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
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