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Stephen Thompson has ended his ownership of Dundee United.

In a dramatic move announced today, it has been revealed that the former chairman’s shareholding has been bought by new chairman Mike Martin, board director Jimmy Fyffe and two local Dundee businessmen.

The figure paid to Thompson is understood to be in the region of £600,000.

The identity of the two businessmen has not yet been officially confirmed.

However, one of the pair, who have been described as “life-long Dundee United fans,” is rumoured to be David Hamilton, co-founder of Dundee games company Digital Goldfish, which was bought over by Ninja Kiwi in 2012.

Another name in the frame was Andrew Stirling, who owns Angus-based food produce company Stirfresh, but the indication is that he is not involved.

The development comes just days after local businessman John Gibson revealed how a deal he thought he had struck to buy Thompson’s shares fell apart.

Mr Martin said: “This share transaction strengthens our current financial position and provides the solid platform required as we continue to progress long term investment opportunities.”

The news has been welcomed by supporters’ group the ArabTRUST.

In a statement it said: “This brings to an end a period of instability where the club’s major shareholder did not sit on the club board. The share sale brings full control of the club’s future back within the board and will hopefully allow discussions to continue around bringing further investment to the club.

‘Horrendous few years’

“We hope that this action will also bring an end to what can only be described as a horrendous few years for the fans of Dundee United. We also look forward to all supporters being involved in this new tangerine future together.

“Today’s news and previously announced changes in all departments at Tannadice along with the introduction of the widely reported United Way should now give confidence to all Arabs that the club is heading in the right direction.

“ArabTRUST will continue to work with everyone at the club in our efforts to help the rejuvenation of Dundee United FC.”