LONDON (Reuters) - U.S. businessman Ronald Gordon has taken a controlling stake in Hibernian, the Scottish Premier League club said on Tuesday.
Gordon has bought the shares in the Edinburgh club from Tom Farmer, owner since 1991, and chairman Rod Petrie and becomes executive chairman.
Hibernian said in a statement the club was now debt free six years ahead of schedule and Gordon was making a seven figure cash injection into the club.
“Following the transaction around one-third of the shares in Hibernian Football Club will be owned by existing shareholder supporters with Ron becoming the new majority shareholder,” the club said.
Farmer said the club was “significantly better off than when we walked through the doors all those years ago, with a 20,000 all-seater stadium that is one of the best in Scotland, a first-class training centre and no debt”.
Reporting by Alan Baldwin; Editing by Alison Williams