The results for 2009 show that Hibs are, as ever, a club dependent on survival through selling their better young players.
This may well help with the long term survival of the club, but it may also be very frustrating for the fans. The departure of young players is always upsetting.
The club does then spend some of the money on bringing in players which is better than just seeing the money disappear.
Hibs has broken even over the last five seasons having sold over £13m worth of players. This makes it clear why there is such an emphasis on making the youth academy work.
The club seems to recognise where it is at and doesn't overspend ridiculously. The loss of the Setanta money will hit Hibs hard unless there is a good league finish, and a decent Scottish Cup run. The loss to St Johnstone in the League Cup was a blow.
Something that stands out in the accounts for Hibs is the amount of money that goes to the directors. Hibs has paid out roughly £500,000 to the directors for each of the last two seasons. As a percentage of the money coming in to the club this is th
ree times higher than anyone else in the SPL. This seems excessive.
Updated 18th November 2009
Hibs - Football Finances