Queen of the South have been given a major financial boost after a group of shareholders waived their loans to the club- amounting to a donation of around £500,000.
Former chairmen David Rae and Norman Blount, along with current chairman Billy Hewitson, director Craig Paterson and former director Mark Robertson and Mrs Jane Houliston, all made substantial loads during the past two decades.
In a statement after the announcement, the Board passed on their sincere thanks and described it as outstanding news for the future welfare of the club.
The donations mean that Queens will now move forward without any debt on the balance sheet.
Businessman Norman Blount, who waived his £200,000 loan, said there is great respect for the ideas of chairman Billy Hewitson and feels that going into the new season debt-free would give him a solid base to work from.
The domestic football season is getting underway in Scotland.
All of our football league teams north of the border are playing in the Ramsdens Cup, and this time one of them begins the tournament as defending champions.
Lucy Taylor reports.
Our Scottish football teams are back in action this weekend with the first round of the Ramsdens Challenge Cup. All the local matches kick off at 3pm on Saturday.
- Annan Athletic v Morton
- Berwick v Livingston
- Queen of the South v Spartans
- Stranraer v Dunbarton
Queen of the South welcome SPL side Hearts to Palmerston Park today.
The pre-season friendly will be the first to be played on the newly completed artificial pitch.
The reigning Second Division Champions will be hoping for a good result under new Manager Jim McIntyre.
It's a case of out with the old, in with the new for Queen of the South. Workington have a double header in Speedway and Great Britain's ladies begin their quest to win the water polo world championships.
The new manager of Queen of the South Football Club has made his first signing.
Jim McIntyre has agreed terms with former Dunfermline Athletic and Partick Thistle centre back Andie Dowie, who will join in with training this week.
The new Queen of the South Manager, Jim McIntyre, says that he is hoping to capitalise on the club's previous achievements:
New Queen of the South Manager Jim McIntyre is taking part in his first press conference at Palmerston Park.
Former Dunfermline Athletic boss Jim McIntyre has been named as the new Queen of the South manager, following the departure of Allan Johnston on Monday (24th July).
The 41-year-old led the Pars to the Division One title before taking on the role of first-team coach at Bristol City.
Jim McIntyre has been named as the new Queen of the South manager.
He takes over from Allan Johnston who left the club on Monday (24th July) for Kilmarnock.
"He is a young, experienced Manager who has an expansive attacking view on football. We are expecting him to build on the playing style of the current squad."