It’s the end of an era as Thompson exits United
STEPHEN THOMPSON last night made a surprise early departure as chairman of troubled Dundee United and quit the club’s board with immediate effect.
The Tannadice outfit’s majority shareholder also revealed that he intends selling most of his 54-per-cent stake in the coming months as he pursues other ‘global business and sports interests.’ Thompson, who assumed control following the death of his grocery magnate father Eddie in 2008, had been scheduled to step down from his role at the end of the current campaign.
But it was confirmed in a statement yesterday that businessman Mike Martin, who recently acquired more than 30 per cent of United’s shares, has now been elected as chairman.
The move follows the announcement earlier this week that Martin, who became a director in 2011, had completed the purchase of the club’s GA Arena training ground to pump in £1million of desperately needed working capital.
During Thompson’s decade-long stewardship of the club, United savoured a Scottish Cup triumph for only the second time in their history in 2010, while the team also took part in three European campaigns.
But a love affair with the club that blossomed for Thompson at the age of 17, when he watched United win the 1983 league title at the home of city rivals Dundee, turned irrevocably sour after relegation at that same Dens Park venue two years ago.
With United toiling to get back to the top flight — a dire situation which has left them in a difficult financial position — supporters have been protesting about his running of the club.
Manager Csaba Laszlo’s team currently sit fourth in the Championship, 17 points adrift of leaders St Mirren.
Thompson’s successor Martin, who the club say will bring ‘a wealth of corporate, financial and commercial experience’ to the role, has held top jobs at HSBC and is currently an independent non-executive director at Euroclear Bank.
He is scheduled to meet the media at a press conference on Monday.
And last night he pledged to help revive the ailing 1987 UEFA Cup finalists.
Martin said: ‘I know that Dundee United has excellent potential and when the opportunity arose to purchase a significant shareholding in the club I saw it as a real chance to contribute more effectively to the challenge of turning round the club’s fortunes.
‘Being elected chairman puts me in a position to further influence the change of direction required to revive the fortunes of the club, working alongside my experienced and committed colleagues in the boardroom.
‘It is clear that Dundee United benefits from an excellent staff and arguably the most loyal and passionate support base in the country.
‘We have all experienced pain in recent times but I ask all fans to judge me, as chairman, on my actions and get behind the club as we look to ensure a bright long-term future.’
In a statement on the club website, Dundee United said: ‘Stephen Thompson has resigned as chairman and board member with immediate effect and Mike Martin has been elected as the new chairman of Dundee United.
‘Mr Thompson has confirmed his intention to dispose of the bulk of his current shareholding during the next few months as he pursues his own global business and sports ambitions.’
The new chairman may have his work cut out winning round the fans, however.
Graham McLelland, a director of the Dundee United Supporters’ Foundation, welcomed the opportunity for a fresh approach presented by Thompson’s departure but insisted that Martin would have to convince supporters of his long-term strategy for the club.
As recently as last month, the Foundation issued a joint statement with the Federation of Dundee United Supporters’ Clubs and Fans United insisting they did not want Martin to take over from Thompson.
McLelland said: ‘The fans’ groups have been putting a bit of pressure on Stephen and sent a letter this week asking some fairly probing questions. It seems Mike Martin has always been in line to take over but I don’t think that fills fans with a lot of hope.’