Dundee United have new American owners. After months of negotiations and some delays, the Tangerines have announced they are being bought over by Mark Ogren an American-based businessman.
He has acquired 85.61% of the issued share capital in Dundee United Football Company Ltd previously owned by Mike Martin and James Fyffe.
Mr Ogren, whose business interests span oil services, software and real-estate, becomes chairman with Mr Martin stepping down both as chairman an director. Fyffe and David Dorward are to remain directors.
United say the deal provides the strong financial foundations required to support their football ambitions.
“Throughout our discussions, I was impressed by Mark’s passion for sport in general and his vision and ambition for Dundee United. He has developed a keen understanding of our rich history, our values and traditions, the importance of our community role and the passion and loyalty of the supporter base,” said Martin
“I feel privileged to have been chairman at this great club and I am grateful for all the support and assistance given to me throughout that period. I leave with confidence that Dundee United’s future is in very good hands.”
The deal means Martin’ 10 months as chairman have come to and end.
He took over from Stephen Thompson in early March and then in July, along with director Jim Fyffe and two anonymous local investors, he bought the former owner’s controlling interest in the club.
Martin had also purchased the 33% shareholding of Justine Mitchell, Thompson’s sister, earlier this year.
Recent documents lodged at Companies house recently confirmed Martin and Fyffe owned the 85% of the club.
As well as paying several hundred thousand pounds for Thompson family shares, in February Martin also forked out £1 million for the club’s GA Arena at Gussie Park opposite Tannadice.
That money was used to pay of long-standing debt and it was stated at the time the plan was for United to buy it back from their director as soon as was possible.
It’s not yet clear if that sale back to the club is part of the takeover deal.