Dundee United have completed a major restructuring of its financial position. Following negotiations, the club has reached a settlement with its bankers, Bank of Scotland, to close off its debt position. At peak the sum owed was £6m.
It represents a major coup for chairman Stephen Thompson and his family. Now, after complex and lengthy negotiations the chairman and his family have been able to wipe out the remaining three million, plus an overdraft that stood at around the £1 million mark.
Dundee United have completed a major restructuring of its financial position. Following negotiations, the club has reached a settlement with its bankers, Bank of Scotland, to close off its debt position. At peak the sum owed was £6m.
It represents a major coup for chairman Stephen Thompson and his family. Now, after complex and lengthy negotiations the chairman and his family have been able to wipe out the remaining three million, plus an overdraft that stood at around the £1 million mark.
To do that the Thompsons, £6 million investors in United during their 12 years in charge, have had to dip into their own pockets once again. There’s also been help from as yet unnamed investors, although Thompson remains firmly in control at Tannadice.
It’s a move that will also see the club switch bankers and while the club has made no comment on that, it’s understood their financial business will now be conducted with the Santander group.
The family used to own Morning Noon & Night was a Scottish convenience store chain set up in Dundee in 1991, by retailing executive Eddie Thompson who became chairman of Dundee United F.C. in 2002. He passed away in 2008 and his son took on the role. Morning, Noon & Night was sold to Scotmid for £30m in 2004.