ArabTRUST – the Dundee United Supporters Society – today announced the purchase of 510 shares in Dundee United FC, to become one of the top 10 shareholders in the SPL club.
The purchase marks a significant milestone for the supporters’ trust, in achieving one of their prime objectives of giving Dundee United fans a say in the running of the club.
The trust, which was officially launched in February 2003, has sought to raise funds to purchase shares in the club, and also put money back into the youth development side of the club to provide benefits to the local community.
Through the recent Rights Issue announced by the club, ArabTRUST were entitled to purchase 10 shares, owing to their previous holding of 10 shares, as donated by United Chairman Eddie Thompson. However, as a result of some shareholders not taking up their Rights Option, there were excess shares remaining. Due to a sustained period of fundraising, and some kind donations and early membership payments from members, ArabTRUST were able to purchase an additional 500 shares.
In a time where clubs across the SPL are living on a financial knife-edge, this is a welcome move for the club and fans alike. The monies used to purchase the new shares goes straight to the club, rather than to purchase existing shares where the monies would go to the shareholder personally, so this provides a win-win situation for the supporters and the club.
Derek Robertson, Director of Dundee United FC, said “The support of the fans is much appreciated in these difficult times for all football clubs. These shares are unlikely to provide any significant financial return, but ArabTRUST view this as an emotional investment for the fans. This is the first time since 1925 that new shares in the club have been issued and they therefore have an historic significance.”
Mike Barile, Chair of ArabTRUST, said “The Trust are delighted to have had the opportunity to purchase these shares, especially with the money invested going directly to Dundee United. The purchase of these shares is a significant milestone for ArabTRUST, and we hope to purchase additional shares in the future with the hope of eventually gaining a voice for the supporters in the Club’s boardroom. A big thanks goes to our members for their response to fundraising, and who now all share in the ownership of these shares.”