SPFL: Hibernian close to striking deal to wipe out debt
Tuesday 9 December 2014 16:02, UK
Hibernian owner Sir Tom Farmer is close to striking a deal that would see the club’s £8m debt wiped out, according to Sky Sports News HQ.
The Edinburgh entrepreneur is believed to be nearing an agreement with Hibs’ bankers that see him pay out a seven-figure settlement amount and clear the way for a possible takover.
Sky Sports reporter Luke Shanley said: "I understand that Hibernian have done a deal with the bank to wipe out their debt. The deal has been signed with the bank but it could take up to a month for it to be fully ratified.
"Tom Farmer will contribute about a quarter of the debt with the rest being written off with clauses in the deal with the bank. The club are yet to release their financial figures or hold an AGM.
"Mr Farmer has been in charge of the club since 1990 when he saved the club from receivership but there has been talk of people buying the club, including a fans' group, for some time now.
"But I understand the man in pole position is Richard Skellett. He is an Edinburgh-born businessman but is based in High Wycombe. He has been in talks although nothing has been confirmed yet."
It is understood that Farmer is keen on putting both Hibs and the club's East Lothian training complex into a trust in order to secure future financial stability.
Hibs, relegated after a play-off last season, are in fourth place in the Championship, 19 points adrift of leaders and city rivals Hearts.
