"The club now has an agreement in principle with Black Knight Football Club for minority investment into Hibernian," said a Hibs statement.
"This decision came after a number of meetings between the two parties, alongside the club agreeing to certain undertakings and commitments at the request of the governing body."
Football finance expert Kieran Maguire believes Foley's investment would mean Hibs could become the third club in Scotland, but that they would not challenge the Old Firm.
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