Rugby Park

Next Game

Kilmarnock v Dundee

Saturday, 01 August 2015, 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

More of the games that matter

Upgrade in minutes or watch with a NOW TV Day Pass.

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.

More of the games that matter

Upgrade in minutes or watch with a NOW TV Day Pass.

Related News

Most Commented

Readers' Comments

D

on't go to England at your age, you'll either be mugged or not appreciated. Or made to lump the ball long to a bloke who looks like a mascot.

megabrow (cufc)
Beckenbauer warns Schweinsteiger

F

rom the headline I presumed he meant boots, pants, jim-jams, toothbrush and paste, passport, tickets, premier inn long-term package, Scouse-English-Portuguese-German dictionary, 'How to be a 9 and 3/4' by B. Rodgers, few dozen tins of food and Evian because you can never be sure about the local food/water...

KevinBoatang
Firmino has 'everything' for PL - Willian

H

e looked like he was playing with a plastic pound shop ball in the wind against Juve, his passing was so bad.

paddy7s
Sergio Ramos: Exactly What United Need

Footer 365

Gerrard turned down Euro move

Former Liverpool captain Steven Gerrard admits he turned down a "couple of nice opportunities" to move to a club in Europe in order to sign for Los Angeles Galaxy.

Premier League fixtures on Sky Sports: Chelsea, Liverpool, Arsenal, Manchester City live on bumper 2015/16 opening weekend

Chelsea will begin their title defence exclusively live on Sky Sports, with Liverpool, Arsenal and Man City also on bumper opening bill.

Skrtel and Allen to sign new Liverpool deals

Martin Skrtel is reported to have agreed a new three-year Liverpool contract and could soon be followed in putting pen to paper by Joe Allen.

Mail Box

Has Everyone Forgotten About Khedira?

Sami Khedira is one of the signings of the summer and yet he's flown completely under the radar. Plus Dommy S's views of women's football get a right old shoeing...

Women's Success Won't Alter Viewing Habits

The Women's World Cup hasn't inspired everyone. Also in the Mailbox: a plastic's guide to Brazil, Nani regrets, tears over Henry, and The Beach Boys...

© 2015 Sky Ltd. All Rights Reserved A Sky Sports Digital Media company