Buy out

[Squirrelhumper]

Currently on holiday so been trying to keep tabs on this via WhatsApp etc. 

From what Ive heard this isn't entirely true but it's last chance saloon or we're stuck with the buffoon. If this fails I'd expect mass resignations from the BoD. 

If this twats greed Kills a 147 year old institution then I wish him all the misery in the world. 

Shame on him and his dwindling band of are lickers. 

Sham

[Mister Y]

What happened to the confidentiality clause?

[King]

Kilmarnock directors offer under-fire Michael Johnston £1.9million to go now 

By Stephen Mcgowan For The Scottish Daily Mail

Kilmarnock directors have offered former chairman Michael Johnston a £1.9million pay-off to sever his links with the club and go now.

However, Sportsmail understands negotiations are close to collapse after Johnston only agreed to sell his 40 per cent stake on the proviso he remain at the club for another three years.

Directors Billy Bowie, Russel Smith and John Kiltie are currently sitting on pledges to pump £750,000 into the club from local businesses.

Kilmarnock directors have offered former chairman Michael Johnston a £1.9million pay-off

But that cash is conditional on under-fire Johnston agreeing to step down from the board of directors immediately.

And, despite the chance to make a staggering return on the one pound he paid for his shares in 2005, Johnston will only leave on his terms.

Blamed for supporter unrest and lost sponsorship in recent years, the Ayr-based conveyancing solicitor recently told Kilmarnock FC Supporters Association (KFCSA) that he was unable to quit the club until 2019 under the terms of a debt restructuring deal with the bank.

And his desire to remain at Rugby Park until 2019 is now the biggest barrier to a clean break.

Credited with negotiating the deal which cleared £13m of bank debt, Johnston has seen off an attempt by a group of disaffected shareholders led by former director David Moran to topple him via an Extraordinary General Meeting.

Fellow directors have since backed down from calling their own EGM amidst fears that dragging the boardroom war into public view could damage manager Lee Clark and the team.

Scotland’s oldest professional club announced losses of £724,406 in April.

Businessman Billy Bowie - owner of a local waste management company – has kept the club afloat with £3m of his own cash.

Keen to drive up sponsorship and season-ticket sales, however, the lifelong Killie fan and his fellow directors now want to reboot the club with fresh investment.

As Sportsmail first revealed, Kilmarnock are embroiled in an extraordinary legal battle with the manufacturers of the ‘Killie Pie’ over naming rights to the iconic product.

Brownings the Bakers managing director John Gall, a lifelong supporter, has called on Johnston to move aside before an EGM, accusing him of holding the club back and discouraging fresh sponsorship.

Former director Moran has also been outspoken in his criticism of Johnston, telling Sportsmail recently: ‘I was brought in as a director and agreed because I felt people were walking away from investing in the club because they couldn’ t work with Michael Johnston.

‘I felt I could help to facilitate investment in the club.

‘But once I got in, it became very clear, very quickly, that nobody was interested in working with Michael.’

Johnston did not respond to Sportsmail’s approach for a comment on Wednesday night. 

[killiehippo]

Greed at its most repugnant and like SH I wouldn't be surprised if the others just walked.

[historyman]

He is insane if he doesn't accept such an offer. It must be way beyond any expectations he had of a future valuation when he was given the shares in the first place. 

He will never receive a higher offer from anywhere else so I guess the only alternative is a share of the assets if the club is liquidated. After creditors have been paid their share there is no way what is left would give him nearly £2m quid. 

[Calummoore86]

18 minutes ago, historyman said:

He is insane if he doesn't accept such an offer. It must be way beyond any expectations he had of a future valuation when he was given the shares in the first place. 

He will never receive a higher offer from anywhere else so I guess the only alternative is a share of the assets if the club is liquidated. After creditors have been paid their share there is no way what is left would give him nearly £2m quid. 

The bank will be due a percentage of any monies made from share sales before 2019 if he sells up. This is why hes trying to hang on till 2019. Solely for financial reasons. No care for the health of the club. Utter money grabbing scum.

Edited September 22, 2016 by Calummoore86

[a1killiefan]

Come on Board.

Tell him he is no longer required for his "unpaid" roll as Company Secretary.

Tell him his firm will no longer be required for legal services.

Classic MJ, put up barriers in the hope we will get fed up and give up trying to oust him.

Parasite doesn't seem a strong enough word anymore.

