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Last Updated: Wednesday, 17 May 2006, 12:00 GMT 13:00 UK
Dundee confirms restructure plan
Jimmy and Peter Marr
Jimmy and Peter Marr will give up their controlling shares
Dundee Football Club has announced a major restructuring which hopes to raise up to 500,000.

Owners Peter and Jimmy Marr will give up their controlling shareholding and absorb millions of pounds of club debt. But even after the move, the club warned that it must continue to operate on a break-even basis.

The announcement on Wednesday, which had been widely expected, will also see Dens Park stadium coming under the ownership of a charitable trust.

The club will have a secure lease for the ground.

'Better footing'

Despite the move, various player contracts will have to be renegotiated, a task which will fall to new chief executive Dave McKinnon.

The Marr brothers will sell most of their shareholding in the club, retaining only 26% under the restructuring plan.

Proceeds from the sale of the shares will not go to them but will be reinvested directly back into the club.

It is hoped that the raising of new capital, combined with current debt being restructured and removed from the club balance sheet, will leave Dundee FC on a better financial footing.


SEE ALSO:
Dundee move back into the black
15 May 06 |  Dundee


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