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Last Updated: Wednesday, 30 July, 2003, 11:17 GMT 12:17 UK
Hibs reveal Farmer stake
Hibs' debt is thought to be in the region of 17m
Hibs' debt is thought to be in the region of 17m
Hibernian have attempted to allay supporters' concerns regarding owner Sir Tom Farmer's commitment to the club, by revealing the details of his investment.

A section of the club's support has been vocal in its criticism of Farmer, a multi-millionaire, with regard to his financial input into Hibs.

While the club are not obliged to reveal such details, they did so at a Supporters' Focus Group meeting in an attempt to ease fans' concerns.

Managing director Rod Petrie told the meeting that Farmer's investment has run to several million pounds since he bought the club from the receivers in 1991.

It was revealed that he paid almost 3m for the club, 1.75m of which was for the stadum and the adjacent car park.

The stadium has since been sold back to the club, along with one-acre of the car park, for 2.5m in cash and 3.5m in shares.

HFC Holdings, 90% of which is owned by Farmer, bankrolled the refurbishment of the north and south stands at a cost of 8m, while the tycoon also guaranteed a 4m loan for the new main stand.

It was also revealed that Farmer has expanded his loan facility to the club by 3m as the football world continues to experience financial hardship.

Hibs' debt is expected to have risen to about 17m by the end of this month, despite continued attempts to reduce the club's wage bill.





HIBERNIAN


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