Hibernian: Bournemouth owner Bill Foley cleared to invest in Edinburgh club
- Published
Bill Foley completed his takeover of Bournemouth in December 2022
The Scottish FA has cleared the way for Bournemouth owner Bill Foley to become a minority investor in Hibernian.
The proposal must now be ratified at the annual general meeting next month.
The SFA's approval is subject to Foley's shareholding not exceeding 29.99% and that it does not preclude Hibs from playing in Uefa competitions.
"The club now has an agreement in principle with Black Knight Football Club for minority investment into Hibernian," said a Hibs statement.
"This decision came after a number of meetings between the two parties, alongside the club agreeing to certain undertakings and commitments at the request of the governing body."
The Gordon family, who hold a majority shareholding in Hibs, have been in talks with Foley and his company Black Knight Football and Entertainment for the past few months.
Ron Gordon, who was chairman, died last year and his wife Kitty and son Ian have taken on the senior roles on the board.
"The Gordon family are excited that the Scottish FA has approved the minority investment proposal," said a statement by the Gordons.
"Ron's vision, and long-term plan, included bringing in a minority partner, like Black Knight, which would help us achieve our goals.
"We share the same values and ambitions as Black Knight in our partnership. Our continued commitment to building a winning and successful club is unwavering."
Foley has been keen to expand a sporting franchise that already includes a Las Vegas Ice Hockey team, as well as football clubs in France and Australia as well as England's top flight.
Football finance expert Kieran Maguire believes Foley's investment would mean Hibs could become the third club in Scotland but that they would not challenge the Old Firm.
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