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MJ NO MORE

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http://kilmarnockfc.co.uk/Article?id=5725

OFFICIAL CLUB STATEMENT

Former Chairman Michael Johnston has today resigned from his positions as a Director and the Company Secretary of Kilmarnock FC. He is also standing down from the Board of the Kilmarnock Community Sports Trust ("KCST") on which he represented the Club. 


Michael became a Director and the Company Secretary in 2002 and served as Chairman for ten years between 2005 and 2015 during which time the Club won its first League Cup in 2012, having also reached the final in 2007. 

When Michael took over as Chairman and majority shareholder the Club had around £13m of debt. Aided by a number of high value transfer fees which he personally negotiated, Michael gradually reduced this while maintaining the Club's competitive position in the top tier of Scottish league football. In March 2014 Michael completed a transformational restructuring of the Club's finances which delivered the arm’s length sale of The Park Hotel for full market value, with the proceeds going towards reducing the Club’s bank debt of £9m and Billy Bowie acquiring the balance of the bank debt and converting this into equity in the Club, combined with the permanent write-off by former Chairman Jamie Moffat of the balance of his loans to the Club, which originally totalled £1.8m. The outcome was the elimination of almost £11m of debt from the Club's balance sheet.

In the wake of that, Michael introduced a new Board of Directors and stood down as Chairman in 2015. He also formed KCST, a registered charity, to run the Club's community department in a more financially efficient manner. 

Michael commented: "It has been an honour to serve Kilmarnock FC in various capacities over the last fifteen years. I have been fortunate to meet so many interesting people through football and greatly enjoyed serving on the Council of the Scottish FA for over ten years and the Board of the Scottish Premier League during the historic amalgamation with the Scottish Football League in 2013. There have been many challenges to confront along the way and these have taken their toll on not only me but also my family, to whom I extend my heartfelt thanks for their unqualified support. The recent loss of my wife Joanne, who was my greatest source of inspiration and encouragement at all times, has prompted my decision to retire from all active duties at the club and I look forward to attending Rugby Park as a committed supporter in future, unburdened of the worries of the past. I wish Billy Bowie and John Kiltie the very best of luck and good judgement in running the Club, ably supported by Club Secretary Kirsten Callaghan who was a key member of staff during my time as Chairman. I also wish to record my thanks to all the members of staff, past and present, the shareholders and the supporters who have supported me and the Club so enthusiastically over the years. The Club is now in a healthy position to advance in Scottish football and register even greater success."and 

Edited by GeeM19

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Now all the people who said that Brownings or QTS had no spine for investing again can apologise as this clearly has been on the cards for weeks

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Bolt out the blue, but thank feck for that .

 

Looking forward to a post MJ era, more fan involvement and greater promotion within the community have got to be key aims to encourage lapsed fans back to rp.

 

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3 minutes ago, Lroy said:

OFFICIAL CLUB STATEMENT

Former Chairman Michael Johnston has today resigned from his positions as a Director and the Company Secretary of Kilmarnock FC. He is also standing down from the Board of the Kilmarnock Community Sports Trust ("KCST") on which he represented the Club. 


Michael became a Director and the Company Secretary in 2002 and served as Chairman for ten years between 2005 and 2015 during which time the Club won its first League Cup in 2012, having also reached the final in 2007. 

When Michael took over as Chairman and majority shareholder the Club had around £13m of debt. Aided by a number of high value transfer fees which he personally negotiated, Michael gradually reduced this while maintaining the Club's competitive position in the top tier of Scottish league football. In March 2014 Michael completed a transformational restructuring of the Club's finances which delivered the arm’s length sale of The Park Hotel for full market value, with the proceeds going towards reducing the Club’s bank debt of £9m and Billy Bowie acquiring the balance of the bank debt and converting this into equity in the Club, combined with the permanent write-off by former Chairman Jamie Moffat of the balance of his loans to the Club, which originally totalled £1.8m. The outcome was the elimination of almost £11m of debt from the Club's balance sheet.

In the wake of that, Michael introduced a new Board of Directors and stood down as Chairman in 2015. He also formed KCST, a registered charity, to run the Club's community department in a more financially efficient manner. 

Michael commented: "It has been an honour to serve Kilmarnock FC in various capacities over the last fifteen years. I have been fortunate to meet so many interesting people through football and greatly enjoyed serving on the Council of the Scottish FA for over ten years and the Board of the Scottish Premier League during the historic amalgamation with the Scottish Football League in 2013. There have been many challenges to confront along the way and these have taken their toll on not only me but also my family, to whom I extend my heartfelt thanks for their unqualified support. The recent loss of my wife Joanne, who was my greatest source of inspiration and encouragement at all times, has prompted my decision to retire from all active duties at the club and I look forward to attending Rugby Park as a committed supporter in future, unburdened of the worries of the past. I wish Billy Bowie and John Kiltie the very best of luck and good judgement in running the Club, ably supported by Club Secretary Kirsten Callaghan who was a key member of staff during my time as Chairman. I also wish to record my thanks to all the members of staff, past and present, the shareholders and the supporters who have supported me and the Club so enthusiastically over the years. The Club is now in a healthy position to advance in Scottish football and register even greater success."

Nothing mentioned about his shareholding, any news elsewhere or are we in the same position?

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1 minute ago, Mcilroy56 said:

Nothing mentioned about his shareholding, any news elsewhere or are we in the same position?

I suspect he will hold onto that, and can vote at AGM's but hold no official position within the club.  We all know he is a sneaky f**ker but I honestly think his wifes passing has made him reassess his remaining years and he has arrived at the Its not fkn worth it stage.

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its good to see that this has finally happened. His shareholding still there yes but not part of descision making process.  Now I'd like to see all those people put their money where their mouth is. Buy a season ticket. And at least go to game tomorrow as a show of faith to the club. 

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2 minutes ago, skygod said:

And then there was two....

 

 

Let's make it 3....If the board expands we still need to be on it folks. Get all TiKed up !

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Pleased.

Must. Stay. Away. From. Twitter.

 

I have shut down access to guests or our site will melt down too. Regulars only, if your name's not on the list you are not getting in!

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Great News.  I wish i could go tomorrow (other commitment) . But will be back next season. 

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I'm taking credit for this. Rejoined the trust and signed up for TIK this afternoon then this happens. 

In all seriousness it's time for those who have been staying away and holding back sponsorship to step up to the plate. Return to the club and back it.

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