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  • Dundee Post New Accounts With Loss Of £354K

    Dundee yesterday posted their annual financial results for the year ending 31 May 2017 which showed a loss of £354,000.

    The clubs accounts showed a £737,501 profit from the sale of Kane Hemmings and Greg Stewart to Oxford and Birmingham but this still didn’t stop owners Football Partners Scotland (FPS) having to put in £785,000 of their own money to subside the losses. This took their overall investment into the club to just short of £1,300,000 which will see the Americans own 75% of the club when they turn the loans into shares.

    In a statement released yesterday, the club said: “The losses require to be funded and the company received advances of £785k from its main shareholder FPS (Football Partners Scotland), making an aggregate of £1,277k.

    “It is the intention for these advances to be turned to share capital. The board intend to issue additional shares to a value of £1.5m and this will make FPS the holder of 75% of the equity.”

    The statement continues with the club believing they underperformed last season, failing to make the top 6 which inclines they may have budgeted for such finish. The owners also expect to make a loss next year and years to come until a new, financially improved TV deal can be agreed or they can add to the current home support of 3,500 and increase it by 1,000 “that would put the Club essentially into a breakeven position.”

    A change of manager and backroom staff along with playing staff accounted for this year’s losses as did the expected rise in the cost for leasing and maintaining Dens Park. The previous year’s statement in regards to this for accounts ending May 2016 said: “The effect of these accounting charges will require an additional £500k having to be provided in the 2017 accounts.”

    The club hope that the size of the first-team squad can be reduced and judging by the wording in the statement, we might now see more youth players being given a chance as “The development squad is now providing a supply of players to the first team, something which has not been available to us for a number of years.”

    FPS have also indicated that they will transfer their shares to the company that which is undertaking the development of the new stadium, Dark Blue Properties Limited. They are owned by Tim Keyes and John Nelms.

    They ended the statement by implying the importance of the proposed new stadium: “The club have the commitment of its major shareholder that funding is available to us until we moved to new stadium and beyond and they provide a vital lifeline to ensure a viable and successful football club.”

     

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  • Similar Content

    • By UWTB1893
      On This Day, we beat AC Milan 2-0 at Dens Park in the UEFA Cup.
       
       
    • By UWTB1893
      The Dark Blues had been well beaten 3-0 in the first leg at the San Siro so it was always going to be an uphill task but the home side certainly made it a nervy occasion for the Rossoneris.

         

      Gianni Rivera gave Milan the lead after only fourteen minutes into the 1st leg and they would double it just five minutes into the second half when George Stewart turned the ball into his own net. The victory was all but wrapped up when Romeo Benetti netted AC Milan’s third goal with twenty minutes left to play.

      A crowd of 15,500 turned up at Dens Park on the 8th December 1971 in the hope that their heroes could do the unbelievable and knock the Italians out of the cup. In attendance that night also hoping to see Dundee defy the odds was former League winning manager Bob Shankly.

         

      Dundee would go ahead on the 38th minute when a Duncan Lambie cross was headed home by Gordon Wallace. Dundee would continue to look for the equaliser but despite the pressure they were applying to their opponents, the Dark Blues would find it hard to make another break through against a defence who would only concede seventeen goals in the league that season.

      Of course, it wasn’t just the Italians lineage of quality defending that kept Dundee at bay, it was also the blatant time-wasting tactics that they resorted to with the Dee ramping up the pressure.

         

      We would score another goal with sixteen minutes left on the clock when Duncan Lambie’s long-range drive struck the post and then fell into the path of John Duncan who slotted home the rebound to make It 2-0 and set up a grandstand finish.

      The home side would push for the goal that would take the tie into extra-time but despite a frantic last ten minutes for Milan, they were able to see out the tie to win 3-2 on aggregate and book their spot in the Quarter Finals to face Belgium side Lierse S.K. who they would beat 3-1 over both legs.

         

      This would set up a semi-final clash with eventual winners Tottenham Hotspur who would defeat the Italian side with a certain Alan Gilzean (who previously faced Milan during our run to the European Cup Semi-Final back in 1962-63) in their side.

      Even though the end of the night had seen another European campaign come to an end for Dundee, the crowd gave the players a standing ovation as they left the pitch after they had served up a performance that if we had struck earlier, could very well have went on to get the result that would have seen us and not Milan get our hats into the draw for the next round.

         

      This win however continued our undefeated streak at home in Europe since our maiden campaign in 1962/63. We had gone twelve games without a loss at home and this was our tenth victory at Dens against some of Europe’s finest teams.

      This tie also signalled AC Milan’s second visit to Dens Park and just like the first one, they would fail to score on our turf and taste defeat. Of course, on both encounters, the results at the San Siro would give us an uphill battle and eventually be the results that got them through.

      Still, isn’t nice to say that a team who have been champions of Europe seven times have played twice at Dens, lost twice and failed to score.

      Dundee Line Up
      Hewitt, B.Wilson, Houston, Steele, Philip, Stewart, Duncan, Lambie, Wallace, J.Scott (80), J.Wilson (46)
      Subs: Johnston (46), I.Scott (80)

      AC Milan line Up
      Cudicini, Sabadini, Zignoli, Anquilletti, Schnellinger, Biasiolo, Sogliano, Benetti, Bigon (46), Rivera, Prati
      Subs: Villa (46)

      Match Highlights
       
       
    • By UWTB1893
      Name: Dundee 4-0 Hamilton 5/12/18
      Category: Match Highlights 2018
      Date Added: 2018-12-06
      Submitter: UWTB1893

      A hat-trick from striker Kenny Miller earned Jim McIntyre his first victory as Dundee manager as they hammered Hamilton Academical at Dens Park.
      Miller struck from close range in the first half before curling in two goals from the edge of the box in the second. Jesse Curran scored Dundee's third with the help of a deflection.
      It means McIntyre's side move to within a point of St Mirren in 11th and earned only their second league victory of the season in 15 games. It also moves them to within five points of Hamilton, who remain 10th.
      Miller's goal haul means he has scored more than a third of his side's league goals, and has five in his last three games.


