Disk Ustin Lloyds to write off Killie £9M debt "Premier League strugglers Kilmarnock are set to have millions of pounds worth of debt written off â at the taxpayerâs expense. The Sunday Post can reveal that the Bank of Scotland â part of Lloyds Banking Group â is considering writing off the majority of the £9 million debt owed by Kilmarnock as part of a deal to settle the clubâs future. It is understood owner Michael Johnston has put a proposal to Lloyds, which is 32.7% owned by the taxpayer after the Governmentâs 2008 bail-out, that will see just a fraction of the debt taken on by Johnston and co-director Billy Bowie. The football club would then be left with no bank debt, instead owing the cash â between £1 million and £2 million to Bowie and Johnston in a âsoftâ loan. Johnston is under fire from a large section of the Ayrshire teamâs fans who want him to give up control of the club and sell his stake to a community-led consortium. But it is understood that even if the club is sold to fansâ groups and local business leaders, most of the clubâs bank debt is still likely to be written off. Critics last night hit out at the prospect of a taxpayer-funded bank, wiping out the debt. Eben Wilson, director of campaign group Taxpayer Scotland, said: âTaxpayers, as shareholders in this bank, should be wary that any write-offs do not benefit one individual. âWe need all toxic loans made in a time of madness to be made visible and accounted for. âWhether clearing out toxic loans or standing firm on our behalf is the best course of action is up to the bank, but we hope that they will recognise we want the money back that has kept them trading in the past few years.â The Sunday Post understands bosses at Lloyds have already classified Kilmarnockâs debts as âimpairedâ â an accountancy term for a debt unlikely to be repaid in full. However, this does not mean they have given up on getting some of the money owed. It is thought the plan being worked on is to try to avoid any prospect of the club going into administration, a move which would wipe out much of the money owed to the bank. Paul Goodwin, head of Supporters Direct, which helps start football fan ownership schemes, said: âA deal has to be struck with the bank but the hard reality is that no matter what the outcome is, the club has big debts which need to be addressed.â Kilmarnock chairman Michael Johnston failed to respond to a request by The Sunday Post for a comment. Lloyds Banking Group declined to comment." Kilmarnock debt write-off plans http://t.co/1HYLhAi2j2
Move this thread to the pointless point scoring thread. Nothing to do with Celtic. Just applying RBs own criteria for posting threads on this board.
You don't know what my criteria is. A team that shares a division with Celtic dumping debt is of interest to Celtic. But I take your point.
I apologise. I forgot the real connection between the two. D comes after C in the alphabet, whereas R and S are miles away. I stand corrected lol pmfl
Well it takes one to know one. UTT case will lead to title stripping........can't wait to see the excuses used. LNS said on page42 that he had to treat the payments as legal after the outcome of the FTT case, but if the UTT reversed this then title stripping would have to be revisited............aye, let's see that happen. Justice will never be seen to be done in the Greatest Small MINDED Country in the World.
Btw. Get someone to read page 42 of the LNS report. He was covering himself from a legal position and batting it away for fear of reprisals. He says that on 14 th June 2012 RFC ceased to exist, but then waffles on about ethereal concept of the club. Lord Bishopp in his preamble to the UTT case calls it more clearly. He says that the club Are the company once incorporated. Got to admire his bravery after what happened to QC Gary Allen. LB also makes it clear that there will only be anonymity for employees of HMRC after their exposure in the FTT case but all others including recipients will be named.
You care more about my club than I do. You talk about my club more than I do. You go on more Rangers related web sites than I do. You read more Rangers related news stories than I do. You post on here more about Rangers than I do. You post more about Rangers than you do about Celtic on the Celtic forum. And even when you do post about Celtic, Rangers always gets a mention. Are ye mad? Hmmm, am no sure...
If SEVCO and the MSM and SFA,lead by a recipient of an EBT had been honest about the liquidation of rangers and clearly stated that the licence had to be applied for and given to the NEW club and admitted that due to the size of the new clubs likely following they would have to expediently ignored their own rules to allow THE NEW CLUB TO ENTER THE LOWEST LEVEL OF SENIOR FOOTBALL, then I would have no issue. The crap we got was that it was the same club, the had licence and membership transferred, ignoring how you transfer something you already have to yourself, and were relegated to div three. This crap will cause civil unrest when the UTT case or SC case if need be come out, because justice would see the titles stripped due to the utilisation of illegal payments. Even Murray told LNS that the trust allowed them to sign players they could not otherwise have signed. An admission of unfair advantage accompanied by illegal payments. I for one hope that other shareholders of Celtic push the board to take the case to UEFA and the COAFS. In summary, mate, I DONT LIKE FECKIN CHEATS.
Shut up you We were over at friends on Friday night. They had the Celtic game on while we were havin a few drinks. I had their 3 year old son running around shoutin "mon the steelies" and "Neil Lennon is ugly" at everyone.
We had the game on as background on the monstrous ****in telly they have. Music on in the foreground. Saw Stuart McCall goin mental at half time, no idea why. Me an my beloved wife stayed overnight and when we got up we thought the score was 3-0
