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Club Denies £1,000,000 Financial Crisis

Club Denies £1,000,000 Financial Crisis

The Credit crunch looks to be affecting everyone - as increases to fuel, petrol and food prices take their toll on our wallets.

However, Dundee United have denied that the recent developments at the club will have any financial impact, after direct John Bennett resigned from the Tannadice board.

An official statement was made by United, after a news paper claimed Bennett`s departure would result cost the club over £1,000,000.

Dundee United described the claims as "completely false and without any foundation", because the former director had loaned the club a sum far less than the one quoted.

'John Bennett was a much valued member of the Board of Dundee United and his contribution as a Director was greatly appreciated during his tenure at Tannadice. John parted company with Dundee United on friendly and amicable terms and, as we have previously stated, we wish him well for the future in whatever business opportunity he chooses to pursue," said the official club statement.

"However, it is important to counter the statement by a newspaper columnist today that his departure will be a 'blow` to the Club because he had made a seven figure investment, which had been guaranteed by Chairman Eddie Thompson. This is completely false and without any foundation whatsoever."

"In common with every other Director of the Club, John Bennett had provided loans to the company at various times over the term of his directorship. The total of these loans is a fraction of the figure stated by the columnist, were not guaranteed by the Chairman and provision has already been made to repay them in full in accord with the terms of the loan agreement."

"John's departure therefore, will have no material effect whatsoever on Dundee United FC. In making this statement, we would like to make it clear that it was not John Bennett who made these factually incorrect claims and we continue to have a good relationship with him."

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Writer:Arab Jacques
Date:Monday September 29 2008
Time: 9:00AM

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