American businessman Foley – who heads up the Black Knight Group which also has shares in French side Lorient as well as the Premier League [Cherries](http://www.bournemouthecho.co.uk/sport/cherries/clubnews/?ref=au) – had bought into Hibernian during February 2024 for a reported £6million.
During last summer, Foley – who had not attended a match at Easter Road – spoke out over the appointments of manager David Gray and sporting director Malky Mackay, which further highlighted the differences of opinion to the Hibs board.
Through Bydand Sports, the Gordon family – with Ian becoming Hibernian chairman last year – now hold 85 per cent of the club shares.
“We remain fully committed to the success of Hibernian. Every decision we make has Hibernian at the heart of it,” Ian Gordon said in a statement.
“Over the last few months, we have had detailed conversations with the Black Knight Football Club group regarding Hibernian.
“During those discussions it became clear there are philosophical differences in our visions for the club. We mutually agreed this decision was best for both organisations.
“We would personally like to thank everyone at Black Knight Football Club for amicably agreeing to the share acquisition. We wish Black Knight nothing but the best moving forward.”
Gordon added: “The future continues to look bright for Hibernian. We are confident in our football, strategic, commercial, and operational teams, and the success they will deliver for years to come.”
Following the completion of the share acquisition, Black Knight Football Club president Tim Bezbatchenko and Ryan Caswell have stepped down from Hibernian board, as chief executive Dan Barnett now joins the board.
Bezbatchenko said: “We made progress during our nearly two years working together, but ultimately felt this was the right decision for both entities to help reach our respective future goals.”