Kilmarnock have revealed that former chairman Jamie Moffat has written off £900,000 of the £1.8million debt owed to him.
But current chairman Michael Johnston has called for further financial help from the local community and Scottish Government to ensure the Ayrshire outfit survive in the Clydesdale Bank Premier League and hold onto their top players.
He said: "This £900,000 write down of the club's debt of £1.8million to former chairman Jamie Moffat is yet another example of the remarkable generosity of Jamie Moffat and his parents to Kilmarnock Football Club. The family has contributed around £5million in supporting the club over the last fifteen years."
He added: "Jamie's father, Jim Moffat, was also a chairman of the club in the late nineties - a period of great success for the club, both on and off the pitch, with the redevelopment of Rugby Park and the Scottish Cup win in 1997.
"The Moffat family have also supported many local and national charities through The Moffat Charitable Trust, which received a donation of £50m of Royal Bank shares from Jamie's mother prior to the banking crisis.
"The subsequent inability of the bank to pay dividends has curtailed the Trust's charitable giving in recent months but it remains a strong supporter of many good causes.
"Everyone who cares about Kilmarnock Football Club should be aware of the debt of gratitude we owe the Moffat family.
"This debt reduction marks another step in the process of improving the club's balance sheet in the hope of attracting new investment.
"Over my five years as chairman, debt has now been reduced by almost £2.5million.
"But if the club is to survive in the SPL during the current recession, new capital is required in order to maintain a competitive squad without selling our best players to our SPL competitors."
Source: PA
