Bournemouth owner Foley, who also has a stake in French club FC Lorient, is interested in buying a minority stake in Hibs.
It has been suggested that Foley has opened talks with the current Easter Road outfit owners, the Gordons, and he wants to secure a non-controlling investment in the club.
McManus stressed that the current owners have invested a lot in the infrastructure of the club in recent years and pointed out that Hibernian also spent over £1m in the summer after a long time.
The former Hibernian man stressed that the Easter Road outfit are one of the best-run clubs in Scotland and believes that Foley might be able to impact their on-field performances.
“There has been a lot of investment at Hibs in recent years in terms of infrastructure”, McManus wrote in his Daily Record column.
“The stadium is excellent, the training ground is top class, the hospitality areas around the ground and other important aspects.
“Also on the park, Hibs spent over £1 million on players during the last window and it has been a long time since that happened.
“Everything is in place for them.
“Off the park, they are one of the best-run in Scotland and Foley appears to have the connections to help generate even more revenue.
“The next major part to get right is the performances on the pitch.
“That’s the part that has slipped, but this might be the way to get it right.”
Now all eyes will be on Foley to see whether he will be able to successfully buy a stake in Hibs in the coming weeks and months.
