Dundee slam ‘untrue’ reports of financial meltdown

Dundee director John Nelms

Dundee have hit back at “incredibly damaging and misleading” reports in the media at the weekend that suggested financial meltdown was imminent.

The club released their yearly financial statement on Friday night, prompting front and back-page headlines in the Daily Record saying the Dark Blues were “on the brink”.

The Dens Park club were quick to deny this and have since banned the west-coast paper from the stadium.

The club statement on Saturday said: “Upon seeing this morning’s Daily Record front page, the club were shocked to see an incredibly damaging and misleading headline regarding the financial statements for the year ending May 2017.

“To claim the club are “on the brink” is completely untrue and a bizarre spin on the statement released along with the accounts.

“The board of directors would like to reaffirm their commitment to the club which was highlighted in yesterday’s statement.”

The club’s finances for the year ending May 2017 saw Dundee post a loss of £354,000 after a turnover of £4 million.

That loss was covered by the American owners, through main shareholder FPS, who have re-affirmed their commitment to the club and the new stadium.

The statement read: “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.”

*McEwan Fraser Legal will continue as main club sponsor at Dundee next season.

The Solicitors and Estate Agents have agreed a one-year deal which will see their branding continue to appear on the front of both home and away shirts for 2018-19.