Bournemouth owner Bill Foley has sold his 25 per cent stake in Hibernian, after both parties agreed the partnership was not working.
Hibs’ majority shareholder, the Gordon family, have purchased the shareholding following talks over recent months.
Foley, who owns Bournemouth through his Black Knight Group, paid £6m for his stake in February 2024.
Hibs chairman Ian Gordon said: “We remain fully committed to the success of Hibernian FC. Every decision we make has Hibernian FC at the heart of it.
“Over the last few months, we have had detailed conversations with the Black Knight Football Club group regarding Hibernian FC. During those discussions it became clear there are philosophical differences in our visions for the club. We mutually agreed this decision was best for both organisations.
Hibs chief exec Dan Barnett has joined the club’s board
“We would personally like to thank everyone at Black Knight Football Club for amicably agreeing to the share acquisition. We wish Black Knight nothing but the best moving forward.
“The future continues to look bright for Hibernian FC. We are confident in our football, strategic, commercial, and operational teams, and the success they will deliver for years to come.”
Following the completion of the share acquisition, Tim Bezbatchenko and Ryan Caswell have stepped down from the club’s board of directors with Hibs chief executive Dan Barnett joining.
Black Knight football club president Tim Bezbatchenko added: “Black Knight football club and Hibernian FC have amicably agreed to end the strategic partnership between the two organisations.
“We made progress during our nearly two years working together but ultimately felt this was the right decision for both entities to help reach our respective future goals.”
At the time of the deal, now former Hibs CEO Ben Kensell said the deal was “game-changing” and added, “I spent months in dialogue with Bill and Black Knight Football Club to ensure they were the right partners for this fantastic club”.
Former Hibs CEO Ben Kensell said he spent months ensuring the Foley deal was right for the club
Foley, meanwhile, added that the investment would help Hibs “reach new levels of success and help Scottish football continue to grow”.
However, months into the arrangement, Foley was critical of the appointments of head coach David Gray and sporting director Malky Mackay, before also questioning the ownership at Hibs for failing to take more advice from his group.
Hibernian finished eighth just months after Foley’s arrival and despite a run of one win in 13 under Gray during Foley’s first full season at Hibs, the club finished third behind Celtic and Rangers.
How has Foley fared elsewhere?
Foley’s Black Knight Group own Bournemouth, plus hold stakes in clubs across Portugal, France and New Zealand
Foley, who is based in Las Vegas, made his money in the insurance industry before buying the National Hockey League team Vegas Golden Knights.
With a net worth of £2bn, according to Forbes, he also owns a winery and several restaurants.
His Black Knight group completed their takeover of Bournemouth during the 2022/23 campaign, with the club finishing 15th in the Premier League that season.
The Cherries have continued to improve, with a 12th-place and a ninth-place finish over the following seasons.
Michael B Jordan is part of the Black Knight Football Club
Elsewhere, his time at Lorient started with relegation from Ligue 1 but the French club instantly returned to the top-flight by winning the Ligue 2 title last season.
Foley’s group were also awarded an expansion franchise in the A-League in November 2023, with Auckland FC playing their inaugural match in October 2024.
They went on to win the Premiership that season, becoming just the second expansion side to win the title in their debut season.
Most recently, the Black Knight group have acquired a majority ownership in Moreirense FC of Portugal in June.
A different story across the city
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New Hearts investor Tony Bloom set out his hopes and expectations after investing in the club and outlined his plans to win the league title
Across Edinburgh, Hearts landed backing from a Premier League owner in the summer and have not looked back since.
Brighton’s Tony Bloom acquired a 29 per cent stake for £9.86m in June, with the club already using his Jamestown Analytics data company to help sign players.
Just months later, Hearts find themselves top of the Scottish Premiership, six points clear of Celtic and a further five ahead of Hibs and Rangers.
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The inside story of Tony Bloom’s success at Brighton and USG, and what could be next for Hearts after his investment in the Scottish Premiership club
Foley’s deal at the time was not backed by Hibs’ second-largest shareholders – Hibernian Supporters Limited – but was approved by the required 75 per cent of shareholders in attendance at Easter Road.
Just 21 months on, some fans and shareholders will be wondering what could have been as the Foley-Hibs deal looks set to end, while their rivals continue to flourish.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: skynews.com
