Directors of Hibernian Supporters Ltd (HSL) yesterday responded to criticism of the share issue that their organisation has been set up to support by registering "delight" that 700 supporters had already shown interest in buying into the club.

The Hibernian Supporters Association, Hands on Hibs and Buy Hibs groups have all, this week, registered their opposition to the plan, with questions raised about how realistic it was that it would genuinely bring about community ownership of the club.

The pressure generated resulted in Leeann Dempster, the club's chief executive, outlining yesterday the "favourable" terms of the club's new mortgage after its bank debt was cleared, leaving them with a single loan of £5 million to the club's parent company HFC Holdings, 90 per cent of which is owned by Tom Farmer and the remaining 10 per cent by club chairman Rod Petrie.

Dempster said the club will repay the debt interest free at £500,000 per annum for the next 10 years - £84,000 less than the average repayment to the Bank of Scotland for the past three years.

For the fans to own the club it was calculated following the launch that more than 11,000 supporters would have to pay in the recommended £18.75 per month if the available 51 per cent of the club was to be owned by fans within a year.

However a statement issued by club officials last night, on behalf of HSL, indicated that they believe the initial reaction has been encouraging, stating that: "The response has delighted the Board of HSL - Chairman Kenny MacAskill MSP, and directors Charlie Reid, Jackie McNamara, James Adie, Gordon Smith, Stephen Dunn and Leeann Dempster."

MacAskill noted that those who have come forward have done so even before the scheme is available.

"HSL was only launched a matter of days ago, and we have done no promotion beyond that," he pointed out.

"In addition, the shares are not going to be available until after the AGM, from February 2nd. Yet despite all of that, we've already seen almost 700 people take the time to note interest on our website - and that is a clear demonstration that Hibernian supporters are willing and eager to back the opportunity that is being presented to them."

He repeated the calls made at the launch of HSL last week for supporters to unite behind the club.

"Supporters are being offered the opportunity to take a controlling interest in their Club, and HSL is one vehicle for achieving this - along with fans who do want to buy shares directly. The more fans who take part, the greater the voice we will have and indeed if we can achieve a 20% stake we are able to nominate a Club Director," said MacAskill.

"We believe it is time for everyone with the best interests of the Club at heart to come together to take this forward to deliver a better future for Hibernian - on and off the pitch - and we would encourage Hibernian fans to continue to show their support."