Billy Bowie has admitted that Kilmarnock have been forced to apply for a £1 million loan from the Scottish Government due to the financial strain of the COVID-19 pandemic.
The Rugby Park chief says getting the club back into debt is the last thing he wants to do, but with a seven-figure loss projected as it stands, he feels it's the only option.
Speaking at The Killie Trust's On Board and In Person event, he said: "I'm sad to say that we're forecasting a seven-figure deficit.
"We've agreed to seek the government loan for £1m, which to be honest, goes against the grain with myself as I don't want to see the club going back into bank debt.
"We're working hard and until now the directors in our organisation have been creating funds to pay the bills and everybody has been paid.
"Players' wages are being paid on time, but going forward we have identified that there is going to be a cash flow shortage.
"We also have our business interruption insurance claim and we are hoping we can get an interim payment from that to carry us through.
"Between myself and other directors we are looking at trying to get funds to keep the club going. We will keep the club going until the end of the season."
Bowie confirmed the club is losing money due to fans being unable to attend matches.
"Technically, we're not surviving without the fans," he added. "It's due to the directors contributing to cash flow."
Fellow director Phyllis McLeish said: "Although we've agreed as a board to apply for that loan, it may be that we don't need to dip into the whole amount, it depends on our insurance claim.
"We're not foolishly going to go back into debt, we really don't want to do that.
"It's really there as a cushion just to make sure we are in a position to see out to the end of the season and start off next season."
