VSI
Dallmeier

Business Directory

Browse the Directory

Sign Up to the Directory

Levy
FC Business Twitter
FC business Linked in
FC Business facebook
FC Business Youtube

Dundee United Complete Financial Restructuring

Mon 10th Feb 2014 | Money & Finance

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.

Chairman Stephen Thompson said, "In recent years we have worked closely with the Bank to reduce our term loan debt by almost half, from a peak of £6m to just over £3m 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."

The Chairman added, "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."

Posted by: Aaron Gourley

 

Icondia (Icondia-C-468x60.gif)
 
RETURN TO LATEST NEWS SECTION
SUBSCRIBE TO THE FCBUSINESS RSS FEED
 
If you have any football business related news stories you’d like to share then please contact us –
agourley@fcbusiness.co.uk

To subscribe to our range of football newsletters including news, products and jobs CLICK HERE.

Add to: Google Google | Yahoo Yahoo | Live Live | del.icio.us del.icio | Digg Digg |

Related Articles

In Focus: Relegation. Can It Reduce Your Business Rates?

Mon 27th Mar 2017 | Money & Finance

It is that time of year again….the happy financial prospect of promotion for a few or the nightmarish vision of relegation for other clubs. So how does league status affect a club’s...

Chancellor Misses Rate-Relief Open Goal In Budget

Thu 9th Mar 2017 | Money & Finance

Rate relief for football in the community: An open goal for Government in 2017 Football clubs, large and small, will not benefit from any substantive ‘give-aways’ following the Chancellors...

Leicester City make pre-tax profit of 16.4m after winning Premier League

Thu 2nd Mar 2017 | Money & Finance

Leicester City today announced its financial results for the year ending 31 May, 2016 – a period of continued growth and unprecedented success for the Football Club. An historic, captivating...

Liverpool FC announces financial results for year to May 2016

Wed 1st Mar 2017 | Money & Finance

Liverpool FC has filed its annual accounts for the year to May 31, 2016 reporting that revenues are continuing to grow, creating further financial stability for the club. Overall revenue increased to...