ST to sell Gussie for £1M

[PortugueseFrank]

The deal is just to sell the property and rent it back.

The business operated out of Gussie will remain unaffected. United are not selling the business at Gussie. Just the property.

It's like when Dundee sold Dens to rent it back. The business part remains unaffected

[PortugueseFrank]

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 it’s in place and worth a couple of bob, these cretins can just sell it off

The bar plans etc remain in place I'm led to believe.

They aren't selling it to profit. They are selling it to keep the lights on.

If there plan comes off, United will buy back the property.

I won't hold my breath.

[ahlltanyirhide]

Thing is with a business based upon the quality of the facilities, you have to continue to unsure that the facilities are of a good standard for the business to be profitable. The only way they were able to improve Gussie last time was by fans funding it, certainly won’t happen again.

[marradonna]

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.

"Yorsipp Limited (Yorsipp) is a specialist pension provider focused on bespoke self-invested personal pensions (SIPP) and Small Self-Administered Schemes (SSAS) offering investment flexibility, diversification and a range of retirement solutions."

Thuis basically means he has bought the asset using his own cash, then transferred it (with tax benefits on top) into his self-invested pension pot, where the asset will be administered by the company, as though they actually own it. He will lease it back to the club (if he keeps the same use) and the lease money goes straight into his pension pot with tax benefits. As the leasee, the club will be entirely responsible for all the upkeep and improvments (if required) of the park.

The problem comes when he decides to cash in his chips and sell his asset. The next owner has no obligation to use it for the same purpose as currently - So the oft-mooted "Dens park should be a car park for Tannadice" may ironically come true, in the guise of housing or anything else that takes their fancy.

Worrying times here in Livingston :-)

[PortugueseFrank]

Thing is with a business based upon the quality of the facilities, you have to continue to unsure that the facilities are of a good standard for the business to be profitable. The only way they were able to improve Gussie last time was by fans funding it, certainly won’t happen again.

The pitch should last for years and years to come.

[borderarab]

Those pitches have a life span of 10 yrs depending on use, what deal have united struck are the club responsible for maintenance? Beyond all of that I am ****ing sickened that Thompson had sold that pitch , a pitch he wouldn’t put a penny of his money into fixing but happily took the funds of the fans and GD , then sells it under our noses to pay back mummy. Better wake up folks, the club are staring into the abyss with Thompson in charge and he’ll take us right into it in the coming months

[Sutherland Arab]

//www.dundeeunitedfc.co.uk/news/5537/DIRECTOR-MIKE-MARTIN-PURCHASES-GA-ARENA-.html
That's it done then. As someone pointed out why didn't MM use his £1 million to purchase more shares and become majority shareholder, or invest it directly into the club? It's self preservation for when it all goes to ****.
Signed up to donate to the DUSF, don't know what else to do but I won't be giving any more of my money to ST and MM's retirement fund.

[PortugueseFrank]

//www.dundeeunitedfc.co.uk/news/5537/DIRECTOR-MIKE-MARTIN-PURCHASES-GA-ARENA-.html
That's it done then. As someone pointed out why didn't MM use his £1 million to purchase more shares and become majority shareholder, or invest it directly into the club? It's self preservation for when it all goes to ****.
Signed up to donate to the DUSF, don't know what else to do but I won't be giving any more of my money to ST and MM's retirement fund.

From what I have researched, his pension fund wouldn't have been able to buy shares.

Depending on season ticket sales and how much of the operating losses they can work down I would hazard a guess at one year till either Tannadice gets the Gussie treatment or they push the Admin button or ST sells his shares.

[stokearab]

From what I have researched, his pension fund wouldn't have been able to buy shares.

Depending on season ticket sales and how much of the operating losses they can work down I would hazard a guess at one year till either Tannadice gets the Gussie treatment or they push the Admin button or ST sells his shares.

It was encouraging to read that the 6 supporter groups had met, hopefully something positive comes out of it. But at the same time disappointing not to be hearing about planned and coordinated direct action. (Maybe some coming, dunno)

It needs planned demonstrations timed to coincide with the physical presence of ST, eg at Tannadice or in BF

But it also needs a coordinated PR campaign. This is absolutely ***** in beginning the process of change and removal. Television radio and newspapers, with the programme being run by someone who knows how to do it. This is why imo the 6 groups could find the people from within the 6 to do it.
Banners all the way across the lower and upper walls of the GF will be picked up on TV, there's all sorts of things that can be done to start putting pressure on.

When ST and or MM wakes up to bad PR everyday and walks into hostile crowds as they enter/leave Tannadice/Neros
they'll start to realise the games up.Make no mistake this is what it will take.

I know it's easy for me to say all this from far away but if I was in the area I'd be volunteering my time.

We need to let them hear it and let them hear it loud. Because the future of the club appears to be at risk here.



(Just for anyone looking in I am not advocating violence against any person or intimidation of a nature that would break any law)

[smirky4]

From what I have researched, his pension fund wouldn't have been able to buy shares.

Depending on season ticket sales and how much of the operating losses they can work down I would hazard a guess at one year till either Tannadice gets the Gussie treatment or they push the Admin button or ST sells his shares.

From what I have researched, his pension fund wouldn't have been able to buy shares.

Depending on season ticket sales and how much of the operating losses they can work down I would hazard a guess at one year till either Tannadice gets the Gussie treatment or they push the Admin button or ST sells his shares.

Lets be daft here, lets think like ST (bear with me)....be realistic here we're in for another season in this league......

his preferred choice would be to sell the shares at his or close to valuation correct?

what about admin, how does this effect the money he'll get back i.e. his/eddies "loans" etc

he has to be looking at an exit strategy that will give him as much as possible and to £uck with Our club