Kilmarnock to be Debt Free

[Bishop Hibee]

Exactly as it says on the tin http://www.bbc.co.uk/sport/0/football/26583407

I wish my lenders would write off my debt as easily :rolleyes:

[madabouthibs]

I never really understood the hatred for this Johnston guy from Killie fans.
Killie have done relatively ok over the years considering their pretty crap support.

[Ozyhibby]

Well done to Killie. They saw they were heading for a cliff and slammed on the brakes unlike our yam friends who hit the gas.

[O'Rourke3]

For me Killie have always been a slightly older version of Aberdeen who had some great success and now it's simply expected. Which leads to very high expectations that will never exceed the reality. When good stuff comes along the crowds will go up but the main support seem to see the xception as the rule rather than the exception. Which brings me on to Hibs.....

If they've cleared debt and those that have lost can live with it, well done them. Better than the "Tears of pride" brigade who seem to celebrate real people lost real money and services when they #createdhistory and saved themselves. Those last 3 League titles were ...... well imaginary.

[Sylar]

I started to watch their game against Celtc tonight and wondered how perilously close they might be to trouble, as their home attendance was absolutely pitiful.

Good to know they're not in any imminent danger, as the last thing Scottish Football needs is another club going to the wall (justified or not).

[TowerHibs]

They owed the debt to the bank and bassically sold assets to repay money. Means they r now in position to pay small businesses they do owe money to.

Hibs have plenty of assets if we get into trouble. Jambos have square root of Ross Chisholm to do any deals like that

[Leishy1995]

I am seething at this...

[Peevemor]

Although they'll no longer have their debt to service, it'll be interesting to see how they get on without the profit from the hotel shoring up their finances.

[IWasThere2016]

This has been on the cards for some time - not sure what caused the delay. Was told yonks ago that the bank wrote the debt off 2-3 years ago.

[Stonewall]

This has been on the cards for some time - not sure what caused the delay. Was told yonks ago that the bank wrote the debt off 2-3 years ago.

Has the bank really written the debt off?

The way I read the article the only debt written off was Moffat's loan. There was a debt for equity swap which I took to mean that Bowie had paid off (or taken on) the balance of the bank debt in return for a stake in the club.

Please explain.

[GreenLake]

Well done to Killie. They saw they were heading for a cliff and slammed on the brakes unlike our yam friends who hit the gas.

And they hit the gas by jamming a brick on the pedal after swallowing a bottle of Ambien, releasing seven porcupines out of a cage and turning on a live stream to youtube.

Thank you jambos for an epic fail sharing.

:lolyam:

[killie-hibby]

I never really understood the hatred for this Johnston guy from Killie fans.
Killie have done relatively ok over the years considering their pretty crap support.

One factor in this "hatred" of Johnston is how he has no qualms in ejecting ST holders out of their seats to accommodate. Bigot Twin supporters. OK ,it's a quick fix to get increased gate money, but in the long term,those gains have been cancelled out by Killie supporters who now stay away as they feel Johnston values Bigot Twin supporters, more than those of his own club. Recently someone started a thread on this net suggesting Hibs should open up parts of the West stand for Celtic supporters, to compensate the loss of at least one Gunts fixture next season. If Hibs turfed me out of my West stand seat, I wouldn't go back to ER. Johnston knows the price of everything and the value of nothing.

[Ronniekirk]

I am seething at this...

why?

[Ronniekirk]

Although they'll no longer have their debt to service, it'll be interesting to see how they get on without the profit from the hotel shoring up their finances.
I could never understand how they made a profit with low crowds till someone pointed out to me that they got income from the hotel which was substantial .if they now no longer have this you wonder how long they can remain debt free .

[marinello59]

I could never understand how they made a profit with low crowds till someone pointed out to me that they got income from the hotel which was substantial .if they now no longer have this you wonder how long they can remain debt free .

They will concentrate on being purely a football club and cut their cloth accordingly. Good luck to them.

[Ronniekirk]

They will concentrate on being purely a football club and cut their cloth accordingly. Good luck to them.
Be interesting to see what impact the playoffs is having on some of the more ambitious clubs down the leagues in terms of who starts overspending to try and get into top flight

[Alfred E Newman]

The way things are going we will soon be the only club with debt and as predicted by the Deluded are doomed!!

