DUNDEE United chairman Stephen Thompson has assumed majority control of the club after a transfer of shares was approved at a board meeting.
Thompson now has a 52 per cent stake after his mother, Cath Thompson, transferred her holding over to him and her daughter, Justine Mitchell, and stepped down from the board with immediate effect.
Cath Thompson accepted a position as honorary president while Mitchell, who has expertise in law and property, was appointed as a director.
United said the new owners confirmed a “six-figure personal investment as part of the change of ownership agreement” and that the changes will have no impact on the way the club is run.
Stephen Thompson said: “In an acknowledged difficult financial climate, we have posted a profit in three of the last four years, reduced our outgoings, met all of our financial commitments and targets and reduced our long term debt from a peak of £6million to just over £3million.
“Like many businesses we continue to rely on the goodwill and support of the bank, with whom we have a good working relationship, and it was important to demonstrate to them and the board of Dundee United, that our financial commitment remains.”
Thompson added: “We are also very excited about the future of Dundee United where it matters most for our supporters - on the park. Recent performances have been exceptional and a joy to watch.
“Many fans have told us that this is the best style of football seen at Tannadice since the ‘80s. This and the emphasis on youth was exactly why we recruited Jackie McNamara and we would urge all United fans, particularly those who have perhaps got out of the habit, to turn up and support him and his team at Tannadice.
“Half season tickets are now on sale at hugely discounted prices and we hope that more Arabs will come and join us for the rest of the season and see where this young team can take us.”