Mike Martin elected Dundee Utd chairman
Stephen Thompson has called time on his turbulent stint in charge of Dundee United after following through on his pledge to step down as Tannadice chairman.
The club's majority shareholder has resigned from the Tangerines' board with immediate effect'' - with director Mike Martin elected the club's new chairman.
Thompson's decision to end his decade-long reign as United chief will be welcomed by many supporters who have criticised his tenure.
After inheriting the chairmanship following the death of his father Eddie in October 2008, he oversaw the club's Scottish Cup triumph two years later.
But more recently the club have lurched from one crisis to another. Fans launched protests against his leadership in the wake of the club's relegation from the Ladbrokes Premiership in 2016 and last season's subsequent failed promotion bid.
The team currently lie fourth in the Championship, 17 points adrift of leaders St Mirren and were this week forced to sell a section of land near the stadium occasionally used for training purposes to Martin in order to alleviate cash flow problems.
Thompson - who announced he would be standing down back in January - confirmed he now plans to dispose of the bulk of his current 54 per cent shareholding during the next few months as he pursues his own global business and sports ambitions''.
Martin, who recently acquired a stake of over 30 per cent in United on top of completing last week's purchase of the training area known as the GA Arena, brings a wealth of corporate financial and commercial experience'' to his new role, according to a club statement.
He has over 35 years worth of experience in the international financial sector, including spells working for the likes of HSBC and, currently, Euroclear Bank.
Mr Martin said in a statement: I know that Dundee United has excellent potential and when the opportunity arose to purchase a significant shareholding in the club I saw it as a real chance to contribute more effectively to the challenge of turning round the club's fortunes.
Being elected chairman puts me in a position to further influence the change of direction required to revive the fortunes of the club, working alongside my experienced and committed colleagues in the boardroom.
It is clear that Dundee United benefits from an excellent staff and arguably the most loyal and passionate support base in the country.
We have all experienced pain in the recent times but I ask all fans to judge me, as chairman, on my actions and get behind the club as we look to ensure a bright long-term future.'