[vanNISHtelroy]

Although they'll no longer have their debt to service, it'll be interesting to see how they get on without the profit from the hotel shoring up their finances.

As far as I remember the hotel has never generated a profit, however it did provide cash flow when it was needed with gaps between games, summer months etc.

As for the not understanding the hatred towards MJ I'll try and find what someone posted on our forum about it the other day, when I get back tonight.

Re the post about expectations....don't get that at all, most fans I know are happy to be 7th-9th most seasons (avoiding relegation battle as far as possible) with a chance of sneaking in to the top six in the occasional season. I think if the club is run properly that should be manageable!

[poolman]

why?

Whoosh

[marinello59]

As far as I remember the hotel has never generated a profit, however it did provide cash flow when it was needed with gaps between games, summer months etc.

As for the not understanding the hatred towards MJ I'll try and find what someone posted on our forum about it the other day, when I get back tonight.

Re the post about expectations....don't get that at all, most fans I know are happy to be 7th-9th most seasons (avoiding relegation battle as far as possible) with a chance of sneaking in to the top six in the occasional season. I think if the club is run properly that should be manageable!

That was my understanding of it.

[weonlywon6-2]

One factor in this "hatred" of Johnston is how he has no qualms in ejecting ST holders out of their seats to accommodate. Bigot Twin supporters. OK ,it's a quick fix to get increased gate money, but in the long term,those gains have been cancelled out by Killie supporters who now stay away as they feel Johnston values Bigot Twin supporters, more than those of his own club. Recently someone started a thread on this net suggesting Hibs should open up parts of the West stand for Celtic supporters, to compensate the loss of at least one Gunts fixture next season. If Hibs turfed me out of my West stand seat, I wouldn't go back to ER. Johnston knows the price of everything and the value of nothing.


football esp in scotland needs money to survive,loyalty is also expensive but it doesnt pay the bills
he was right to move fans to get extra celtic fans in,what business would turn its nose up at making extra money

[banchoryhibs]

Has the bank really written the debt off?

The way I read the article the only debt written off was Moffat's loan. There was a debt for equity swap which I took to mean that Bowie had paid off (or taken on) the balance of the bank debt in return for a stake in the club.

Please explain.

That's the way I understand it, the Moffat family has written off £1.8m, Bowie has paid £2.5m?? for the hotel; this has gone straight to the bank. Bowie has also taken on the balance of the bank debt that will be repaid by him - he gets the 49%?? share of the club in return.

During such transactions it's perfectly possible that interest / charges etc have been written off but it seems that the bank is repaid in full.

Johnston describes the hotel as "profit making" so Killie will have to live off their football income but the loss of hotel income will no doubt be balanced by them not needing to repay debt.

Looks like a good deal for Killie to me - it won't necessarily make them a stronger team but they are not going bust any time soon......................... on the other hand look across the city :cb

[Billy Whizz]

Seemingly there's a 10,000 seater athletics stadium being built on the old Johnnie Walker site in Kilmarnock, not too far from Rugby Park. Wonder if they will sell up and move in.
Rugby park is too big for their needs now.

[Hibercelona]

football esp in scotland needs money to survive,loyalty is also expensive but it doesnt pay the bills
he was right to move fans to get extra celtic fans in,what business would turn its nose up at making extra money

Do you view Hibs in the business sense or in the club sense?

It may be the "business" thing to do, but I doubt Kilmarnock fans view their club as a business that simply wants to make money, by any means necessary.

What good is there in being a financially strong Kilmarnock FC, when there's no Kilmarnock fans left to watch their team play?

[CropleyWasGod]

This has been on the cards for some time - not sure what caused the delay. Was told yonks ago that the bank wrote the debt off 2-3 years ago.

The bank hasn't written their debt off. It is being repaid.

Moffatt has, though.

[Keith_M]

I don't get the comparison to Aberdeen. Killie had one very good spell in the late 60s but had then spent a long time yo-yo'ing up and down the leagues, even reaching the thrird tier. If their fans do have delusions of grandeur, they've kept it well hidden.