18 Oct 2010Revenues down at Hibernian

Football Clubs News | Football Finance News

Scottish Premier League football club Hibernian experienced a drop in revenues of £7.1 million - a fall of around eight per cent on the previous year's figure - in the 12 months ending on July 31st 2010.

According to the Scotland Herald, the Edinburgh side's operating losses increased to £1 million from £570,000, while only income from player transfers gave them a pre-tax profit of £139,000.

"The club has set itself a challenging budget as it heads towards operational profitability," the board of directors explained. "The biggest factor which can affect that is success on the field of play."

Hibernian's net debt rose by £500,000 to £4.1 million, while the club's wage bill also climbed to £4.8 million, although the results were affected by the demolition of Easter Road's old East Terrace to make way for a new 6,500-seater stand.

There have been long-standing concerns about the finances of several Scottish teams, with champions Rangers still burdened by debts of around £30 million.

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Written by Mark Thompson

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