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Dundee United clear bank debt


cushynumber
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CHAIRMAN Stephen Thompson today confirmed the club had "closed off its debt position" after reaching a settlement with the Bank of Scotland.

DUNDEE UNITED have secured a deal to wipe out their bank debt of more than £3million.

The money is reported to have been paid by a group of fans and will see the Bank of Scotland release a security over the club's assets.

United have almost halved their debt in recent years but have still been paying annual bank interest fees of more than £200,000.

The club announced the major financial restructuring had enabled them to "reach a settlement with its bankers, Bank of Scotland, to close off its debt position".

In a statement, Dundee United chairman Stephen Thompson added: "In recent years we have worked closely with the bank to reduce our term loan debt by almost half, from a peak of £6million to just over £3million today, whilst at the same time continuing to trade and operate the business as normal in a highly competitive and difficult market.

"At times this has been challenging, but we have risen to this challenge and are now in a position whereby we feel able to operate the business without any further reliance on bank lending.

"The bank has been fully supportive of our position and has co-operated fully with our request to discharge the debt and release the standard security held over the club's property.

"Importantly, this restructuring will also allow us to utilise the club's assets to a greater extent for the benefit of the local community and we will be providing details of our plans for this over the coming weeks."

Interesting.

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CHAIRMAN Stephen Thompson today confirmed the club had "closed off its debt position" after reaching a settlement with the Bank of Scotland.

DUNDEE UNITED have secured a deal to wipe out their bank debt of more than £3million.

The money is reported to have been paid by a group of fans and will see the Bank of Scotland release a security over the club's assets.

United have almost halved their debt in recent years but have still been paying annual bank interest fees of more than £200,000.

The club announced the major financial restructuring had enabled them to "reach a settlement with its bankers, Bank of Scotland, to close off its debt position".

In a statement, Dundee United chairman Stephen Thompson added: "In recent years we have worked closely with the bank to reduce our term loan debt by almost half, from a peak of £6million to just over £3million today, whilst at the same time continuing to trade and operate the business as normal in a highly competitive and difficult market.

"At times this has been challenging, but we have risen to this challenge and are now in a position whereby we feel able to operate the business without any further reliance on bank lending.

"The bank has been fully supportive of our position and has co-operated fully with our request to discharge the debt and release the standard security held over the club's property.

"Importantly, this restructuring will also allow us to utilise the club's assets to a greater extent for the benefit of the local community and we will be providing details of our plans for this over the coming weeks."

Interesting.

So they can wipe out 3million.. Yet Lloyds back force murray to sell Rangers...I am convinced that the EBT case is the reason Lloyds wanted rid and it had nothing to do with the 15million debt

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So they can wipe out 3million.. Yet Lloyds back force murray to sell Rangers...I am convinced that the EBT case is the reason Lloyds wanted rid and it had nothing to do with the 15million debt

could be right mate.

On a wider note it shows that a club - working in conjuction with helpful fans with deep pockets and a bank that is "onside" - can live within its means. I fuckin hate Thompson, but this shows how a club can be run and still be competetive.

They could sell some of there star players that everybody is lauding at the moment and make a tidy profit over the next few years - with no bank debt.

.

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could be right mate.

On a wider note it shows that a club - working in conjuction with helpful fans with deep pockets and a bank that is "onside" - can live within its means. I fuckin hate Thompson, but this shows how a club can be run and still be competetive.

They could sell some of there star players that everybody is lauding at the moment and make a tidy profit over the next few years - with no bank debt.

.

If it wasnt for the EBT case I believe we would still be under Murray and almost debt clear. We wouldnt of heard of the likes of whyte or Green.. Its sad even though we won the case just how much damage it has done to the club

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If it wasnt for the EBT case I believe we would either still be under Murray and almost debt clear. We wouldnt of heard of the likes of whyte or Green.. Its sad even know we won the case just how much damage it has done to the club

We did appear to be going in the right direction - the debt was reducing drastically. Fuckin tragic that Murrays bottle went with the financial crisis.
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I've now seen this reported twice, the problem is it doesn't actually tell how much was paid and how much was written off. The report on the BBC implies that fans cleared the £4.5m owed by the club, however it goes on to say an arrangement was made with the bank. If you pa the debt an arrangement isn't needed.

In the past I have mentioned that I am suspicious of how money is going into clubs this season, this just makes me more suspicious.

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So they can wipe out 3million.. Yet Lloyds back force murray to sell Rangers...I am convinced that the EBT case is the reason Lloyds wanted rid and it had nothing to do with the 15million debt

The EBT case was the only reason that lloyds did what they did.

The EBT witch-hunt was a timebomb, which HMRC threatened to use twice, if the first case ( the FTTT) did not blow us up, they threatened, and have followed through with the second legal action, the UTTT.

Murray must have felt in a hopeless position. Except that had he had the balls to wait, he might have won the case.

I feel sympathy for his position then, but no part of me can understand how Whyte was selected.

I still want to know how Whyte came to be chosen as the buyer, and WHO verified his means to afford to run a club of our size.

Then I want these people named.

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no doubt these investors will get a % of future player transfer fees, it doesnt matter, fact is the supposed implosion of scottish football after our demotion has failed to materialise

we need to make sure that when we get back to the top league, we wipe the floor footballing wise with these cunts

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I would suggest a debt for equity release. The sheep and Killie are doing the same thing I believe.

Agree. What seems to be overlooked is the fact that Banks want nothing to do with Scottish Football. Do they have overdraft facilities? No businesses can run without a credit line.

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