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Kilmarnock has posted a loss of almost £500,000 for the year to May 31 – down from just under £1m from the previous year.

The figure could have been up to three times worse, but former chairman Jamie Moffat wrote off a debt of £900,000.

Club chairman Michael Johnston said: "The collapse of TV company Setanta is continuing to be felt.

"Added to that, our 11th-place SPL [Scottish Premier League] finish and lack of cup success also resulted in a significant loss."

The club's net debt is now £10.5m – down from £11.2m at the end of the last financial year.

Turnover for the year was £6.1m, a drop of £700,000 on the previous year, while players and staff wage costs were £3.6m for the second successive year.

"The low cup income and SPL prize money was offset to a major extent by the generosity of former chairman Jamie Moffat in writing off £900,000 of his loan account, thus reducing the loss reported in the annual accounts," added Johnston.

"This magnitude of trading loss cannot be sustained.


"Steps have been taken in the current financial year to reduce the player wage bill – clearly without an adverse impact upon the quality of the first-team's performances on the pitch."

Johnston admits new money is needed at the club and he is actively pursuing potential investors.

"New capital requires to be introduced in order to place the club on a healthier financial footing and avoid the prospect of player sales or further cuts in the first-team squad budget," he continued.

"This could be achieved by the purchase of new shares in the company and I am actively discussing this with a number of parties.

"If new investment is forthcoming at an appropriate level, I shall be happy to welcome new directors to the board."