Bournemouth owner Bill Foley has purchased a 25% stake in Scottish Premiership side Hibernian after the deal was ratified by the club's shareholders.
The American billionaire became Bournemouth owner in December 2022, before his Black Knight consortium completed a deal to secure a minority stake in French side Lorient.
Foley also secured a license last year to establish a new team in Auckland, New Zealand, which will compete in Australia's A-League from the beginning of the 2024-25 campaign.
A report in November claimed that the 77-year-old was looking to expand his portfolio by becoming a shareholder in Hibernian.
On Tuesday, Hibernian announced that the Black Knight Football Club had their investment proposal approved at the club's AGM.
Foley's minority investment was approved by the required 75% of shareholders despite the fact that the Hibernian Supporters Limited (HSL) announced their plans to vote against the proposal.
While the Gordon family remain the majority shareholders, their stake has now dropped from 67% to just over 60%.
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Foley's £6m investment will enable Hibernian to improve the infrastructure at Easter Road and the club's training facilities as well as increase the first-team budget to help boost performance on the pitch.
The Scottish FA have also given their approval to the investment, with Foley allowed to reach a maximum shareholding of 29.9%.
Foley, who was not in attendance at the AGM, told the club's website: "We are excited to announce a strategic partnership and investment in Hibernian FC today (Tuesday). We look forward to partnering with the Gordon Family and other shareholders to accelerate the success of Hibernian FC and BKFC.
Following the approval, the Gordon Family said: "We are delighted that the partnership with Bill (Foley) and Black Knight Football Club has been ratified; a partnership that'll greatly benefit the long-term future of Hibernian FC.
"We share the same values and ambitions as BKFC, and it was always part of Ron's vision, and long-term plan, to bring in a minority partner. As a family, we have an unwavering commitment towards Hibernian FC and to building a winning, successful club.
"We believe this partnership, with our commitment to invest in player development and infrastructure, can help BKFC and Hibernian FC reach new levels of success and help Scottish football continue to grow."
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Hibernian chief executive Ben Kensell also expressed his delight, insisting that the deal offers the club a "bright" future.
"This deal is ground-breaking in Scottish football and game-changing for Hibernian Football Club," Kensell added. "So I'm really pleased it was ratified this evening.
"The Gordon Family and I spent months in dialogue with Bill and Black Knight Football Club to ensure they were the right partners for this fantastic club, and during that time we quickly realised we were totally aligned with our ambitions for Hibernian FC.
"I'd also like to thank the Scottish FA for their openness, transparency, and support in getting this deal agreed. This is a really exciting time for everyone involved with Hibernian FC. The future looks very bright and fans should be excited."
Hibernian are currently sitting in seventh place in the Scottish Premiership with 30 points to their name from 26 matches.
Nick Montgomery's side are unbeaten in three competitive matches, and they will be looking to extend that run when they face local rivals Hearts in the Edinburgh derby on Wednesday evening.
