Hibernian Went From Bottom to Third and Still Needed Their Owners to Cover the Losses

In the 2024-25 season covered by these accounts, Hibernian were bottom of the Premiership in November under David Gray, then went on a 17-match unbeaten run, matching the club's longest since 1948, and finished third. That earned a place in the Europa League qualifying rounds the following summer.

The filed figures we hold don't include a turnover line, so we can't compare income directly with the other clubs. The club itself reported record turnover for a fifth successive year, helped by bigger Easter Road crowds and hospitality sales during the unbeaten run. The previous year's filing showed turnover of around £16m.

What the accounts do show is the cost. The pre-tax loss narrowed to around £6m from around £8m, but it is still the second largest in the league after Rangers. Staff costs held flat at around £12m, and the club employed 162 people. Even a best-in-years finish didn't come close to closing the gap between spending and income.

Hibs sold a 25% stake to Bill Foley's Black Knight group and are part of its multi-club network, while the majority shareholders, the Gordon family, continue to put money in to underwrite losses. Net assets stood at around £28m, but cash was down to around £3.5m at the year end. The turnaround on the pitch was real. The business behind it still depends on its owners' willingness to keep funding the gap.