigger threat to Hibs over that period?

In the 30 yrs since then the club has been in quite deep bother a few times. Having STF there ultimately kept us going and he wrote off huge sums of money for us. Same sort of things as is happening now but we do also see the club being taken forward in a lot of areas now which had ultimately not been built on and developed to the same extent since the infrastructure projects were each completed initially.