ROD's WORTH??????

[southern hibby]

I've read on here several times that RP has 10% in our club. If this is true and I don't doubt it, is this the reason he has got us back on a sound footing and redeveloped the ground and East Mains? Lets be honest Easter Road and the training ground must be worth a lot more now than several years back to any future buyer. I have always backed Rod, but lately I've started to wonder why he does what he does. If Sir Tom sells then surely RP would expect to get more money from his 10% than lets say a partly redeveloped stadium and no training facilities. So I ask this question, Is Rod got any interest in EDINBURGH HIBERNIAN FOOTBALL CLUB at all or is it just HIS long term bank account? If this is the reason then he gets a great wage from us (as does the board) but as fans we get what exactly........................???????? GGTTH

[CropleyWasGod]

This quote is hidden because you are ignoring this member. Show Quote

I've read on here several times that RP has 10% in our club. If this is true and I don't doubt it, is this the reason he has got us back on a sound footing and redeveloped the ground and East Mains? Lets be honest Easter Road and the training ground must be worth a lot more now than several years back to any future buyer. I have always backed Rod, but lately I've started to wonder why he does what he does. If Sir Tom sells then surely RP would expect to get more money from his 10% than lets say a partly redeveloped stadium and no training facilities. So I ask this question, Is Rod got any interest in EDINBURGH HIBERNIAN FOOTBALL CLUB at all or is it just HIS long term bank account? If this is the reason then he gets a great wage from us (as does the board) but as fans we get what exactly........................???????? GGTTH

It's fairly common business practice to give shares in a company to its key employees. It builds loyalty, and encourages greater effort... the harder you work, the better the business does, hence the better you do.

So, to answer your question, of course he has an interest in the "Edinburgh Hibernian" club. The better it does, football-wise and financial-wise, the better he does.

As for your second question, we as fans get...??? Fans never "get" anything tangible out of football.

[--------]

This quote is hidden because you are ignoring this member. Show Quote

I've read on here several times that RP has 10% in our club. If this is true and I don't doubt it, is this the reason he has got us back on a sound footing and redeveloped the ground and East Mains? Lets be honest Easter Road and the training ground must be worth a lot more now than several years back to any future buyer. I have always backed Rod, but lately I've started to wonder why he does what he does. If Sir Tom sells then surely RP would expect to get more money from his 10% than lets say a partly redeveloped stadium and no training facilities. So I ask this question, Is Rod got any interest in EDINBURGH HIBERNIAN FOOTBALL CLUB at all or is it just HIS long term bank account? If this is the reason then he gets a great wage from us (as does the board) but as fans we get what exactly........................???????? GGTTH

What a good question.

[southern hibby]

This quote is hidden because you are ignoring this member. Show Quote

It's fairly common business practice to give shares in a company to its key employees. It builds loyalty, and encourages greater effort... the harder you work, the better the business does, hence the better you do.So, to answer your question, of course he has an interest in the "Edinburgh Hibernian" club. The better it does, football-wise and financial-wise, the better he does. As for your second question, we as fans get...??? Fans never "get" anything tangible out of football.

Ok i accept what you say but let me ask a different question then what about David Murray and how much he sold the HUNS for? I'm wondering if the football doesn't matter but the balance books and assets. They've (Huns) won how many games, trophys and leagues to be sold for pennies? Rod will know this very well and I would hazard a guess he will not break the bank once because this will not help his value of shares. Were as Good accounts and assets will bolster them...GGTTH.

[ancient hibee]

This quote is hidden because you are ignoring this member. Show Quote

Ok i accept what you say but let me ask a different question then what about David Murray and how much he sold the HUNS for? I'm wondering if the football doesn't matter but the balance books and assets. They've (Huns) won how many games, trophys and leagues to be sold for pennies? Rod will know this very well and I would hazard a guess he will not break the bank once because this will not help his value of shares. Were as Good accounts and assets will bolster them...GGTTH.

Murray got into the mess he finished with because he'd lost sight of his objective which was to build the Murray International brand-instead he got too involved with the football(something he'd previously shown no interest in-his flirtation with Ayr was a development opportunity)and ended up not only nearly closing Rangers but losing a good chunk of his main business also.

Your analysis of Petrie's position is totally incorrect-if Hibs continue to perform poorly the losses will rise and the business will be worth less as will his shares-it is in his interest for Hibs to perform well.

