Petrie says football clubs are not immune to global financial problems

Hibernian say plans to build a new stand at Easter Road will have to wait following the publication of their latest financial figures.

"The board continues to explore the cost and viability of a new East Stand," said chairman Rod Petrie.

"But our current cash resources are insufficient to pay for the sort of new stand everyone would want.

"We intend to ring fence a substantial portion of resources for an appropriate new East Stand when the time is right."

The financial results for the year ended 31 July revealed a �1.5m operating loss for the first time in four years and a �2.9m swing from the previous year's figures.

That is despite a net profit of �1.2m after taking into account transfer fees for two players during the period.

MY SPORT: DEBATE Give your reaction to Hibs' financial results

The club's net debt also remained unchanged at �2.8m.

Petrie said the cause for the operating loss was the effect of increased spending on wages and a fall in revenues - due largely to early exits from both domestic cup competitions and finishing sixth in the Scottish Premier League.

And, despite predicting tight financial times ahead, the chairman is optimistic the club is in safe hands.

"The general economic climate has changed very much in a short space of time and football clubs are not immune to it," Petrie told Hibs' website.

"The club is on a rock solid financial footing as we work towards restoring an operational break-even position in the year ahead."