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tanbo
14-03-2014, 07:46 PM
Kilmarnock Football Club has today completed a deal to clear its debt, the club's Chairman Michael Johnston announced this evening.

The deal which has been agreed with the club's bankers, Bank of Scotland, includes three key steps:

. The arm's length sale of The Park Hotel for full market value with the proceeds going towards reducing the club's debt with the bank

A Billy Bowie purchasing the balance of the bank's debt and turning this debt into equity in the club, resulting in the chairman's 87% stake being reduced to below 50% - so no single investor has a controlling interest in the club

A The permanent write off by former Chairman Jamie Moffat of the balance of his loans to the Club, which originally totalled Ai1.8m.

As part of the restructuring, a new Board of Directors has been formed to manage the affairs of the club and these will include new investors Billy Bowie, Jim Mann, David Moran and Russell Smith (personal details will be issued separately). Michael Johnston intend

speedy100
15-03-2014, 08:48 AM
best news for a long time.Now everyone must pull together and firstly avoid the play offs then build up something for next year.Not sure about the manager,s ability to save us,but willing to give him some slack meantime.

KillieKingdom
19-03-2014, 11:26 PM
[color=blue]This is definitely something concrete so as you say Speedy, time to get everyone to pull together, work hard and put in the effort required to get as many good results as possible. After that - who knows? We may even get more folks in the stands.