Chairman Ronald Gordon has warned Hibernian fans that "difficult decisions" will have to be taken as another Scottish club faced up to the financial implications of the coronavirus crisis.
The pandemic has closed down football in Scotland since March 13, with no firm date for resumption and clubs unable to generate money from fixtures.
Edinburgh rivals Hearts have asked players and staff to take a 50 per cent wage cut, while Aberdeen chairman Dave Cormack told Dons fans he faces "some tough decisions" due to an expected £5million shortfall.
In a statement released on the Hibs website, Gordon outlined his club's position.
He said: "Scottish football is waiting to see what happens next and if and when the season might resume.
"In the meantime, our priority as a club is to look after the welfare of our staff, our players, our supporters and – where we can – our community.
"With all that is going on, it is difficult to look to the immediate future with any degree of clarity. However, there are some certainties – we have lost our revenue streams, while our ongoing running costs remain largely in place, and we anticipate that we will not be playing matches in the coming months. This is clearly not sustainable.
"Although Hibernian is better positioned than most to weather the storm, we are far from immune. Unfortunately, other clubs are facing similar or even more severe problems.
"The loss of cash in the bank puts our club under the most severe strain and threat.
"We have already begun making operational adjustments to impact our costs and will be taking further steps over the next week or so to mitigate the effects of the crisis on our club.
"Difficult decisions will have to be made.
"But every decision we do make will be with two key priorities in mind, firstly to look after our people, and, secondly, to ensure the club remains in as healthy a financial position as possible.
"It is not going to be easy and we will need every part of the club to play its part to achieve this. Since my arrival, I have spoken of the concept of 'one team, one club'.
"The idea that everyone is necessary and indispensable to the success of our club.
"The fans, players, sponsors, the academy, the ticket office, the communications team, Hibs kids, hospitality, coaches, senior management and the board – everyone contributes to our success.
"It is especially true in difficult and uncertain times like these. We are one team. We are all Hibs."
