pozbaird Posted March 14, 2014 Report Share Posted March 14, 2014 Just watched Reporting Scotland where they said Kilmarnock were about to announce that a deal has been done with their bank, which will see the club (ten million in debt) become debt free. Eh? WTF? How? etc, etc.... What on earth have our BoD been thinking about - paying our way, selling our spiritual home, living within our means, and all that jazz. Idiots. We could have been enjoying top 6 seasons, signing Kris Boyd and Danny Invincible / Eremenko types, stayed at Love Street, racked up ten million in debt.... then announced a deal to become debt free. Again.... Eh? WTF? How in the name of the wee man....? Quote Link to comment Share on other sites More sharing options...
Drew Posted March 14, 2014 Report Share Posted March 14, 2014 Aye, my thoughts too. Who was it said that cheats seldom prosper? Quote Link to comment Share on other sites More sharing options...
pozbaird Posted March 14, 2014 Author Report Share Posted March 14, 2014 Aye, my thoughts too. Who was it said that cheats seldom prosper? Aye. FFS and all that. I quite fancy a Porsche 911 turbo, a villa in the Seychelles, first-class travel on Emirates Airlines to see family in Sydney, a Tag Heuer watch, and a shag aff' Kylie Minogue. All available at a cost.... then jog down to see the bank manager and emerge debt free (and still in possession of Kylie's panties (ten pairs)... Job's a fcuking' good un'. Quote Link to comment Share on other sites More sharing options...
FTOF Posted March 14, 2014 Report Share Posted March 14, 2014 http://www.bbc.co.uk/sport/0/football/26583407 A lot of wheeling and dealing. They've lost the revenue from the hotel and will still have to service their crumbling wreck of a stadium. They'll have no overdraft facilities, hence Bowie having to inject money to tide them over. Their playing budget will be cut and they must live within their means. Not something they've been used to. An improved situation, but I'd imagine they'll still accrue more debt and they've still got their cock of a chairman. Quote Link to comment Share on other sites More sharing options...
pozbaird Posted March 14, 2014 Author Report Share Posted March 14, 2014 http://www.bbc.co.uk/sport/0/football/26583407 A lot of wheeling and dealing. They've lost the revenue from the hotel and will still have to service their crumbling wreck of a stadium. They'll have no overdraft facilities, hence Bowie having to inject money to tide them over. Their playing budget will be cut and they must live within their means. Not something they've been used to. An improved situation, but I'd imagine they'll still accrue more debt and they've still got their cock of a chairman. Wheeling and dealing, smoke and mirrors, massaging and financial whataboutery. It's Shull time again.... Fcuk um! Quote Link to comment Share on other sites More sharing options...
FTOF Posted March 14, 2014 Report Share Posted March 14, 2014 Wheeling and dealing, smoke and mirrors, massaging and financial whataboutery. It's Shull time again.... Fcuk um! According to a mate who works in finance, this highlighted term could certainly be used in connection with the hotel dealings. Also, A new Community Engagement Board is to be formed to work alongside the main Board of Directors of the Club in terms of a new constitution (Articles of Association) which will be delivered to all shareholders early next week. This new body will have up to eleven members comprising two elected minor shareholders (holding less than 2,000 shares); two elected season ticket holders; the Club's Community Engagement Manager and Supporter Liaison Officer; and a main Board Director, with further places reserved for Kilmarnock's four leading politicians - the Member of Parliament, the Member of the Scottish Parliament, the Leader of East Ayrshire Council and the Leader of the official opposition on East Ayrshire Council, all as ex officio members who may or may not take up their appointments from time to time. A member of the CEB will be appointed to the main Board. Looks like a potential cluster f**k of an arrangement. Quote Link to comment Share on other sites More sharing options...
pozbaird Posted March 14, 2014 Author Report Share Posted March 14, 2014 Michael Johnston just appeared on BT Sport - Sold the hotel, Bowie took on the bank debt and converted it to shares, Moffat just waved goodbye to the 1.8 million owed to him, and everyone is whistling Dixie. Debt free Killie. Bingo. I'm away to convert ten pairs of Kylie's panties into something... I may be a while. Quote Link to comment Share on other sites More sharing options...
davidg Posted March 14, 2014 Report Share Posted March 14, 2014 Fair play to Billy Bowie. He stepped in and pumped cash into the club preventing administration. Local vultures were hoping to get the club for next to nothing and sell the stadium for housing and move elsewhere. Quote Link to comment Share on other sites More sharing options...