      Dundee 4-0 Hamilton 5/12/18
    • By UWTB1893
      A hat-trick from striker Kenny Miller earned Jim McIntyre his first victory as Dundee manager as they hammered Hamilton Academical at Dens Park.
      Miller struck from close range in the first half before curling in two goals from the edge of the box in the second. Jesse Curran scored Dundee's third with the help of a deflection.
      It means McIntyre's side move to within a point of St Mirren in 11th and earned only their second league victory of the season in 15 games. It also moves them to within five points of Hamilton, who remain 10th.
      Miller's goal haul means he has scored more than a third of his side's league goals, and has five in his last three games.
    • By UWTB1893
      Table toppers Dundee were five points clear of Rangers who sat third in the table although we had played two-games more. The Dens Park outfit had the previous week just beaten Celtic and were hoping to make it eight wins in a row while the current Scottish Champions were unbeaten at home and in all competitions and eager to close the gap at the summit of the league.

      The chairman John F. Wilson praised Dundee in his notes for the matchday programme declaring, “They are the type this country needs as we strive to recapture the reputation that was once ours of being the greatest footballing country on earth.”

      Of course, our run in the following year’s European Cup where we tore apart some of the finest sides in Europe, would make his words ring true.

      Until then, he would have to watch on as Dundee laid down their Championship credentials in incredible fashion.

      In the ‘Up Wi’ The Bonnets – The History Of Dundee FC’ book, Norrie Price wrote how a dense fog had descended upon Glasgow and despite an anticipated large crowd, rumours around the games postponement and countless supporters buses being turned around by police less a mile to the ground meant that only half of the stadium was full.

      The fog started to lift with just half an hour before kick-off and the fans who were on their way back home would miss an all-time classic Dundee victory.

      It’s hard to believe that a game that ended 5-1 would remain goalless at half time but that’s what happened here. All the action would happen with a flurry of goal activity in the last forty-five minutes.

      In the opening two-minutes of the restart, Alan Gilzean put Dundee ahead with two quick-fire goals and would then claim his hat-trick on the 73rd minute when he slotted home following a quickly taken corner from Gordon Smith.

      Rangers would pull a goal back but this would not deter the Dark Blues. Alan Gilzean would dummy the unlucky Rangers defender who was marking him before drilling the ball home into the bottom corner of the net. Andy Penman would add number five when Jim Baxter attempted a pass back which was short and the striker was on hand to take full advantage.

      This result put Dundee seven points ahead of the reigning champions and five ahead of second place Kilmarnock who were beaten 3-2 at home to Raith Rovers.

      The previous season, Rangers had beaten Kilmarnock to the Championship title by one point, also defeating the Ayrshire outfit 2-0 in the League Cup. They also made it all the way to the European Cup Winners’ Cup Final but had to do with being runners up to Fiorentina. This made this result even more special as it came against a Gers team who had ‘been there and done it.’

      The national newspapers lauded Dundee with praise after this victory.

      The Daily Record went with the headline ‘Rangers Smashed By Terrible Trio’ with reporter Rex Kingsley describing that days events as, “The home fans were stunned as the prancing, cultured Dundee side reduced their idols to wide-eyed, fear-stricken units.”

      Other headlines such as ‘A Fabulous Fiver’ and ‘Gilzean Leads Massacre Of Rangers’ were put out by the media while the Evening Times describe this result as ‘This Ibrox “Slaughter” Was No Surprise.”

      Gair Henderson could not speak highly of this Dundee time in his match report for the Evening Times by praising the Dee numerous times throughout it.

      ‘But to those of us who have seen Dundee recently this was no shock and no sensational result. I hinted a few weeks that the cry this season might not be “who will stop Rangers?” but “who will stop Dundee?” ‘

      ‘This is the best footballing playing team I have seen this season – and last season too for that matter of fact.’

      ‘Alan Gilzean, for instance. He strides through and he hits ‘em in a way which is both a lesson to Rangers and Scotland these days. And there is Gordon Smith, the man who was said to be “past it” five years ago.’

      ‘They were thrashed because the forwards, a shadow of the forwards of a month or two back, could make nothing at all of the granite-looking defence of Ure, Hamilton, Cox and Liney.’

      It was a truly sensational victory for the soon-to-be Scottish Champions and if no-one knew it before, they would know now that Dundee were genuine title contenders.
    • By UWTB1893
      With the pressure mounting on Neil McCann at fever pitch and the rumour mill speculating that anything other than a win today would lead to his sacking, Dundee dug deep to secure their first win of the season.

      To round up a pleasant day for the Dee, they also managed to keep a clean sheet in this moral boosting victory.

      Dundee still sit bottom but they have plugged the gap between themselves, St Mirren and Motherwell to just one point, who both lost today.

      Andy Boyle gave Dundee the lead in the first half on the 38th minute when he headed home at the back post and despite Hamilton hitting the bar twice, Kharl Madianga wrapped up the victory when he made it two in the third minute of injury time.

      For once, Dundee fans can look forward to watching SportScene tomorrow evening.
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