Gordon has bought the shares in the Edinburgh club from Tom Farmer, owner since 1991, and chairman Rod Petrie and becomes executive chairman.
Hibernian said in a statement the club was now debt free six years ahead of schedule and Gordon was making a seven figure cash injection into the club.
"Following the transaction around one-third of the shares in Hibernian Football Club will be owned by existing shareholder supporters with Ron becoming the new majority shareholder," the club said.
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Farmer said the club was "significantly better off than when we walked through the doors all those years ago, with a 20,000 all-seater stadium that is one of the best in Scotland, a first-class training centre and no debt".
(Reporting by Alan Baldwin; Editing by Alison Williams)
