"The chairman's 87 per cent stake is being reduced to below 50 per cent so no single Nike Lunar Caldra Gold
"A new community engagement board is to be formed to work alongside the Nike Fs Lite Run 2 Orange
"Michael Johnston intends to stand down as chairman by the end of the current season but will retain his place on the board.
Kilmarnock chairman Michael Johnston to step down after brokering deal Nike Free Rn Flyknit - Women's
to clear club debts
main board in terms of a new constitution.
"This Nike Lunar Shoes 2018 new body will have up to 11 members comprising two elected minor shareholders (holding less than 2000 shares), two elected season ticket holders, the club's community engagement manager and supporter liaison officer and a main board director, with further places for Kilmarnock's four leading politicians the MP, MSP, the leader of East Ayrshire Council and the leader of the official opposition.
Bowie will then take on the balance of the bank debt.
investor has a controlling interest in the club.
The statement read: "Kilmarnock Football Club has today completed a deal to clear its debt.
A new board of directors has been formed and these will include new investors Billy Bowie, Jim Mann, David Moran and Russell Smith.
The deal, which has been sanctioned by the Bank of Scotland, sees former chairman Jamie Moffat write off what he remains owed by the club, having loaned a total of 1.8million.
The Park Hotel has been sold to investor Billy Bowie, who will be part of the new board, and the proceeds from the sale will be used to reduce the club's bank debt.
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