Johnston – a hate figure for Rugby Park fans – has re-packaged the debt with the approval of the Bank of Scotland. The Park Hotel adjacent to the stadium has been sold and will help pay off a chunk of the debt.
Businessman Billy Bowie has bought the rest of the debt and turned it into shares at the club – reducing Johnston’s stake from 87 per cent to below 50 Former chairman Jamie Moffat has agreed to write off £1.8m in loans.
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No single individual now controls the club. Johnston will step down in the summer but stay as a director alongside Bowie and new investors Jim Mann, David Moran and Russell Smith.
As part of the restructuring, a new Community Engagement group consisting of fans, minority investors and local politicians will co-exist and supply one member to the main board.
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