Source: Team_Talk
Killie in-debted to Moffat gesture
Cash-strapped Killie, who are reportedly £9million in the red, announced the good news at Wednesday night's annual general meeting.[LNB]Moffat, son of former chairman Jim, is owed £1.8million by the club in the form of a Director's Loan Account.[LNB]The figure is interest-free but its removal would nevertheless be a huge boost for Killie in their bid to attract fresh investment.[LNB]Writing off the loan is dependent on the club finding someone to replace Moffat as guarantor on a £200,000 debt to the Bank of Scotland.[LNB]Current chairman Michael Johnston hailed Moffat's gesture, saying: "Clearly, the club's balance sheet would be greatly improved by the removal of the Director's Loan Account and I hope to find a willing guarantor to replace Jamie in the weeks ahead.[LNB]"That may, in turn, lead to new investment in the club of a substantial nature, which would replicate the step change enjoyed under the late Jim Moffat.[LNB]"Jamie's proposal could facilitate a radical improvement in the club's finances, a gesture in keeping with his family's legacy as the greatest supporters of Kilmarnock Football Club in its 140-year history."[LNB][LNB]
