Jamie Moffat Reduces Kilmarnock's Debt

Last updated : 05 September 2010 By Killie Kingdom

Former Chairman Jamie Moffat has very generously reduced the debt owed to his family by the club. £900,000 to be exact has to be subtracted to take the debt now owed to the Moffat Family close to the £10m mark.

Current chairman Michael Johnson hopes that that reduction will kick off a hope of local investment in the club and has stated "This debt reduction marks another step in the process of improving the club's balance sheet in the hope of attracting new investment".

Johnson quoted that during his time at the helm of Kilmarnock Football Club, the overall debt has been reduced by £2.5m, however he emphasized the fact if the club has to survive, then new capital has to be found in order to maintain a competitive squad.

Michael reports that the incurred a trading loss of over £1m last season, mainly due to the collapse of Setanta but also due to poor results on the pitch, in spite of a large and expensive squad.

He reiterates "the importance of that to the regeneration of Kilmarnock as a post-industrial community with a strong identity in the west of Scotland but not enough practical support has been forthcoming. That's got to change soon."

He calls on East Ayrshire Council, the Scottish Government and local communities help Kilmarnock's famous institution's survival in Scotland's top footballing flight.