[Liberal Hibby]

This quote is hidden because you are ignoring this member. Show Quote

I've read on here several times that RP has 10% in our club. If this is true and I don't doubt it, is this the reason he has got us back on a sound footing and redeveloped the ground and East Mains? Lets be honest Easter Road and the training ground must be worth a lot more now than several years back to any future buyer. I have always backed Rod, but lately I've started to wonder why he does what he does. If Sir Tom sells then surely RP would expect to get more money from his 10% than lets say a partly redeveloped stadium and no training facilities. So I ask this question, Is Rod got any interest in EDINBURGH HIBERNIAN FOOTBALL CLUB at all or is it just HIS long term bank account? If this is the reason then he gets a great wage from us (as does the board) but as fans we get what exactly........................???????? GGTTH

Given the shares are untradeable and basically worthless - improving the profitablitiy of the club has no bearing on their worth. Using the stadium apart for anything other than football would be difficult for planning reasons if nothing else and you wouldn't build huge non-housing things on if you wanted to maximise its value as it is more expensive to clear. Given East Mains is probably impossible to develop due to its zoning as green belt/agricultural land changing its use to something more lucrative is probably out of the question.

So the value of his 10% is entirely related to the success of Hibs as a footballing concern rather than anything else. So the answer to your question is yes.

[ancient hibee]

This quote is hidden because you are ignoring this member. Show Quote

Given the shares are untradeable and basically worthless - improving the profitablitiy of the club has no bearing on their worth. Using the stadium apart for anything other than football would be difficult for planning reasons if nothing else and you wouldn't build huge non-housing things on if you wanted to maximise its value as it is more expensive to clear. Given East Mains is probably impossible to develop due to its zoning as green belt/agricultural land changing its use to something more lucrative is probably out of the question.

So the value of his 10% is entirely related to the success of Hibs as a footballing concern rather than anything else. So the answer to your question is yes.

What complete tosh.The only way Hibs are going to make a profit is through footballing success-the shares will fluctuate in value according to the value of the club.lYou are confusing the shares the fans hold which are worthless as they are only aminute percentageof the total holding.Hibs are valued at around £15million making Rod's shares worth £1.5M.If profits are made the value goes up-losses the reverse.These shares are not untradeable.In the unlikely event that someone buys Hibs-the method would be by buying the shares.

[Liberal Hibby]

This quote is hidden because you are ignoring this member. Show Quote

What complete tosh.The only way Hibs are going to make a profit is through footballing success-the shares will fluctuate in value according to the value of the club.lYou are confusing the shares the fans hold which are worthless as they are only aminute percentageof the total holding.Hibs are valued at around £15million making Rod's shares worth £1.5M.If profits are made the value goes up-losses the reverse.These shares are not untradeable.In the unlikely event that someone buys Hibs-the method would be by buying the shares.

They're not tradeable in the usual sense - they can basically be given up to a new owner. I don't even think they pay a dividend. The £15m/£1.5m is a paper value. Any profit generated goes back into the footballing side of the business - which is why I agree with you when you say the only way to make a profit is through footballing success. But Petrie wouldn't be any richer as a result as the profit would go back to the footballing side of the business.

[ancient hibee]

This quote is hidden because you are ignoring this member. Show Quote

They're not tradeable in the usual sense - they can basically be given up to a new owner. I don't even think they pay a dividend. The £15m/£1.5m is a paper value. Any profit generated goes back into the footballing side of the business - which is why I agree with you when you say the only way to make a profit is through footballing success. But Petrie wouldn't be any richer as a result as the profit would go back to the footballing side of the business.

The shares won't be given up to a new owner-they'll be sold to him.Of course they are paper value-that's what shares are-the value is arrived at by subtracting the liabilities of the business from the assets.This gives a value in Hibs case of around £15M.There is no footballing side of the business--that IS the business.When a profit is made and entered on the balance sheet this leads to an increase in the value of the capital(shareholders funds)a loss obviously has the reverse effect.So the results for a financial year vitally impact on the value of the shares.

Sorry to appear so pedantic but there is so much confusion and innocent misinformation on here about the running of Hibs.It's a company like any other-it just happens to sell football and not widgets.

[Liberal Hibby]

This quote is hidden because you are ignoring this member. Show Quote

The shares won't be given up to a new owner-they'll be sold to him.Of course they are paper value-that's what shares are-the value is arrived at by subtracting the liabilities of the business from the assets.This gives a value in Hibs case of around £15M.There is no footballing side of the business--that IS the business.When a profit is made and entered on the balance sheet this leads to an increase in the value of the capital(shareholders funds)a loss obviously has the reverse effect.So the results for a financial year vitally impact on the value of the shares.

