CUP wins for teams outside of the Old Firm come along so infrequently that every success seems like a significant milestone.

Take a wander around Rugby Park and there are photos everywhere of the Kilmarnock team that lifted the 1997 Scottish Cup, management and players who, in the space of an afternoon, took on legendary status. This week, they finally got some company.

The success of this current Kilmarnock team in winning the League Cup for the first time may have been overshadowed initially by the death of Liam Kelly's father but the passing of time will lead to it being recognised as one of the greatest feats in the club's history.

Michael Johnston, the chairman, certainly seemed to appreciate the significance of Sunday's 1-0 win over Celtic, trotting out a list of statistics like a proud parent listing their child's achievements. "This was our sixth League Cup final and our first victory, our first trophy for 15 years, the first time we've beaten Celtic in Glasgow since 1955 to bring their 26-game unbeaten streak to an end, and the first time since 1998 that one of the Old Firm have been beaten in a cup final by a non-Old Firm side. Sometimes people belittle your success if you haven't beaten Rangers or Celtic in the final but we've laid that one to rest as well."

What makes this cup triumph even more impressive is that this was meant to be a difficult season for Kilmarnock. The previous year had been one of the most exciting in the team's recent history, manager Mixu Paatelainen and playmaker Alexei Eremenko combining to produce a brand of football that was both easy on the eye but successful, too.

With both Finns gone – and other key players such as Mehdi Taouil, Jamie Hamill, Craig Bryson and Frazer Wright having moved on – there was a general feeling Kilmarnock may struggle to replicate that success this season. Kenny Shiels, however, was not put off by the challenge and rebuilt the squad, making some shrewd acquisitions.

The result is a first major trophy for 15 years. However Shiels' involvement, reveals Johnston, goes far beyond his first-team duties, making it little surprise that the chairman wants to hold on to his manager for as long as possible. "Kenny had three years at Tranmere Rovers as the director of their youth academy so he has an empathy for youth football and we're already tapping into his knowledge and experience," says Johnston, who confirmed contract offers have also been made to Manuel Pascali and James Fowler. "We've got some changes in mind for the youth development set-up at Kilmarnock and Kenny's fully engaged with that. If he's not training the first team or watching our opponents, he's often to be found at youth matches or training sessions and takes a real interest in these areas of the club.

"His real passion is for identifying young players who are capable of being improved and developed as football professionals. That's always been an important thing at Kilmarnock with the likes of Garry Hay, Cammy Bell, Steven Naismith and Kris Boyd to name but a few. We want Kenny and Jimmy Nicholl to stay on for next season and beyond. Kenny seemed keen enough before the final so unless Manchester United or somebody have come in for him since then I would hope we can get the deal tied down. We look upon Kenny as a long-term asset."

Johnston speaks enthusiastically about the final like a fan but, in terms of finance, must address matters more pragmatically. Talk of a financial windfall as the result of this success, he explains, is wide of the mark. "Unfortunately the financial side of this year's competition is not quite as buoyant as it may have been in previous years. The price structure for the semi-finals and final was very competitive as the SFL and the Scottish government wanted to encourage family groups along. That's great and we bought into that, but, as a result, the revenue streams were not as strong as the windfall some people might imagine.

"Winning the cup will have a positive in terms of our cashflow and that will help to correct some overspend in other areas. But it's not going to make major inroads on our core debt nor is it going to enable us to increase our playing budget for next season."

Only 11,000 Kilmarnock fans travelled to Hampden last Sunday to see their team defeat Celtic thanks to Dieter van Tornhout's late header. Those who missed out – and, boy, they must be cursing that decision – will get a chance to pay belated tribute this Saturday, with reduced admission prices in place for the league match against Motherwell.

"We had 14,000 at the semi-final against Ayr and 18,000 for the final against Hibernian in 2007 but I think the number was lower for the cup final as we were playing Celtic and maybe there wasn't the same level of optimism as in those two other games," says Johnston. "But there was still a real party atmosphere after the final despite the tragic events surrounding Liam Kelly's family and the players were incredibly professional about seeing through the celebrations for the benefit of the supporters, although their thoughts were maybe elsewhere. Now this week, hopefully, we will get a good crowd inside Rugby Park to give more fans the chance to pay tribute to the players and the management for what they've achieved."