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Football: HIBS' pounds 1.9m YEAR LOSS.


HIBERNIAN have announced a loss of pounds 1.9million for the year ending July 31, with the club's overall debt now standing at pounds 10m.

That figure is down from pounds 16m after the sale of land next to the stadium by the club's parent company.

A cost-cutting exercise, which saw manager Bobby Williamson leave for Plymouth after his salary was reduced, allowed the club to slash their wage bill and reduce the wages-to-turnover ratio from 72 per cent to 57 per cent.

The Easter Road club had made a profit of pounds 1.7million in the previous 12 months, but that was due to cash from the transfers of Ulises de la Cruz to Aston Villa and Ulrik Laursen to Celtic.

Chief executive Rod Petrie said: "The club has achieved significant progress in a difficult financial environment."


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Title Annotation:Sport
Publication:The Mirror (London, England)
Date:Oct 1, 2004
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