Kilmarnock to seek £1m loan from Scottish government

Playing behind closed doors this season has had a major impact on Kilmarnock’s finances

Kilmarnock must seek a £1million loan from the Scottish government to ensure the club’s survival this season.

Owner Billy Bowie says the impact of the Covid-19 pandemic has forced managers at the Scottish Premiership club to provide funding to address cash flow issues and pay bills.

Bowie has confirmed the club will use the Scottish Government’s emergency sports fund.

“I’m sad to say that we are forecasting a seven-figure deficit,” he said.

“We have agreed to seek the loan from the government for £1million which, to be honest, goes against the grain with myself as I don’t want to see the club go into debt again.

“We are working hard and so far the directors of our organization have set up funds to pay the bills and everyone has been paid. The players’ salaries are being paid on time but going forward we have identified that there will be a shortage of cash.

“We also have our business interruption insurance claim and hopefully we can get an interim payment from that to see us through.

“Between me and other directors we are looking to secure funds to keep the club going. We will keep the club going until the end of the season.”

Bowie confirmed the club were losing money with their massively reduced revenue streams as they played behind closed doors.

“Technically we won’t survive without the fans,” he added. “It’s thanks to the administrators contributing to the cash flow.”

Phyllis McLeish, co-director, said: “Although we have agreed as a board to apply for this loan, we may not need to draw down the full amount, it depends on our insurance claim.

“We’re not going to stupidly go into debt, we really don’t want to do that.

“It’s really there as a cushion just to make sure we’re able to see the end of the season and start next season.”

Despite the financial situation, Bowie said Killie would support manager Alex Dyer as he searches for a new striker in the January transfer window following the departure of Eamonn Brophy to St Mirren.

“We approved a sum to Alex for an additional player,” Bowie said. “Hopefully that will be enough to bring in the player we need.”

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