Bill Foley has sold his 25 per cent stake in Hibs back to the Gordon family after both parties agreed that the arrangement wasn’t working.
The American businessman, who owns Bournemouth through his Black Knight Group, paid £6million for his shareholding in the Leith club nearly two years ago.
Despite hopes that Foley’s interest would be mutually beneficial to both the Premier League club and Hibs, differences of opinion on key matters soon became public knowledge.
After weeks of talks to find a resolution, it’s now been confirmed that the 80-year-old has sold his shares back to the Gordons for an undisclosed sum, taking their shareholding up to 85 per cent.
Chairman Ian Gordon said there were ‘philosophical differences’ between Black Knight and the rest of the Hibs’ board on the vision for the club’s future.
‘We would personally like to thank everyone at Black Knight Football Club for amicably agreeing to the share acquisition,’ Gordon added.
Bournemouth owner Bill Foley’s Black Knight Group have backed away from their Hibs link
Easter Road boss David Gray has achieved great success since criticism from Foley emerged
Hibs recovered from a poor start last season to storm to a third-place finish in the Premiership
‘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.’
At the time, the investment was announced as ‘game-changing’ by then Hibs chief executive Ben Kensell.
Players including Emiliano Marcondes and Nathan Moriah-Welsh moved from Bournemouth to Easter Road.
However, matters quickly went sour when Foley was publicly critical of the appointments of head coach David Gray and sporting director Malky Mackay.
He said in July last year: ‘If the other ownership group at Hibernian listen to us, they will do better. So far, they really haven’t been listening to our input.’
Hibs had taken Nathan Moriah-Welsh and Emiliano Marcondes on loan from Bournemouth
Although Gray justified his appointment by taking Hibs from the bottom of the league to a third-place finish, there was no repairing the damage with the parting of the ways long thought to be inevitable.
Black Knight president Tim Bezbatchenko and fellow representative Ryan Caswell have stepped down from their roles on the board as a result of the deal and new chief executive Dan Barnett has joined instead.
Bezbatchenko had been a regular presence at Hibs matches although Foley, remarkably, did not attend any.
‘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,’ Bezbatchenko said.
‘We wish the Gordon family, the club and Hibernian supporters all the best moving forward.’
The Black Knight group are actively looking for other clubs to expand their portfolio which includes Lorient in France, Portuguese side Moreirense and Auckland FC in New Zealand.
It’s believed the sale could open up the possibility of the Gordon family looking for another investor.
