Dundee United have announced that former chairman Stephen Thompson has sold his majority shareholding in the club to a group of local businessmen.

Thompson had stood down as chairman in March and vowed to sell his stake, ending all formal ties with the club.

A proposed sale reportedly fell through earlier this week but new United chairman Mike Martin and a group of United fans have now taken on Thompson's shares ahead of the new season.

A statement on the club's official website read: "Dundee United Football Club today welcomes the news that club chairman Mike Martin, board director James Fyffe and two local Dundee businessmen, both of whom are also life-long Dundee United fans, have acquired the shareholding of former club chairman and director Stephen Thompson."

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."

Thompson had taken charge of United when his father Eddie Thompson passed away in October 2008 and presided over the club during a long spell in the top flight but also through relegation and a failure to return to the Premiership.

The controversial figure was criticised by many United fans over his approach to running the club during his time at Tannadice. He stepped down from the board in March to pursue his own business and sports ambitions.