Former Kilmarnock chairman Jamie Moffat has helped reduce the Ayrshire club's debt by waiving half of the £1.8 million he is owed, reports STV Sport. The move was announced by current Killie chairman Michael Johnston, who has now called for fresh investment in the business.
"This £900k write down of the club's debt of £1.8m to former Chairman Jamie Moffat is yet another example of the remarkable generosity of Jamie Moffat and his parents to Kilmarnock Football Club," Johnston said.
"The family has contributed around £5m in supporting the club over the last fifteen years. 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.
"Everyone who cares about Kilmarnock Football Club should be aware of the debt of gratitude we owe the Moffat family." The Kilmarnock chairman said that the next step was not only to continue to reduce outgoings at Rugby Park, including the wage budget for players, but also to find new investment.
"This debt reduction marks another step in the process of improving the club's balance sheet in the hope of attracting new investment," Johnston said. " Over my five years as Chairman, debt has now been reduced by almost £2.5m.
"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.
He added: "It's time for the local business community, East Ayrshire Council and the Scottish Government to do more to help Kilmarnock's most famous institution survive in the top flight of Scottish football."
"Everyone recognises the importance of that to the regeneration of Kilmarnock as a post-industrial community with a strong identity in the west of Scotland but not enough practical support has been forthcoming. That's got to change soon."