Dundee United have confirmed the sale of the club’s Gussie Park facility to vice-chairman Mike Martin via his pension fund Yorsipp.
The purchase of what is also known as the GA Arena needed a 50% plus shareholding vote to proceed and with Martin and his boardroom ally chairman Stephen Thompson owning approximately 80% of the shares between them it was guaranteed to be approved.
In a statement confirming the deal, Thompson said: “The financial challenge of the club being in the Championship is obvious.
“Since Christmas 2017 we have brought in revenue via only two home games.
“The board is very grateful for this voluntary commitment by Mike that brings working capital into the club and ensures the focus of everyone remains on the absolute priority of a return to the Premiership.
“While battling these financial challenges we have utilised the options of secured property loan agreements with several parties and while these parties have been of great assistance this deal allows the club to bring control back to the boardroom table as well as put in place an agreement to buy it back when the time is right.”
The club claim that the “transaction ensures an injection of working capital into the business to offset the financial challenges of a second successive campaign in Championship football as well as minimising the club’s dependency on secured property loan agreements.”
The statement adds: “Mr Martin, who also recently purchased the shares of former director Justine Mitchell, has further agreed to an option for the company to repurchase the land at no commercial gain to himself.”
