ian1964 10,761 Posted July 11, 2018 Share Posted July 11, 2018 Dundee United takeover: John Gibson opens up on failed bid to buy majority share – and admits he’s worried for club’s future The Tayside businessman believed he had struck a deal to buy Stephen Thompson's shares last week for a fee of around £500,000. JOHN GIBSON has opened up about his failed bid to buy the majority share in Dundee United – and admits he’s worried about the club’s future. The Tayside businessman believed he had struck a deal to buy Stephen Thompson’s shares last week. It’s understood a fee of around £500,000 was agreed and the funds were placed in a solicitors’ client account awaiting completion. But Gibson claims Thompson scuppered the deal by inserting clauses into the contract – although that is something he refutes. Gibson, a member of the Dundee United Supporters Foundation, now accepts his deal is dead in the water. And he questioned whether Thompson was stringing him along the whole time. He said:“I was approached by Stephen Thompson almost two weeks ago and agreed to buy his majority shareholding in Dundee United. “I expected to announce the purchase on Sat 7th July, but his lawyers amended the agreement. “The funds to buy his shares were lodged in a lawyers client account last week. “The deal was due to be signed on Monday 9th July, but was then delayed at his end until the following day, Tuesday. “On that day I received an email again amending the offer, with two clauses which were simply unacceptable, but which due to non disclosure agreements I cannot reveal. “I wanted complete privacy until the deal was signed and sealed, but had folk calling me on Sunday 8th July to say they knew about the deal, and journalists calling on the Monday to enquire about it. “Given that the press, as they were absolutely entitled to do, were going to run the story, I reluctantly made a brief statement to them. “As I am a member of the Dundee United Supporters Foundation, I felt I had to inform them of my intention to buy the shares, and had done so in strictest confidence on the 2nd July. “The money offered and lodged with the solicitors was a substantial six figure sum. “The impasse at Tannadice has to be broken and I thought this was the opportunity to do so. “However, I had no option but to withdraw my offer for the shares due to these eleventh hour changes from Stephen Thompson, to the original offer. “The new conditions were bizarre, and impossible to achieve. “This deal would have allowed fan participation in the club and also recreated what United used to be: a true community club. “I now intend to keep my powder dry and will continue to encourage fans to join and support the DUSF.” Thompson stood down from the Tannadice board in March and was replaced by his former right-hand man Mike Martin. The pair had been trying to secure a deal with American investors for their shares but SunSport understands several deadlines have been missed for them to complete a deal. And Gibson admits he fears that is on the verge of collapse and United will be left financially wrecked. He said:“As Stephen Thompson has offered to sell the shares, it seems to me that there now appears to be little prospect of any ‘American deal’, although I would be delighted to be proved wrong. “Chairman Mike Martin needs to come clean with the fans on this situation as soon as possible. “I am seriously worried as to how united are going to fill the financial black hole, since there are no assets left to sell or mortgage. “And apart from some deal being done with a Ryan Gauld sale and any sell on fee from that, there is little prospect of fresh funds coming in. “Added to the extremely poor season ticket sales, (and I have bought six, for myself and my family) the club could find itself short of a seven figure sum this season. “These are very worrying times for Dundee United fans. “On reflection Stephen Thompson may have been playing me along, using my offer to wave in front of the other directors, but only time will tell.” https://www.thescottishsun.co.uk/sport/football/2915670/dundee-united-john-gibson-takeover-opens-up-failed-bid-future/ 1 Quote Link to post Share on other sites More sharing options...
Rousseau 10,823 Posted July 11, 2018 Share Posted July 11, 2018 Oh no... 2 Quote Link to post Share on other sites More sharing options...
Bill 13,717 Posted July 11, 2018 Share Posted July 11, 2018 “And Gibson admits he fears that is on the verge of collapse and United will be left financially wrecked.“ Celebrate good times, come on 1 Quote Link to post Share on other sites More sharing options...
Franc Ergs 1,702 Posted July 11, 2018 Share Posted July 11, 2018 4 Quote Link to post Share on other sites More sharing options...
MacK1950 2,399 Posted July 14, 2018 Share Posted July 14, 2018 On 11 July 2018 at 21:18, Bill said: “And Gibson admits he fears that is on the verge of collapse and United will be left financially wrecked.“ Celebrate good times, come on Go for it cheerio cheerio etc. 0 Quote Link to post Share on other sites More sharing options...
JFK-1 1,693 Posted July 22, 2018 Share Posted July 22, 2018 I had pretty much forgot about the league cup but noticed the latest standings just today. Dundee United matches played = 3 matches lost = 3 1 Quote Link to post Share on other sites More sharing options...
Doc 280 Posted July 22, 2018 Share Posted July 22, 2018 A vile vindictive little club. Karma's a bitch isn't it? 0 Quote Link to post Share on other sites More sharing options...
buster. 5,257 Posted July 22, 2018 Share Posted July 22, 2018 Thread Catch-up The takeover bid didn't go through and instead................... Published: 13th July 2018 Dundee United Football Club today welcomes the news that Club Chairman, Mike Martin, Board director James Fyffe and two local Dundee businessmen, both of whom are also life-long Dundee United fans, have acquired the shareholding of former Club Chairman and director Stephen Thompson. Mr Martin said: “This share transaction strengthens our current financial position and provides the solid platform required as we continue to progress long term investment opportunities.” https://www.dundeeunitedfc.co.uk/news/5694/Dundee-United-Welcomes-Share-Acquisition.html 0 Quote Link to post Share on other sites More sharing options...
pete 2,499 Posted July 23, 2018 Share Posted July 23, 2018 0 Quote Link to post Share on other sites More sharing options...
Bill 13,717 Posted August 4, 2018 Share Posted August 4, 2018 The news from Tannadice just get better, with a home defeat to open their season. 3 Quote Link to post Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.