BuddieinEK Posted March 14, 2014 Report Share Posted March 14, 2014 I'm away to convert ten pairs of Kylie's panties into something... I may be a while. Only 10 pairs? Be lucky to make a hankie to cry into or clean up with!!!! Quote Link to comment Share on other sites More sharing options...
faraway saint Posted March 15, 2014 Report Share Posted March 15, 2014 Only 10 pairs? Be lucky to make a hankie to cry into or clean up with!!!! Anybody want to buy some Jason Donavan pants? Almost new, quite clean? Quote Link to comment Share on other sites More sharing options...
Kendo Posted March 15, 2014 Report Share Posted March 15, 2014 Well done Kilmarnock, good for Scottish Football. It would be good if all clubs could turn things around and Scotland became better, stronger and had more quality throughout the leagues. Quote Link to comment Share on other sites More sharing options...
RickMcD Posted March 15, 2014 Report Share Posted March 15, 2014 Fair play to Billy Bowie. He stepped in and pumped cash into the club preventing administration. Local vultures were hoping to get the club for next to nothing and sell the stadium for housing and move elsewhere. Short term it's good news for Kilmarnock but it depends surely on how benificent Bowie can afford to be in the future. I don't know a thing about him so if he really is filthy rich it might not be a problem. If, say, he pops his clogs would his family want their cash back? Still, we would be happy enough if something similar happened to St.Mirren. Unless he is mega rich he is bound to keep a tight hold on the purse strings so Killie might find that in future they will have to be run along similar lines to us. It'll be a different ball game for them. Quote Link to comment Share on other sites More sharing options...
davidg Posted March 15, 2014 Report Share Posted March 15, 2014 Short term it's good news for Kilmarnock but it depends surely on how benificent Bowie can afford to be in the future. I don't know a thing about him so if he really is filthy rich it might not be a problem. If, say, he pops his clogs would his family want their cash back? Still, we would be happy enough if something similar happened to St.Mirren. Unless he is mega rich he is bound to keep a tight hold on the purse strings so Killie might find that in future they will have to be run along similar lines to us. It'll be a different ball game for them. He is filthy (nice pun) rich but he won't chuck cash at them now their in a good position. He'll run a tight ship and focus on how to get the best out of the assets and resources they have. The way every club should be run. Which is surely good news in the long term for kilmarnock, not short term as you suggest? Quote Link to comment Share on other sites More sharing options...
Leicester Saint Posted March 15, 2014 Report Share Posted March 15, 2014 I don't really know why exactly, but I've always f**king hated Kilmarnock. Certainly in my top ten hated teams that's for sure, and probably not far outside the top 5. In fact, there's an idea for a thread! Quote Link to comment Share on other sites More sharing options...
Lex Posted March 15, 2014 Report Share Posted March 15, 2014 This is good news for us. What Killie have done here is asset strip to keep the wolf from the door. Killie always had a higher playing budget than us because the hotel subsided their income. Whereas we relied solely on football income, they had football and hotel income. This is how they were able to get guys like Tess and Samson from us, because despite having similar football income the hotel allowed them to offer more money than we could. Now the hotel is gone they have cut off a significant income stream. They will now be reliant solely on football income like the rest of us. Robbing Peter to pay Paul in essence, solving one problem but creating another. Kilmarnock's out goings are bigger than ours. They have a higher wage bill, higher stadium maintenance costs and they have to pay to rent trailing facilities. We have a low maintenance stadium and we own our own training facility. The good news is now Killie no longer just have higher out goings than us, now the hotel has gone they also have less coming in too. Our average attendance is higher than theirs and we also generate a slow but steady income from the football facility in our stadium grounds. To sum up, Killies days of being able to outbid us on players due to non football income are over. It's almost a level playing field now. I say almost because our gates are better than theirs and we have the dome. One of their fans summed it up for me on PNB: ' If the hotel goes, we become a yo-yo club at best '. Quote Link to comment Share on other sites More sharing options...
davidg Posted March 15, 2014 Report Share Posted March 15, 2014 Pretty sure the hotel was losing money....? Quote Link to comment Share on other sites More sharing options...
