Hibs accounts show club has been run into the ground and David Gray will be bargain hunting this summer – Tam McManus

I'm no financial expert but one glance at Hibs’ latest accounts screamed one word: unsustainable.

The club has been run into the ground in the last couple of seasons. An £11m loss over two years is extremely worrying and what smacked me in the face like a Yogi Hughes clearance was the average wage is over £5000 a week. I can't believe the amount of money that some guys in that squad are on. It's unsustainable for Hibs and unsustainable for the owners, the Gordon family, who are picking up the tab. People are wondering why players weren’t being signed in January - well that's the reason. The club is on its knees financially and needs to cut the cloth.

It’s going to be a real hard summer. There's got to be a massive clear-out, big budget cuts I would assume and there'll be guys out of contract not being offered the same money they're on.

There will be players who the manager wants to keep, but they just can't afford to. Martin Boyle for instance is probably the highest earner at the club and is out of contract in a few months. If he wants to stay, he'll need to accept a much lower wage.

It reminds me of when I left the club 20 years ago. Tony Mowbray came in as the manager, tapped me on the shoulder on his first day and was blunt: ‘Tam, we can't afford to keep you on this salary’.

I’ve mentioned before that, by the age of 22 or 23, I had signed 15 years worth of contracts at Hibs which is incredible. I got two five-year deals under Alex McLeish then Franck Sauzee and basically if I played I was the highest earner at the club.

They had been signed off when everything was rosy in the SPL and people were paying good money. Bobby Williamson replaced Franck in 2002, took one look at my contract and said: ‘how the f*** did you