Kilmarnock will be carrying on as they have before in terms of signing policy despite winning the league cup last season. Chief executive Michael Johnston has no plans to change from the tried and tested 'no fee' policy to keep a close eye on their level of debt.
Killie are already servicing £9million of debt, most of which is linked to their facilities and Johnston does not want to add to that sum. He said: "We don't pay transfer fees and certainly cannot change that on the back of winning the League Cup this season.
We'll continue the same signing policy we have had during my time as chairman. Basically, we will bring in and develop young players and find out-of-contract players with good experience to add to our squad. Manuel Pascali is the only player we have paid a significant transfer fee for so I am delighted to hang on to him for three more seasons. As our club captain, he is an important re-signing as were James Fowler and Garry Hay.
And we made the most important signing last week with manager Kenny Shiels agreeing a two-year extension along with his assistant Jimmy Nicholl." The bulk of Kilmarnock's debt is linked to the amount the club have spent on improving their facilities.
Johnston added: "It is a constant battle to balance the books. We have had great support from Lloyds Banking Group in my time as chairman since 2005. But we must show the bank we can act responsibly and reduce long-term debt while staying competitive in the SPL.
Our debt of about £9m to the bank mainly relates to the four-star Park Hotel which is fully owned by the club and cost around £6m to build in 2002. It is not as if Kilmarnock has built up a large debt through overspending on the football side of things.
It has been investment in facilities. We have a nice 18,000 all-seated, all-covered stadium and have just spent about £50,000 on pitch renovations. We also have the hotel, a club shop, a fitness centre and a sports bar - a great range of facilities.
Our level of debt is quite commensurate with our assets. We have a positive balance sheet - unlike a number of clubs in Scotland and elsewhere."
Source: FOOTYMAD
