Hibernian Football Club experienced a significant financial downturn, posting a loss of £7.2m for the year ending June 2024, nearly doubling the previous year's losses. Despite a turnover increase of 30% to £15.9m, mismanagement, including sacking two managers, led to considerable operational costs and a poor recruitment strategy. Furthermore, upgrades to the stadium exceeded £3m, and increased staff costs compounded the challenges. Although the club saw profits from player sales and European matches, ongoing instability and leadership changes reflect a broader struggle to stabilize finances amidst performance concerns.
Hibernian's significant overspend and poor recruitment strategy contributed to a loss of £7.2m for the year, despite a 30% increase in turnover to £15.9m.
Staff costs rose by £2m, reflecting a challenging financial period for Hibs, which they attribute to performance issues and managerial instability over the last year.
Despite sacking two managers, rising costs, and a written-off debt of £1m from a liquidation, Hibs made a profit from player sales and European matches.
The Gordon family, who hold controlling shares in Hibs, continue to support the club's financial challenges, following key leadership changes, including the departure of CEO Ben Kensell.
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