RickMcD Posted March 15, 2014 Report Share Posted March 15, 2014 He is filthy (nice pun) rich but he won't chuck cash at them now their in a good position. He'll run a tight ship and focus on how to get the best out of the assets and resources they have. The way every club should be run. Which is surely good news in the long term for kilmarnock, not short term as you suggest? I take your point. What I was implying was that their lovely fans might find they're on a steep learning curve and find it difficult to live with non-event transfer windows and looking over their shoulder big style worrying about relegation. Mind you, they've been doing that this season anyway, even with some big money players in their team. Living within your means and surviving doesn't seem easy in the SPL. Quote Link to comment Share on other sites More sharing options...
ged62 Posted March 15, 2014 Report Share Posted March 15, 2014 Well done Kilmarnock, good for Scottish Football. It would be good if all clubs could turn things around and Scotland became better, stronger and had more quality throughout the leagues. Or maybe they shouldn't of been spending money they never had. Total farce. Quote Link to comment Share on other sites More sharing options...
Mykey Posted March 15, 2014 Report Share Posted March 15, 2014 Pretty sure the hotel was losing money....? not according to the BBC, they said it was profit making and subsidised the loss making football club. Quote Link to comment Share on other sites More sharing options...
davidg Posted March 15, 2014 Report Share Posted March 15, 2014 not according to the BBC, they said it was profit making and subsidised the loss making football club. Cheers for that. Just thought there was someone on here with pretty close ties to Killie who said it was running at a loss. Quote Link to comment Share on other sites More sharing options...
bud77 Posted March 15, 2014 Report Share Posted March 15, 2014 Cheers for that. Just thought there was someone on here with pretty close ties to Killie who said it was running at a loss. Here's the full quote from the BBC. It appears that the hotel was making a profit but the costs of building ithad cost a lot of Killie's problems. To me, if it was an ordinary hotel it would actually be running at a loss due to having the building costs on their accounts. The deal would free Kilmarnock from the burden of meeting the repayments on a large debt, but the club would also lose the revenue stream from the hotel, which lies adjacent to the stadium and is a profit-making business. Johnston has stressed at previous annual general meetings the importance of that revenue stream to the club. However the debt, which was accrued in the building of the hotel, was holding Kilmarnock back. Quote Link to comment Share on other sites More sharing options...
linwood buddie Posted March 15, 2014 Report Share Posted March 15, 2014 Short term it's good news for Kilmarnock but it depends surely on how benificent Bowie can afford to be in the future. I don't know a thing about him so if he really is filthy rich it might not be a problem. If, say, he pops his clogs would his family want their cash back? Still, we would be happy enough if something similar happened to St.Mirren. Unless he is mega rich he is bound to keep a tight hold on the purse strings so Killie might find that in future they will have to be run along similar lines to us. It'll be a different ball game for them. I worked with the guy and his son many years ago for Ailsa ,he is self made borrowed money to buy his first Lorry and worked like hell. Quote Link to comment Share on other sites More sharing options...
Dirty Sanchez Posted March 15, 2014 Report Share Posted March 15, 2014 Kilmarnock, probably more than anyone else, have falsely inflated the stature of their club by living on crazy finances for years and years. It's quite easy to back this statement up. All you have to do is look at where they were before they started living outwith their means. They were a yo-yo team, at best, (see post#16) making only fleeting appearances in the top league, where they were usually out of their depth, and even managed to find their way into the 3rd tier at one point. During the 1980s their average gates were routinely under 2000, and dropped to less than 1500 for several seasons. Winning cups and playing in Europe weren't on the agenda. Welcome home, perhaps? Quote Link to comment Share on other sites More sharing options...
Lex Posted March 15, 2014 Report Share Posted March 15, 2014 Pretty sure the hotel was losing money....? Who told you that? MJ said the hotel was an integral part of their business model. Quote Link to comment Share on other sites More sharing options...
RickMcD Posted March 15, 2014 Report Share Posted March 15, 2014 I worked with the guy and his son many years ago for Ailsa ,he is self made borrowed money to buy his first Lorry and worked like hell. Good luck to him. Nice to hear about guys building their own business and making it good. Could you not have converted him to supporting St.Mirren? Quote Link to comment Share on other sites More sharing options...
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