Rugby Park

Next Game

Kilmarnock v Motherwell

Saturday, 23 August 2014, 15:00

Scots Prem

Last Game

Ross Co 1 - 2 Kilmarnock

Saturday, 16 August 2014, 15:00

Scots Prem

Deal wipes Kilmarnock debt

Kilmarnock have cleared their debts in a deal that will see chairman Michael Johnston step down by the summer.

Last Updated: 14/03/14 at 21:02 Post Comment

Michael Johnston: Remaining as part of Kilmarnock board

Michael Johnston: Remaining as part of Kilmarnock board

Bet £10 Get £30

Daily Offers And Promotions. Join Now & Bet £10 and Get a £30 Free Bet

A statement on the Scottish Premiership club's website outlined a three-point plan to wipe out the deficit with the Bank of Scotland.

The club-owned Park Hotel will be sold for "full market value", and the remaining debt will be bought by local businessman Billy Bowie.

In addition, former chairman Jamie Moffat has agreed to write off £1.8m in loans he is owed.

Bowie will turn the club's debt into equity, reducing Johnston's share in the club from 87% to below 50% and leaving Kilmarnock without a single controlling investor.

A new board will include both Bowie and Johnston, but the latter will no longer be chairman and the two men will work alongside new investors Jim Mann, David Moran and Russell Smith.

Two supporter-led consortiums recently expressed an interest in buying out Johnston, but those proposed deals came to nothing.

Kilmarnock say more details of the new agreement will be released next week.

Bet £10 Get £30

Daily Offers And Promotions. Join Now & Bet £10 and Get a £30 Free Bet

Related News

Most Commented

Readers' Comments

Y

es, these stats are right. Rio Ferdinand definitely had a better debut than Fernando.

that man
Top Ten Debutants From Opening Weekend...

I

know it's only one game, and Arsenal have got an amazing midfield as is; but seriously, is Arsene Wenger the only person on Earth who doesn't want Cesc at their club?

Ezy_Rider
Top Ten Debutants From Opening Weekend...

P

S - 'Squeezes [English] out of his mouth like it's an elastic band he's found in his lamb bhuna' - bravo. Marvellous stuff

Ezy_Rider
Football Managers On TV: Paul Lambert

Footer 365

Roy Hodgson says England youngsters should try their luck overseas in future

Roy Hodgson feels future generations of England stars would benefit from going overseas rather than being bit-part players at home.

Transfer news: Jordan Rhodes subject of transfer bid from Hull City

Blackburn boss Gary Bowyer has revealed Hull City have made a bid for the club's prolific striker Jordan Rhodes.

Crystal Palace interested in Chelsea's international head coach Dermot Drummy

Crystal Palace have contacted Chelsea's international head coach Dermot Drummy as they continue to search for a new manager, Sky sources understand.

Mail Box

Man United Fans Clutching At Straws

While the focus is on Liverpool's move for Mario Balotelli, one Man United fan tries to convince the mailbox with nine reasons why Angel Di Maria would prefer them to PSG...

Rojo Is A Better Signing Than Hummels

There's some big talk in the morning mailbox, which claims that Man United were right to sign Marcos Rojo instead of Mats Hummels. Plus, one Gooner's happy Arteta's out...

© 2014 British Sky Broadcasting Ltd. All Rights Reserved A Sky Sports Digital Media property