Hibernian Reports £7.2m Loss Amid Management Changes

Hibernian Football Club has reported a £7.2 million loss for the fiscal year ending June 2024, a significant increase from the previous year's £3.9 million deficit. Despite a 28% rise in turnover to £15.9 million, the club attributed its financial struggles to a poor player recruitment strategy and unplanned expenditure, particularly during the January transfer window. The loss was compounded by costs related to sacked managers Lee Johnson and Nick Montgomery, as well as a £1 million write-off from a commercial partner's liquidation. The club's wage-to-turnover ratio fell slightly to 78%, while staff costs surged by over £2 million. Hibernian's investments in stadium upgrades and a commitment from shareholders to cover losses are part of their strategy to stabilize finances, though they anticipate a challenging year ahead without European football. Shareholder support remains crucial as the club navigates these financial difficulties while seeking to enhance on-field performance.