Dundee United sought to strengthen their corporate structure as their 2022/23 campaign went off the rails amid mounting financial losses.
The Tangerines’ latest accounts have revealed a loss of £2.8 million from their relegation season, with the club admitting to “over-extending” in terms of expenditure.
Owner Mark Ogren has assured supporters a “full review”, conducted in the summer and resulting in a mammoth £4.6m budget cut for the current campaign, has the club on an even keel.
But club accounts reveal that even before that close-season review, moves were being made to ensure senior figures were equipped to implement required changes in how United were operating.
The departure of former sporting director Tony Asghar in February 2023, followed by that of ex-finance director Derek Bond in April and head of recruitment Sean McGee cleared a path for chief executive Luigi Capuano, chief operating officer Joe Rice and newly appointed finance chief James Robertson to begin exerting control over runaway spending.
Subsequently, costs from July to December in 2023 came in at more than £2m less than at the same stage last year.
United’s accounts for the ill-fated campaign state: “The failure to build on the success achieved by the club in the previous season was compounded by the fact that the significant investment made across player recruitment and support staff costs during the summer of 2022 did not yield the required results.
“It was therefore important that major changes were implemented across the club.
“The governance structure was improved to ensure Luigi Capuano, the company’s chief executive officer, Joe Rice (chief operating officer) and the recently appointed finance director James Robertson were in the best position to action the required changes across the club.
“Some of the fundamental changes that were identified as being required to be made during the summer of 2023 included:
- “Robust financial and budgetary control across key areas of the football department, namely in sectors such as the playing squad, player bonuses, intermediary fees, support staff and consultancy costs.
- “Improved regulatory governance within the football department relating to member club obligations, club licencing, contracts and general football administration.
- “Development of a clear strategy to improe football engagement with supporters and other key stakeholders.
“The board are confident that the above changes will result in improved cost management, greater cohesion and communication across the club.”
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