Scottish Premiership side Dundee United Chair Stephen Thompson "will never forget the day" he gained control of the club when it was "bogged down with debt -- that's why he's so elated
at their latest financial success," according to Euan McArthur of the Scotland DAILY RECORD. The club on Monday celebrated a "healthy profit" of £1.2M for the year ending in June. It is a "far cry from when Thompson took over the reins at his beloved
Tangerines when the bank were constantly on his case to cut costs
drastically." Thompson: "Thankfully we've got out of the debt. Other
clubs have also managed to renegotiate their debt with the bank which is
good for the game. But none of us can ever go to the banks again if
things get tough. We'll never get another credit line." Dundee United has "been grateful to the Bank of Scotland for writing off their
previous debt with a group of mystery investors playing a key role." Thompson said, "A lot of it is to do with the restructuring with the
bank. We've been working hard to reduce losses and get the operating
side back in the right way" (DAILY RECORD, 1/6).