Sorry to appear so pedantic but there is so much confusion and innocent misinformation on here about the running of Hibs.It's a company like any other-it just happens to sell football and not widgets.

I agree - which is why the implication of the original post that Petrie was personally prioritising infrastructure improvements to boost the value of his shareholding was wrong. They actually make it much more difficult to asset strip.

There shouldn't be any confusion - the board's strategy has been plain for years now - every penny generated goes to develop the football club.

[southern hibby]

This quote is hidden because you are ignoring this member. Show Quote

I agree - which is why the implication of the original post that Petrie was personally prioritising infrastructure improvements to boost the value of his shareholding was wrong. They actually make it much more difficult to asset strip.There shouldn't be any confusion - the board's strategy has been plain for years now - every penny generated goes to develop the football club.

I totally agree the strategy has been plain for years now. However we have sold every player (Virtually) that we could for a good some of money and not re-invested anything close probably not even 10 or 15% of what we have brought in. We have (again speculation) slashed our wage bill by not paying anything close to what we have been.This just makes me think that RP's more interested oin the business side than footballing side. I do understand and appreciate this could be just for the long term future of HIBS, however I cannot (and I cannot explain why) think that its anything more than profit based. GGTTH

[CropleyWasGod]

This quote is hidden because you are ignoring this member. Show Quote

I totally agree the strategy has been plain for years now. However we have sold every player (Virtually) that we could for a good some of money and not re-invested anything close probably not even 10 or 15% of what we have brought in. We have (again speculation) slashed our wage bill by not paying anything close to what we have been.This just makes me think that RP's more interested oin the business side than footballing side. I do understand and appreciate this could be just for the long term future of HIBS, however I cannot (and I cannot explain why) think that its anything more than profit based. GGTTH

But that's his job, to sort out the finances whilst others get on with what they're paid to do. To suggest, however, that he's not interested in the football side would be so wrong. As has been said, he puts the infrastructure in place, and everything generated by that, good and bad, is for the benefit of the football team.

[southern hibby]

This quote is hidden because you are ignoring this member. Show Quote

But that's his job, to sort out the finances whilst others get on with what they're paid to do. To suggest, however, that he's not interested in the football side would be so wrong. As has been said, he puts the infrastructure in place, and everything generated by that, good and bad, is for the benefit of the football team.

Yes agreed it is his job. But at present ( I may be totally wrong) all this is improving is his share value. Not necessarily £5 a share or £6 a share etc, but the number or % he seems to be getting. I really do appreciate what the board have done for this club and that view will never change. However I now am starting to question what the bigger picture is for the footballing side of things. If we can take out an overdraft for Stands and Training facilities, why not for the footballing side of things? If not why not? and this is why I keep coming back to my thoughts about shares (motives). I do appreciate we have some sort of stability within the structure we can afford at the club. But we are in turmoil within the footballing side of things. Surely as we are lossing fans / games / pride with our Unique brand of football (Sh*te), a total re-vamp is in order. By this I don't mean chairman I mean priorities within our club.I really may be well off the mark (and I hope I am), with my views, but at present Rod's got me asking why it seems to be so bad at our club. Maybe I should just wind my neck in and and move along nothing to see here (except a really bad excuse for an infastructure on the footballing side of things) me thinks. GGTTH

[CropleyWasGod]

This quote is hidden because you are ignoring this member. Show Quote

Yes agreed it is his job. But at present ( I may be totally wrong) all this is improving is his share value. Not necessarily £5 a share or £6 a share etc, but the number or % he seems to be getting. I really do appreciate what the board have done for this club and that view will never change. However I now am starting to question what the bigger picture is for the footballing side of things. If we can take out an overdraft for Stands and Training facilities, why not for the footballing side of things? If not why not? and this is why I keep coming back to my thoughts about shares (motives). I do appreciate we have some sort of stability within the structure we can afford at the club. But we are in turmoil within the footballing side of things. Surely as we are lossing fans / games / pride with our Unique brand of football (Sh*te), a total re-vamp is in order. By this I don't mean chairman I mean priorities within our club.I really may be well off the mark (and I hope I am), with my views, but at present Rod's got me asking why it seems to be so bad at our club. Maybe I should just wind my neck in and and move along nothing to see here (except a really bad excuse for an infastructure on the footballing side of things) me thinks. GGTTH

It's not improving his share value if we are making losses, which is what happened in 2010, is likely for 2011 and even more so for the current year.

