Hibs hoping finances will get £2 million boost through insurance claim

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Hibs have made a £2 million insurance claim in a bid to recover significant losses brought on by the pandemic.

The Easter Road side have already received £200,000 and are hopeful the remaining amount will come through in time.

Hibs last month announced a net loss of £1.2 million for the financial year, while the club’s bank balance was halved, going down from £5.3 million to £2.6 million.

Easter Road ahead of the season opener against Kilmarnock | Hibs news
Hibs have played in front of an empty Easter Road this season

That figure has improved slightly, with Hibs now sitting with £3.3 million in their account and the Leith outfit are hoping their Business Interruption Insurance will also bolster their reserves.

Chairman and owner Ron Gordon, who addressed fans at a virtual AGM on Wednesday, said: “We have a very good insurance policy but getting money out of the insurance companies is a little trickier than you would think.

“But I think we have a very good claim.

“So, my feeling is we’re going to be reimbursed for a significant amount of our losses.

“But it’s trickling in, we got an initial payment maybe 10 days ago.

“But it’s a fraction, a tiny slither of our claim.

“So, obviously, operating the club without any game day revenues is a difficult thing.”

Hibs officials also told fans at the AGM that the club have drawn down a £1.8 million interest free loan from the Scottish government to tide them over.

Despite clubs throughout Scotland being affected by the financial blow of playing in front of no fans, Gordon has also reassured manager Jack Ross that there will be money to spend on the squad this summer.

Ross, who has the team on course for third place in the Premiership and European football qualification, said: “The support we’ve had has been absolutely incredible, and it’s been a significant driver for us as a group this season.

“Hopefully we can reward that by giving them something exciting to look forward to next season.”