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 Chairman warns of wage cuts

Thu 18th Nov 2010 | Money & Finance

Dundee United chairman Stephen Thompson has warned that his family can no longer bankroll the Tannadice wage bill and cost cuts will be inevitable.

Thompson said that United would have entered administration if his family had not bought the club eight years ago.

"There's a lot of players out of contract at the end of the season," said Thompson in a interview with BBC Scotland.

"And the wage budget will be cut for next year."

Thompson took over as chairman of the club two years ago after his father died in October 2008, made it clear to manager Peter Houston that the transfer and wage budget for next year will be significantly reduced.

"The manager already knows all that and we are working for the future," said Thompson.

"It's very tough, crowds are down across the board in Scottish football.

"Our crowds were down 10 per cent last season, despite probably our second most successful year ever.

"When we took over the club eight years ago the club was about £4.2m in debt.

"That year we lost about £2.8m, which takes you to a higher debt than we currently are today.

"If it hadn't been for someone like my father coming in this club would have been in administration back in 2004 or something like that."

Asked whether the Thompson family could continue to fund the club the United chairman said: "In the last 18 to 20 months we've put £450,000 in and we'll have to put some more in this season.

"But the answer is no.

"The net figure my father got from the sale of (his former) business was £9m and £5.5m of that has gone into the club - that's over 60% of his worth."

 

 

 

 

If you have any football business related news stories you’d like to share then please contact us – agourley@fcbusiness.co.uk or ryan@fcbusiness.co.uk

 

 

 

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...