[Zorro]

If this is true, BB must feel a right idiot. He could have picked up the whole club and hotel, for less than his reported investment, if he hadn't fallen for MJ's bulls**t. 

[Scouser2]

When you consider his background and no real football affiliation It's hard to understand his position and reasons why he hangs on espicially now he could walk away with a decent pension pay off for his meagre investments .......when it's so apparent fans, sponsors, community and now fellow Directors want him gone.

But sadly it seems yet again he will cling on to his power ego trip and defeat yet another attempt to bring better times at our club.

[findis]

The board need to stand up and do something.They should know by now that they have the backing of the fans to get him removed.
The greed of the man is unbelievable ,but not unexpected,and he has proved he doesn't give a f**k about the club at all

[theauldyin]

give him dogs abuse at the Aberdeen game, make his life hell till he goes. PARASITE

 

[killiehippo]

the fans need to do the same mate.

[Mojike and Bod]

Fiduciary duty? Laughable. His only fiduciary duty as ever is to himself and his bank balance. Not only content with bagging a hotel for £1 and making a living out of the club he thinks £1.9m is 'not enough' to leave the club!!!

The greedy b*st*rd is going to kill our club. He should be hounded for his life and surely now any doubters must see him for what he is.

A lying, greedy, money grabbing parasite who cares not a jot for the club, community or supporter base. Absolute scum of the highest order. 

[langlands_killie]

and i assume he would also still has the hotel, greedy b*st*rd. hopefully this is bringing it to a head. about time he looked like a twat in the public media. I think he certainly cares more for his image outwith the club, fans and local area, these self centered twats always like to be the centre of attention, i.e. look at me I saved the club etc etc

[Scooby_Doo]

Hopefully this could turn out to be the catalyst for the end of his tenure - just the thought that he'd get £2m should be enough of a sickener.

[fraz65]

I wonder how much of the £1.9 million he would directly pocket.

It might not be anywhere near that amount depending on the terms of the bank deal and may explain why he would want to hang on.

Now would seem like a good time for a sustained level of protest to force him out.

[Riverplatekillie]

He is trying to hang on because he has something to hide.

[Mojike and Bod]

5 minutes ago, Riverplatekillie said:

He is trying to hang on because he has something to hide.

Moffat lurking in the background taking a chunk of any pay off. Not that MJ will admit it the liar. 

[piffer]

Crazy not to accept this. If as Squirrelhumper suggested a rejection led to the other directors quitting where does that leave him. Who plugs the financial gaps. Not MJ. The club heads to administration or worse and he gets nothing.

Even if the bank is entitled to a high percentage of this offer its the best he will do. He's alienated everyone else. 

Take the money disappear and leave Killie to rebuild

[piffer]

Its never been proven but I have heard his price has been £2million for a good few years now. Again only rumour but also the price came about at an advanced stage in negotiations with someone willing to take on the club who had agreed in principle a lesser fee.

[Bonbon19]

If the terms of the settlement of our debt does indeed require MJ to remain until 2019 then the shareholders are surely entitled to see these terms ? 

Also if that is the case and the bank are stakeholders in any settlement then it makes sense to pursue talks with the bank ?

i realise MJ is mistrusted but I don't think for one moment that he would deliberately mislead the board as that would have serious repercussions for his career as a lawyer .

[Killie alan]

Well said bonbon. Get him out now. The man doesn't deserve any money but if it gets rid of him then so be it.

[undefined]

Two things stand out for me:

1) I don't for one minute believe that he's been offered £1.9m.  Assuming it's true, why throw away 1.9m if there's a much cheaper alternative (EGM)?
2) Why would an EGM affect the team?  If there really is a boardroom war going on, they'll already know about it. If they don't, then a quick presentation of the naughty list will make it clear that it's not "about them".

In my eyes, the board know that an EGM would be doomed to failure, or the board aren't really unanimous in their desire to oust MJ.

[Mojike and Bod]

I wouldn't be surprised if he has deliberately misled the board on a number of things. He changed the articles of association to suit himself without being transparent. He has probably also carved up the bank deal for his own benefit.

Despite all of this some people will still claim he's doing a good job.....

[Bonbon19]

As a lawyer and director he has a duty to be transparent to the law society, tax authorities, SFA etc etc . If it can be proved that he has mislead anyone then that is an avenue that can be explored but MJ is many things, stupid isn't one of them. If he has been naughty and it can be proven then use that as a lever for his removal.