American billionaire Bill Foley has concluded his brief foray into Scottish football, selling his 25% stake in Hibernian FC after just twenty-one months of involvement.
The Black Knight Group, Foley's investment consortium, has withdrawn from Easter Road in what marks the end of a somewhat unconventional partnership that never quite delivered on its initial promise.
The Investment That Never Quite Delivered
When Foley's group paid £6 million for a quarter share of the Edinburgh club in early 2024, it appeared to signal an exciting new chapter for Hibs. The deal granted Black Knight two boardroom representatives - president Tim Bezbatchenko and Ryan Caswell - but crucially never provided controlling interest.
The Gordon family maintained their majority stake throughout the partnership, retaining ultimate authority over club decisions. This power dynamic became increasingly apparent as tensions emerged over key appointments.
Foley publicly expressed reservations about Hibs' decisions to appoint David Gray as head coach and Malky Mackay as sporting director last year. However, both appointments were vindicated when the team secured a third-place finish in the Scottish Premiership - an achievement that highlighted the limitations of Foley's influence.
Unclear Expectations and Limited Benefits
The fundamental disconnect between expectations and reality became increasingly evident. While Black Knight envisioned being part of a 'multi-club network' with shared best practices and player trading opportunities, the actual benefits to Hibs proved minimal.
Only two players - Emiliano Marcondes and Nathan Moriah-Welsh - made the move from Bournemouth to Easter Road during the entire partnership. Beyond a single pre-season trip to the Cherries' training ground, there was little evidence of the deep integration initially promised.
Then-chief executive Ben Kensell's vision of gaining 'an edge in Scottish football' through the partnership now appears optimistic at best. Hibs' third-place finish last season occurred despite rather than because of the Black Knight investment.
An Amicable Parting of Ways
The separation appears to have been conducted without acrimony. Foley has recovered his initial investment plus additional returns, while Hibs continue to perform well under their current structure, sitting comfortably in third position once again.
What remains puzzling is what initially attracted the American billionaire to a club he never once visited in person. The mystery of Foley's brief Hibs adventure may never be fully solved, but both parties appear to have emerged from the experience relatively unscathed.
For Scottish football observers, the episode serves as a cautionary tale about the realities of multi-club ownership models and the importance of clear expectations between investment partners and traditional football club structures.
