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Thread: ST to sell Gussie for £1M

  1. #1

  2. #2
    Quote Originally Posted by Retired Arab View Post
    WTAF??!!

  3. #3
    Two points

    1 The money that is loaned against Gussie at present will likely be paid off from this 1m.

    2 Has to be concern that MM is not confident enough in the business's ability to repay him that he is not loaning either unsecured or secured against GA.

    That's a worry.

    Further, MM is spending a lot of money at present. Buying JM's shares and now buying Gussie. United will now (as Dundee FC did with Dens) lose an asset to secure debt against in future and must now pay a rent to a landlord for its ongoing commercial activities

    Therefore, this 1 million MUST be the key to turning the Dundee United Football Company Ltd into, at least, a break-even enterprise.

    If it doesn't we will probably see Tannadice go this way next.

    Bottom line is that a company that sells off it's assets to rent them back is not in a good cash situation. Which would signal to me that cost cutting measures have been effective only to a point since relegation.

    It's not end of days yet but it's not good.

  4. #4
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    All I can gather from this is MM is buying a company asset to protect his investment when it all goes belly up.
    He also holds the cards for when a new Chairman is appointed at the end of the season, despite many supporters clearly not wanting him.
    We are a failing company, overlooked by ST and MM but they will be fine and dandy when it's all over.

  5. #5
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    Surely this is MM shaping up owning club?

  6. #6
    Short term immediate question is: is the valuation fair? Would be one for the fan groups/press to investigate. Call in an independent party with expertise to value Gussie. Got to check £1million is not too low.

  7. #7
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    Quote Originally Posted by PortugueseFrank View Post
    Short term immediate question is: is the valuation fair? Would be one for the fan groups/press to investigate. Call in an independent party with expertise to value Gussie. Got to check £1million is not too low.
    What can be done if the valuation is too low?
    I know there's rules regarding selling assets if we are insolvent but snake has assured us this will not happen.

  8. #8
    Well it would heap further pressure on the current regime.

    If it's been sold at a cut down price then serious questions about acting in the best interests of DUFC will come up.

  9. #9
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    Only those in ST's wee bubble think they are acting in DUFC's best interests.
    If we are selling assets to sustain the club why is ST wanting money for his shareholding? He should be giving them away to someone who can repair the mess he and his cronies made.

  10. #10
    Anyone that wants to take the club on has to give ST and now MM as well, an offer they will accept.

    No matter how unpalatable that is to the majority of us, it's the state of things. They've got the keys.

    They dictate the price.

    But the ownership ball is firmly in the court of those who claim to be interested.

  11. #11
    Things just seem to go from bad to worse for me with united over last few years.

    Really hard to understand what the motivation behind this is - we donít know MMís long term intentions. Does he want to be next owner and chairman? That would be good to know. Maybe he could give some reassurance to fans. I donít know if he actually has money to invest or this is a rent/ profit enterprise for him

  12. #12
    According to Courier it is being bought through a pension fund called Yorsipp.

    From what I can see Mike Martin is not a director of this company. And it's solely owned by one woman.

    It may actually be that he's simply brokered a deal with an unrelated third party company and it's being packaged as investment from him.

    We could really do with a statement from the club once the deal goes through to explain.

    If the courier are right and it is Yorsipp then I don't think it is Mike Martin that's financially on the line for this.

    Yorsipp state on their site regarding property investments that one of their specialities "is support various purchase methods - such as sale and leaseback."

    Which is what appears to be the finance that Dundee United are accessing here.

    This would be an unequivocal sign that all unsecured or secured lending has dried up. Which is not a good place to be.
    Last edited by PortugueseFrank; 23-02-2018 at 03:58 PM.

  13. #13
    Here we go again, Newcastle jets = gms/sa sold under our noses . American dream = Gussie sold . Wonder what else will be getting sold in the near future ? FST

  14. #14
    Quote Originally Posted by PortugueseFrank View Post
    According to Courier it is being bought through a pension fund called Yorsipp.

    From what I can see Mike Martin is not a director of this company. And it's solely owned by one woman.

    It may actually be that he's simply brokered a deal with an unrelated third party company and it's being packaged as investment from him.

    We could really do with a statement from the club once the deal goes through to explain.

    If the courier are right and it is Yorsipp then I don't think it is Mike Martin that's financially on the line for this.

    Yorsipp state on their site regarding property investments that one of their specialities "is support various purchase methods - such as sale and leaseback."

    Which is what appears to be the finance that Dundee United are accessing here.

    This would be an unequivocal sign that all unsecured or secured lending has dried up. Which is not a good place to be.
    Could this be the Lottery winning Gillian Bayford it as an investment?

    BTW Poor timing from United ahead of a massive game for us tonight
    Last edited by smirky4; 23-02-2018 at 05:37 PM.

  15. #15
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    Time we knew exactly WTF is going on with our club. OUR club.

    What the phuk is he up to now . Hope all the supporters bodies are all over this and the rest of the s.hite that is going on.

    Phuk sake, Ďmon United , gie iz some respite the night at Livi .

  16. #16
    Quote Originally Posted by smirky4 View Post
    Could this be the Lottery winning Gillian Bayford it as an investment?

    BTW Poor timing from United ahead of a massive game for us tonight
    It isn't her.

    This isn't investment.

    It's the sale of an asset to rent back.

    It's like selling your house off to pay debts only to rent it back.

    It's not a good position to be in unless you turn your business around with the money you get.

  17. #17
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    Something does not feel right about this deal. Typically pension funds look for a near guaranteed capital investment with a high annual yield. If the leaseback is at the top of the range then its clear there is a massive cashflow problem and selling assets short term is a worrying sign.

    Furthermore the deal regarding investment into the GP and upkeep of it needs to be examined in the leaseback. Any improvement in the facility will simply increase the value of someones eases investment. There is clearly too much inbred interest involved and it smells of the boys trying to liquidate as much as possible before bailing..

  18. #18
    We will have yo exactly which portion of the total site is in the deal. It could just be the Pitch area for example.

    It may not include the shop and sheds.

  19. #19
    Quote Originally Posted by PortugueseFrank View Post
    It isn't her.

    This isn't investment.

    It's the sale of an asset to rent back.

    It's like selling your house off to pay debts only to rent it back.

    It's not a good position to be in unless you turn your business around with the money you get.
    I wonder what Gussie turned over and the profit on that, it always seems well used, im assuming there will be caveats in the purchase ti keep it a sports centre just in case someone wants to it into property developments etc

  20. #20
    Quote Originally Posted by PortugueseFrank View Post
    We will have yo exactly which portion of the total site is in the deal. It could just be the Pitch area for example.

    It may not include the shop and sheds.
    The old buildings in the corner are currently used as security against another loan, these are the same buildings that were being talked about recently to develop into a bar and other fan facilities.

    It is p ish though that supporters helped fund the redevelopment of Gussie Park with a sizable injection of cash coming from GD, and then once itís in place and worth a couple of bob, these cretins can just sell it off
    Last edited by ahlltanyirhide; 23-02-2018 at 06:20 PM.

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