Dundee United vice-chairman Mike Martin has launched an audacious £1 million investment plan in the Tannadice club.
As Stephen Thompson prepares to step down as chairman at the end of the season, Martin – his friend and boardroom ally – has stepped forward with a scheme to buy the Gussie Park training facility, known as the GA Arena, through his pension fund Yorsipp.
He would then plough the proceeds back into the Tangerines, making it the biggest single financial boost for United outside of transfer cash since Stephen’s late father Eddie Thompson bought the club in 2002.
It is the second significant move made by Martin after the Edinburgh-based banker – chief executive of London-based finance company Hedgeserv (UK) Ltd – purchased the shares of Justine Mitchell, Stephen’s sister, towards the end of last year.
In a letter to shareholders that has been seen by Courier Sport, Thompson has sought their backing for the transaction.
It appears to be a formality as the plan is guaranteed to be given the go-ahead due to Thompson and Martin holding a combined 80% shareholding and the green light for the Gussie sale only requiring a vote in excess of 50%.
There could be a mixed response among the fanbase to the Gussie news.
Some supporters will be delighted that the club will be receiving such a substantial investment as it tries to escape the Championship, while others will be opposed to Martin, a director since April 2011, strengthening his position to take full control because of his close working relationship with Thompson.
Despite the doubts, it does appear to ease the financial pressure that would greet what has been viewed as a nightmare scenario of a third year in the lower division should Casaba Laszlo men not make it up this season either by winning the title or the play-offs.
The sale of Gussie Park would still see United continue to have full use of the facility and the Martin proposal contains an option for them to buy it back at some future date.
