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United clear the way

United clear the way

Dundee United will no longer be forced to sell leading players after wiping out their bank debt.

A bill of £4m has been cleared by a group of fans who have partially settled with the bank through their own funds.

The Tannadice club had a £3.4m term loan alongside a £1m overdraft. But chairman Stephen Thompson and his board of directors have managed to negotiate a settlement.

United state the deal has been made possible due to the support of sympathetic investors and that it is now in a position to operate the business without reliance on bank borrowings..

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Writer:Vital Arabs
Date:Friday February 7 2014
Time: 4:57PM

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