Bonnyloyal
Well-Known Member
KILMARNOCK will ask for a £1million government loan to help them survive the season.
Owner Billy Bowie has revealed Killie are set to record a seven-figure deficit and will ask the Scottish Government to bail them out.
Bowie explained directors have been ploughing in cash to pay the bills after the Covid-19 pandemic hit the club’s income streams.
He said: “I am sad to say we are forecasting a seven-figure deficit.
“Every month up to now, due to the directors and our organisation creating funds to pay the bills, everyone has been paid up.
“We have identified that there will be a cash flow shortage.
"We have a business interruption insurance claim that we hope will be an interim payment to carry us through.
“We have agreed to seek a government loan of £1m. It goes against the grain with myself as I don’t want to see the club going back into bank debt.
“Myself and the other directors are looking to try to get funds to keep the club going until the end of the season.
“The club shop sales have been good and we are looking at other avenues to bring income in.”
Despite the financial struggles, Bowie says boss Alex Dyer will be backed in the January window to add to his squad.
He added: “We had a meeting last week and we had approved a sum to Alex to bring in an additional player.
"Hopefully that will give him enough funds to bring in the player we need.”
Owner Billy Bowie has revealed Killie are set to record a seven-figure deficit and will ask the Scottish Government to bail them out.
Bowie explained directors have been ploughing in cash to pay the bills after the Covid-19 pandemic hit the club’s income streams.
He said: “I am sad to say we are forecasting a seven-figure deficit.
“Every month up to now, due to the directors and our organisation creating funds to pay the bills, everyone has been paid up.
“We have identified that there will be a cash flow shortage.
"We have a business interruption insurance claim that we hope will be an interim payment to carry us through.
“We have agreed to seek a government loan of £1m. It goes against the grain with myself as I don’t want to see the club going back into bank debt.
“Myself and the other directors are looking to try to get funds to keep the club going until the end of the season.
“The club shop sales have been good and we are looking at other avenues to bring income in.”
Despite the financial struggles, Bowie says boss Alex Dyer will be backed in the January window to add to his squad.
He added: “We had a meeting last week and we had approved a sum to Alex to bring in an additional player.
"Hopefully that will give him enough funds to bring in the player we need.”