Kilmarnock to apply for £1m loan from Scottish government
Kilmarnock apply to the Scottish Government for a £1m loan to help them survive the 2020/21 Scottish Premiership campaign. Owner Billy Bowie says club have agreed on a sum for boss Alex Dyer to bring in a new player in January
Wednesday 20 January 2021 10:34, UK
Kilmarnock are to apply for a £1m loan from the Scottish government to help the club survive this season.
Owner Billy Bowie said the impact of the Covid-19 pandemic has led to directors at the Scottish Premiership side ploughing money into the club to address cash flow problems and pay the bills.
Bowie confirmed the club will utilise the Scottish government's emergency sports fund.
"I am sad to say we are forecasting a seven-figure deficit," he said.
"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."
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Playing behind closed doors this season has had a major impact on Kilmarnock's finances, with their income streams reduced, however Bowie said club shop sales have been good.
"Technically we're not surviving without the fans as we speak," he added.
"It's due to the directors contributing to cash flow but also various heads of departments within the club."
Despite the financial predicament at Rugby Park, Bowie added boss Alex Dyer will be supported as the club targets a replacement following the departure of striker Eamonn Brophy to St Mirren.
"We have approved a sum to Alex for an additional player," Bowie said.
"Hopefully that will be enough to bring in the player we need."
