Here is an update from the federation from tuesday.

Notes of Meeting with DUFC Directors, Tuesday 30th January, 2018, Boardroom Tannadice Park, Dundee @ 7.00pm



Dundee United represented by MM, JF and CS.



The major points covered were:



JF invited to join the Board with main focus on Commercial activities
Heggie opening hours to be extended
Hydro building to be converted into Sports bar and function suite allowing more hospitality to be available on match days. Local firms to be used and “offering” to be enhanced
No charge for function suite to fans
MM has recently invested significant sum in Club recently
Operating losses continue but being financed by Commercial loans (8 individuals). All have a clause allowing the terms to be renegotiated
Some waiving interest, some deferring and some receiving interest
Fans have lost faith in current long standing Board members, incl MM, and believe Utd unlikely to prosper under current regime. Selling players and replacing with poor recruitment whilst incurring continuing losses
Continuing operating losses have been financed historically by Cup runs and transfer fees
CL is responsible for signing players although the Board have a rigorous evaluation and the manager has to convince them on various aspects that the proposed signing will enhance the team and be an asset to the Club
Directors aware Youth set up needs a complete revamp and CL will turn his attention to this once season is over. A top to bottom structure throughout playing side of the Club is required
Talks taking place, which are likely to be successful, with new investors both to buy from existing shareholders and/or purchase unissued shares. MM confident something will happen soon
MM has bought Justine’s 33% with aim of having all large shareholdings within the Board
Plan B if promotion not achieved this year? Four additional sources of income: commercial, cup success, transfers and loans. Loans make up the balancing figure. Playing budget whilst it would potentially be reduced would still be larger than most if not all other Clubs
No offers received to buy the Club as described on Social media (2 bids allegedly) on 30 January 2018
MM’s position on potentially becoming Chairman of DUFC is that it would be for others to decide, if they thought it would be in the Clubs best interests
Possible 2 new players tomorrow – both No 6’s – £100K has been made available to CL to strengthen the team
Fed thanked JF for his initiative in meeting the fans and MM for allowing the discussion to be honest and frank and for taking the criticism sadly aimed at the long standing Board members of which he has been one since 2011
MM stated that although only one group left to see felt that Fed had been very open and honest and unlike the other groups may not be leaving feeling as positive about the immediate future.




Abbreviations



ST – Stephen Thompson

MM – Mike Martin

JF – Jimmy Fyffe

CS – Colin Stewart

CL - Csaba László