As for taking out overdrafts for the stands etc., (and I think they are actually loans), that borrowing is secured by those assets. Doing the same for players wouldn't have the same security.... it's likely that lenders wouldn't give us any more in the current climate..... but in any event that would go against the Board's philosophy of "don't spend what we don't have".

The old questions (debated to death on here) of "speculate to accumulate" vs "long-term stability" haven't been solved yet, not at this Club or anywhere else. So beat it with that part of your post

[greenlex]

This quote is hidden because you are ignoring this member. Show Quote

Yes agreed it is his job. But at present ( I may be totally wrong) all this is improving is his share value. Not necessarily £5 a share or £6 a share etc, but the number or % he seems to be getting. I really do appreciate what the board have done for this club and that view will never change. However I now am starting to question what the bigger picture is for the footballing side of things. If we can take out an overdraft for Stands and Training facilities, why not for the footballing side of things? If not why not? and this is why I keep coming back to my thoughts about shares (motives). I do appreciate we have some sort of stability within the structure we can afford at the club. But we are in turmoil within the footballing side of things. Surely as we are lossing fans / games / pride with our Unique brand of football (Sh*te), a total re-vamp is in order. By this I don't mean chairman I mean priorities within our club.I really may be well off the mark (and I hope I am), with my views, but at present Rod's got me asking why it seems to be so bad at our club. Maybe I should just wind my neck in and and move along nothing to see here (except a really bad excuse for an infastructure on the footballing side of things) me thinks. GGTTH

The stands and training facilities are constant and actually worth something. They cant get injured or run their contracts down to become worthless to the club. They are "real" and tangible assets. Players are not. They get injured and are only worth what another club is prepared to pay and when they run their contract runs out as Riordan Millar etc done they are worthless. You wouldn't get an overdraft on the back of something that could become worthless.
PS our unique brand of football only raises its head once every generation or so. The vast majority of the time we are just the same as anyone else. Thats the facts.

[Kaiser1962]

This quote is hidden because you are ignoring this member. Show Quote

I totally agree the strategy has been plain for years now. However we have sold every player (Virtually) that we could for a good some of money and not re-invested anything close probably not even 10 or 15% of what we have brought in. We have (again speculation) slashed our wage bill by not paying anything close to what we have been.This just makes me think that RP's more interested oin the business side than footballing side. I do understand and appreciate this could be just for the long term future of HIBS, however I cannot (and I cannot explain why) think that its anything more than profit based. GGTTH

When was the last season Hibernian Football Club made a profit before player sales were taken into account?

[son of haggart]

This quote is hidden because you are ignoring this member. Show Quote

The stands and training facilities are constant and actually worth something. They cant get injured or run their contracts down to become worthless to the club. They are "real" and tangible assets. Players are not. They get injured and are only worth what another club is prepared to pay and when they run their contract runs out as Riordan Millar etc done they are worthless. You wouldn't get an overdraft on the back of something that could become worthless.
PS our unique brand of football only raises its head once every generation or so. The vast majority of the time we are just the same as anyone else. Thats the facts.

If the stands and training facility are mortgaged which I believe is the case then you would have to subtract the remaining mortgage from the sale price. As they are a depreciating asset I doubt if they add much value to the potential net sale price of the club.

The land is the main asset but that is only of value if it can be developed.

So the value of RPs 10% is effectively 10% of whatever price someone is willing to pay to obtain a loss making club with virtually no saleable assets.

The only likelihood of him being able to realise a price is if Hibs find a buyer so keen to get into scottish football, or so keen on hibs, they will buy out STF. I think that will be very hard in the current climate.But it is in RPs interest that the Club improves its trading position back to a nte profit again soon to make that a possibility.

Therefore I would say IMHO the 10% holding is currently not very significant but his salary is.

[ancienthibby]

This quote is hidden because you are ignoring this member. Show Quote

If the stands and training facility are mortgaged which I believe is the case then you would have to subtract the remaining mortgage from the sale price. As they are a depreciating asset I doubt if they add much value to the potential net sale price of the club.

The land is the main asset but that is only of value if it can be developed.

