This is not sounding at all good.
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On the conapanies house website: https://beta.companieshouse.gov.uk/c...filing-history
Registered yesterday. Security over Gussie, club shop, the car park and the sheds next to the club shop. In the name of Cath Thompson.
So that's the ground and Gussie secured against loans.
The club still own the property but if admin etc were to happen then Hugh Drummond and Cath Thompson are entitled to the proceeds from any sell off of those assets.
So I'm guessing, if the boy in the States does lend the club money it would be on an unsecured basis.
This is not sounding at all good.
I have included that link to Companies House in a message to Dundee United Football Club on the official Facebook page. It is being "reviewed" before being published.
I simply asked the club to provide a clear answer as to what this means for DUFC and the club's assets.
Is this acceptable practice or is this a shaddy movement form the thomson family to protect themselves from probably there own undoing.
Secure as much as they can before the **** hits the fan
What a way to run a club yet some still stick up for them and would rather take pot shots at the fed and fans united.
Cant get me nut round it, as Danny Dyer would say...
In the years when the club owed the banks millions Tannadice was secured against those loans . Bit excessive to secure everything the club owns except Tannadice against a 200k loan , when the family used to have unsecured directors loans in the past ? Maybe the loanee doesn't trust the boy in charge lol
Having cared very little for Thompson for some time but have been willing to say the policy of paying off family loans I could understand albeit not as a fan but this move is in my opinion utterly appalling.
I fear for the near future - looks like financial chaos is likely as predicted for some time.
Arab wasp, is there not a company law issue with handing security over the value of a loan and doing so if you know financial doom is round the corner?
Arab plumber, what's going to be secured against the loans he's trying to secure from the ex soft loan crew he's lining up at £100k each? A seat in the board ?
Yes you are clearly alluding to giving a preference to creditors which wouod be illegal however if done before any insolvency event had been discussed or considered probably difficult to prove the fact that it was a preference.
AW even if the preference was given when it was known the company was screwed without the loan and security ?
So BA as i suspect you know a little on this subject are you suggesting thst this is not so worrying.
Personally believe that by producing board minutes showing cash flow being maintained would potentially alleviate any accusations of wrongdoing which doesnt mean "astute planning ahead" can not be orchestrated at same time as proof is required.
Suggesting it's very worrying . Buy a season ticket flyer work for you ?
Is there a stage where continuing to trade this (failing, allegedly) company might result in a prosecution of negligence against one or more of the directors? In the event that the company folds and directors were party to previous advice from auditors that danger was ahead?
I would suspect that Mr Thompson is no fool for himself in this situation. There will be well paid advisers guiding things along, with the Thompsons' interests being first and foremost in the plans and the Club's interests second. Hopefully Middle Eastern Sanitary Technician will keep us informed about FU's developments etc.
Limited company , prevention is better than cure . If it goes tits up , I did say this was thommos get out of jail move about 2 years ago when he had no money , then the club and limited company that had existed for over 100years is gone and he gets off scot free . Bet the arch is in someone else's name .
£1.9m is the total debt secured against all the club's assets.
If I was to guess the club are gambling on promotion and transfer clauses coming in from ARob etc.
If promotion doesn't happen I expect big cuts to playing budget to bring down costs.
I'd also expect further finance to be sought. Perhaps Hugh Drummond would put back in considering the asset he has security over still has a much higher value than his loan is?
The whole things a gamble. But it's unlikely anyone buying the club would be daft enough to throw money down a hole.
That's why I find it hard to believe anyone in their right mind would buy United right now.
They'd either be donating money to a loss making business without a credit line or lending the club money to operate thereby increasing the club's debt levels.
Who wants to do that?
I fear we are stuck. 🙁