Dundee Utd Debt Free (Ish)

[spamspamspam]

Sorry, couldnt find the Utd thread, merge if you can

 

 

Jim Spence on twatter claiming Utd have settled all bank debts and are no longer under pressure to sell players.

 

EDIT - Now also on their website

 

http://www.dundeeunitedfc.co.uk/index.asp?tm=2&nid=4722&cd=2014

 

Could see the rise of Utd next season as well now if they can add a few old heads to the kids they have.

 

Good for Scottish fitba IMO

 

If we carry on progressing next season as we have this, they pick up a bit more, Motherwell are always doing OK... if the the the rangers get past Hearts for promotion next season they wont be walking straight back into 2nd spot with the likes of us and Utd playing free flowing fitba.

[strachanmcgheegoal]

If I'm readin it right they're doing what Stewarty Milne did partly for us last year, debt for equity swap basically? In their case its from a third party, not their chairman (probably his wife) and it took out all of their debt, whereas in our case, because we're rammed full of debt and couldn't sell a player effectively if our lives depended on it, it only took out some of ours.

[StandFree1982]

A cup win (or two) this year with a good league position and a decent European run next year, we could see our debt slashed quite a bit with the added revenue.

 

League - £1,700,000 (ish)

Cup - £300,000

Europe - minimum of £120,000 upwards

 

The key is to qualify for Europe and try and progress to at LEAST the last qualifier, making the groups would be a massive boost both financially and also to Scottish Football.

 

Obviously £2,000,000 won't make a huge dent to our debt, but it would definitely help!

 

Winning the Europa League would almost wipe our debts though! If Rangers managed to make it to the final then i'm sure we can at least get back into the group stages with the squad we have right now.

[Poodler]

^ settle doon haha, were still the same team that's been pumped by hearts twice this season. Were on the road but dreaming about Europa league is premature let alone winning it

[Red Dragon]

So, is this debt forgiveness from the bank ala what Johstone at Killie is trying to do?

 

"has resulted in the Club being able to reach a settlement with its bankers, Bank of Scotland, to close off its debt position....

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."

 

We owe you £4m, how about we give you £0.5m kinda thing, reads that way, no?

 

Sooooo, we bank with BoS also, right? Odds on Wiggy popping into the Queens Road branch offering tu'pence ha'pny to settle our bank debt?

[spamspamspam]

I think they'll have negotiated a settlement, not quite as hefty a discount as you've put but if they had 4m of 10 years or whatever a chuck of interest might've been taken off.

[StandFree1982]

^ settle doon haha, were still the same team that's been pumped by hearts twice this season. Were on the road but dreaming about Europa league is premature let alone winning it

It was a tongue in cheek comment about winning it! We should be getting into the qualifiers at the VERY LEAST. We're sitting 2nd right now in the league and we're comfortably in a European spot so it's hardly dreaming.