So the value of RPs 10% is effectively 10% of whatever price someone is willing to pay to obtain a loss making club with virtually no saleable assets.

The only likelihood of him being able to realise a price is if Hibs find a buyer so keen to get into scottish football, or so keen on hibs, they will buy out STF. I think that will be very hard in the current climate.But it is in RPs interest that the Club improves its trading position back to a nte profit again soon to make that a possibility.

Therefore I would say IMHO the 10% holding is currently not very significant but his salary is.

You are 100% right in what you say, but you do not go quite far enough!!

The HFC assets, in any combination, are only worth what a buyer is willing to pay.

Since there are no buyers around, the value of RP's shares (and mine) is precisely ZERO.

Then again, when a buyer does come along, just look at how much Mr. Murray got for his Govan shareholding!!

[ancient hibee]

This quote is hidden because you are ignoring this member. Show Quote

If the stands and training facility are mortgaged which I believe is the case then you would have to subtract the remaining mortgage from the sale price. As they are a depreciating asset I doubt if they add much value to the potential net sale price of the club.

The land is the main asset but that is only of value if it can be developed.

So the value of RPs 10% is effectively 10% of whatever price someone is willing to pay to obtain a loss making club with virtually no saleable assets.

The only likelihood of him being able to realise a price is if Hibs find a buyer so keen to get into scottish football, or so keen on hibs, they will buy out STF. I think that will be very hard in the current climate.But it is in RPs interest that the Club improves its trading position back to a nte profit again soon to make that a possibility.

Therefore I would say IMHO the 10% holding is currently not very significant but his salary is.

The club has a very large asset in the training centre which could be sold for development.It's valued at around £5M as a training centre.

[sahib]

This quote is hidden because you are ignoring this member. Show Quote

If the stands and training facility are mortgaged which I believe is the case then you would have to subtract the remaining mortgage from the sale price. As they are a depreciating asset I doubt if they add much value to the potential net sale price of the club.

The land is the main asset but that is only of value if it can be developed.

So the value of RPs 10% is effectively 10% of whatever price someone is willing to pay to obtain a loss making club with virtually no saleable assets.

The only likelihood of him being able to realise a price is if Hibs find a buyer so keen to get into scottish football, or so keen on hibs, they will buy out STF. I think that will be very hard in the current climate.But it is in RPs interest that the Club improves its trading position back to a nte profit again soon to make that a possibility.

Therefore I would say IMHO the 10% holding is currently not very significant but his salary is.

Good sense talked again, little jamboid chum.

[Kaiser1962]

This quote is hidden because you are ignoring this member. Show Quote

The stands and training facilities are constant and actually worth something.

As ancienthibby points out they are only worth what someone is prepared to pay. I would expand that further and say ER is no use to anybody for anything other than a football stadium. It's usefullness for other sports is dubious so unless someone wants a football team the stands only value would be scrap with the footprint of the stadium valuable as housing. East Mains may have more flexibility but, again, unless someone is looking for a training complex they would be required to bulldoze whats there in order to re develop.

That said we do have a bit of debt these days so that would eat into any valuation so I dont think there is anywhere near the cash value in Hibs that folk seem to think and "Rangers for a pound" is an excellent analogy.

[IWasThere2016]

This quote is hidden because you are ignoring this member. Show Quote

You are 100% right in what you say, but you do not go quite far enough!!

The HFC assets, in any combination, are only worth what a buyer is willing to pay.

Since there are no buyers around, the value of RP's shares (and mine) is precisely ZERO.

Then again, when a buyer does come along, just look at how much Mr. Murray got for his Govan shareholding!!

Have either of STF or RP said publicly the club is for sale?

[Kaiser1962]

This quote is hidden because you are ignoring this member. Show Quote

Have either of STF or RP said publicly the club is for sale?

Rod hasn't but STF has said a number of times, not for a while though, that if someone was willing to take the club from him, and had the means and desire to develop the club further, then he would not be difficult to deal with.

Of course that is not the same as saying it's for sale and I know there are some posters who believe he is unwilling to sell.

[The Falcon]

This quote is hidden because you are ignoring this member. Show Quote

If the stands and training facility are mortgaged which I believe is the case then you would have to subtract the remaining mortgage from the sale price. As they are a depreciating asset I doubt if they add much value to the potential net sale price of the club.

The land is the main asset but that is only of value if it can be developed.

So the value of RPs 10% is effectively 10% of whatever price someone is willing to pay to obtain a loss making club with virtually no saleable assets.

