Hibernian announce fan ownership scheme after clearing debt
The Scottish Championship outfit announced the news on Monday after a settlement was reached with the bank, and they have set their sights on using the money created by the sale of shares to ensure Easter Road and their training facility remain under the club's ownership.
Hibernian will allow the fans to own up to 51 per cent of the club - a first in Scottish football.
Chairman Rod Petrie is excited by the announcement and believes the future of the club is much brighter.
He said in a statement on the club's official website: "The environment of Scottish football is changing. After extensive consultations with supporters we have decided on the Hibernian Way, the right way forward for Hibernian football club.
"Supporters will have the opportunity to contribute directly to their club. The more supporters contribute then the more of the club they will own.
"And by owning the club they will also own Easter Road Stadium and the training centre and the cash they raise."
The move is in stark contrast to the fortunes of Hibernian's league rivals Rangers and Hearts - who sit ahead of them in the table - with both having had problems with former owners and entered administration in previous campaigns.