Ronald Gordon: All you need to know about the new Hibs owner

As part of the deal to take over the club, Gordon and Farmer worked together on a transaction that took the club out of debt.

Getting rid of their mortgage debt of around £2.9 million was an existing goal of the Hibs board, though this takeover means it has come six years ahead of schedule.

The new majority shareholder of Hibs, Ronald Gordon.

There will also be a seven-figure investment from Gordon in other areas of the club.

Farmer said at the press conference: "We'd been looking for who was the best person to take over from us. We had they criteria: they had to the right people, with the right plans and the right finances.

"The right finance will keep the club going and take it forward. I passionately believe we've found the right person in Ron. I've had talks with Ron and he talks about it at the same level I do, for what this club can do for the community.

"I don't know much about Ron's personal position, but he is a successful businessman. I'm excited about his plans. I can't wait to taste the hotdogs with the American mustard and everything that comes with it.

"As for the finance, I don't know, but I'll tell you now Ron - it'll cost you a bob or two."

Hibs are officially debt free thanks to Ronald Gordon takeover