Dundee United made a £834,000 profit in the twelve months to June 2008, compared with a loss of £989,000 in the preceding period. As recently as 2003, the club was losing £2.87m a year. This is the first profit the club has made since 1997. It does include the sale of Barry Robson to Celtic, but this was not the full million pounds some believed as a selling on fee had to be paid to Inverness.
Dundee United made a £834,000 profit in the twelve months to June 2008, compared with a loss of £989,000 in the preceding period. As recently as 2003, the club was losing £2.87m a year. This is the first profit the club has made since 1997. It does include the sale of Barry Robson to Celtic, but this was not the full million pounds some believed as a selling on fee had to be paid to Inverness. The Tangerines’ borrowing total was down by £1.4m at the end of the period with a permanent drop in the bank term loan from £6m to £5.5m, while the overdraft was £115,000 compared with over £1m in June 2007. Since then there has been a further reduction in cash owed on the back of the summer transfer of Noel Hunt to Reading. However, there is a still a debt of £5.4m and an agreement with the club’s bank (HBOS) to reduce it. Nevertheless, the club is managing to live within its means and is not requiring a subsidy from the Thompson family. Turnover increased from £4.01m a year ago to £5.85m. The total wages to turnover ratio is down to a healthy 57 per cent. It is planned to upgrade the Tannadice floodlights and a new training facility at St.Andrews is close to being confirmed.