The only likelihood of him being able to realise a price is if Hibs find a buyer so keen to get into scottish football, or so keen on hibs, they will buy out STF. I think that will be very hard in the current climate.But it is in RPs interest that the Club improves its trading position back to a nte profit again soon to make that a possibility.

Therefore I would say IMHO the 10% holding is currently not very significant but his salary is.

This quote is hidden because you are ignoring this member. Show Quote

Good sense talked again, little jamboid chum.

I dont think the training facility is mortgaged. And I dont think his salary of £75k (£106k all in) is too extravagant.

[southern hibby]

Lets be honest here Rods a very shrewed business man. He has sold our players for vast amounts of money to re-invest in the stadium and training ground. Yes it has a mortgage but this will be paid off. What I'm suggesting is that he will get more for his shares because of the balanced books and assets. If he did go well over budget for several years investing Heavily in players (as he has done with the assets), then would Hibs value be worth more or less to an interested buyer? If it is worth less, as I imagine it would be, (Because the books will be in the red). However if he can keep them in the black during this financial climate it will look a lot more promising to investors. Which means if someone did buy they would probably have to pay more for his shares. So will we see Rod Splash the cash or will he just keep on investing the team at current amounts and not invest more? GGTTH.

[The Falcon]

This quote is hidden because you are ignoring this member. Show Quote

Lets be honest here Rods a very shrewed business man. He has sold our players for vast amounts of money to re-invest in the stadium and training ground. Yes it has a mortgage but this will be paid off. What I'm suggesting is that he will get more for his shares because of the balanced books and assets. If he did go well over budget for several years investing Heavily in players (as he has done with the assets), then would Hibs value be worth more or less to an interested buyer? If it is worth less, as I imagine it would be, (Because the books will be in the red). However if he can keep them in the black during this financial climate it will look a lot more promising to investors. Which means if someone did buy they would probably have to pay more for his shares. So will we see Rod Splash the cash or will he just keep on investing the team at current amounts and not invest more? GGTTH.

Thats all very but for a couple of things. We did go well over budget for a number of years on players and nearly had to leave ER.
The books don't balance and we are reliant on player sales to break even. We have a not inconsiderable debt so therefore we are not in black. Very few are.

No-one looking to make money would by Hibernian FC just now.

[southern hibby]

This quote is hidden because you are ignoring this member. Show Quote

Thats all very but for a couple of things. We did go well over budget for a number of years on players and nearly had to leave ER. The books don't balance and we are reliant on player sales to break even. We have a not inconsiderable debt.

Yes true, but that was several years back we went over. This will prove to an investor we are a good club to buy, as we managed to turn things completely around.As for player sales we have needed it to stay in the black. But surely this is a positive he can use to an investor. Irrespective (again this is only my view) of how we stay in the black surely this will prove to an investor we are worthy of being bought. Hence adding more value to his shares and of course HIBS Value. GGTTH.

[southern hibby]

This quote is hidden because you are ignoring this member. Show Quote

Thats all very but for a couple of things. We did go well over budget for a number of years on players and nearly had to leave ER. The books don't balance and we are reliant on player sales to break even. We have a not inconsiderable debt so therefore we are not in black. Very few are.No-one looking to make money would by Hibernian FC just now.

As you say no one looking to make money would buy HIBS just now. So does this mean (if Rod is only interest is to add value to his shares, even if this takes several years) we can expect no more real investment increase in players? Remember we have cut our wage bill, we a lossing a lot of fans at home games or when ourmortgage is paid off we might see a large increase then? GGTTH.

[Ray_]

This quote is hidden because you are ignoring this member. Show Quote

Thats all very but for a couple of things. We did go well over budget for a number of years on players and nearly had to leave ER. The books don't balance and we are reliant on player sales to break even. We have a not inconsiderable debt so therefore we are not in black. Very few are.

No-one looking to make money would by Hibernian FC just now.

True, we spent a fortune on dozens of no hopers, who were nowhere near first team material & then blamed the deficit on the wages of team Latapy & Sauzee played in.

[Kaiser1962]

This quote is hidden because you are ignoring this member. Show Quote

True, we spent a fortune on dozens of no hopers, who were nowhere near first team material & then blamed the deficit on the wages of team Latapy & Sauzee played in.

I dont think anybody can argue with that point.

Unfortunately during the time that the two players you mentioned were at the club we incurred heavy financial losses.