United reveal debt repayment plan

The extent of Dundee United's final debt repayment bill depends on their transfer income in the next three windows.

Last Updated: 21/02/14 at 18:48 Post Comment    Bet with SkyBet  Transfer Specials. Click here to bet.

Latest Articles

Ancelotti backed for Man Utd job

Post comment

A gamble on Carlo Ancelotti to become the next Manchester United manager took place on Wednesday.

Camacho signs new deal

Post comment

Ignacio Camacho has ended speculation over his future by signing a new contract at Malaga.

All Articles

The extent of Dundee United's final debt repayment bill depends on their transfer income in the next three windows, the club have revealed.

United issued more details about their recent bank settlement in their annual accounts for last season, which showed a £319,000 profit - their fourth in five years.

The club could repay as little as £1.7million of a £4.7million debt to the Bank of Scotland, but could pay close to the full amount if they sell some of their top-rated young players.

United revealed earlier this month that a group of fans would pay an initial sum to the bank to transfer the debt, although the details were confidential. United paid £175,000 in interest fees during their latest financial period, which ran to June 2013.

A club statement read: "Since the 2013 accounts were completed, the club reached an agreement with its bankers to close off its debt position.

"The negotiated terms included a payment of £1.45m to settle all borrowings and accruals due to the bank at the date of the agreement, with any further payments contingent on the receipt of any transfer proceeds received up until 31 August 2015, during which time the bank will be entitled to a reducing percentage share of these proceeds.

"The total amount due to the bank at the date of entering the agreement was £4.7m. The potential full payment under the terms of the agreement will be between £1.7m and £4.1m, depending on the club's performance in the transfer market."

United's financial performance was helped by more than £500,000 savings in wage costs and a £595,000 transfer profit, thanks to the sale of Johnny Russell to Derby.

Turnover increased to £5.4million and the wages-to-turnover ratio dropped from 76 per cent to 61 per cent.


New Sky Bet customers: Free matched bet up to £30


Bet with SkyBet  Transfer Specials. Click here to bet.

Football365 Facebook Fan Page

The Football365 fan page is a great place to meet like minded people, have football related discussions and make new friends.

Footer 365

Giggs proud to lead United

Ryan Giggs has admitted his pride at being given the opportunity to manage Manchester United for the rest of the season.

Ian Ayre believes Liverpool's owners FSG deserve praise for saving Premier League club

Liverpool managing director Ian Ayre has paid tribute to the club's owners Fenway Sports Group for saving the club.

Transfer news: Morgan Schneiderlin happy to stay at Southampton

Morgan Schneiderlin insists he is happy to stay at Southampton and will never try and engineer a move away.

Mail Box

Guardiola Is No Better Than Moyes...

At least he wasn't in Bayern's defeat to Real Madrid, says one chap in the mailbox. Plus, more excitement over Van Gaal at Man United and thoughts on FFP...

Man United Fans Excited By Van Gaal Talk

Man United fans know who they want to replace David Moyes, with Louis van Gaal the favourite to take over at Old Trafford. Plus, thoughts on Real Madrid v Bayern Munich...

© 2014 British Sky Broadcasting Ltd. All Rights Reserved A Sky Sports Digital Media property