Dundee United’s strategy to survive and prosper in Scottish football’s restrictive financial environment has two main strands.
The Tannadice club shops in untapped markets for emerging talents in the hope that, in the fullness of time, it can turn a handsome profit on hitherto unknown players.
Closer to home, it invests heavily in its academy, rearing home-grown talents such as skipper Ross Graham.
The fervent hope is that a combination of the two approaches culminates in a squad which is successful and has market value.
To that end, from a distance, the practice of developing another club’s players for them would appear to be contrary to the principles of the controlling Ogren family. But exceptions can always be made for exceptional talents.
Now approaching the end of his second full term at Tannadice, Luca Stephenson has shown himself to be worthy of bending the rules.
Loan player Stephenson has been a standout performer for Dundee United this season
Stephenson in action for parent club Liverpool against Preston back in July last year
Stephenson has been a Liverpool player since 2018 after being plucked from Sunderland. He extended that arrangement by signing a new long-term deal at Anfield last summer before returning to Tayside.
Given United have paid a percentage of his wages across the past two years and will probably be priced out of a permanent move if the Liverpool ever decide to sell, you could suggest they’ve poured money down the drain.
Or, at least, you might do if you haven’t seen what he has brought to the table across his two spells in the Premiership.
Well, so what if his parent club will eventually make money they really don’t need off the back of United’s efforts?
At a club where Andy Robertson spent just a season before moving to Hull, they’ve been able to enjoy a star in the making for twice as long.
Just as Stephenson has been good for United, so United have been good for him.
They were a newly-promoted side when he first arrived in Scotland off the back of a first pre-season under Arne Slot in 2024.
His pedigree was apparent when he made his debut in a League Cup match against St Mirren. He scored his first goal in Tangerine the following week against St Johnstone and rarely looked back.
Stephenson has enjoyed working under United boss Jim Goodwin
Stephenson’s tough tackling and versatility has endeared him to United supporters
Maintaining his standards into the New Year, you’d never have now that he was playing with a double-hernia as Jim Goodwin’s side surged to fourth place and back into Europe.
Surgery curtailed Stephenson’s campaign, but the impact he made was significant. He scooped both the club’s and the supporter’s young player of the year awards. For all the world, they felt like farewell gifts.
It wasn’t just his tenacity in the tackle and use of the ball which endeared him to the United supporters.
His versatility was extraordinary. With his manager switching between formations, he played right-back, right wing-back, left-back and centre-midfield. And he looked entirely comfortable in each of them.
Upon returning to Liverpool last summer, he found he had another string to his bow. He partnered Joe Gomez at centre-half in a friendly against Preston which marked the first game since the death of Diogo Jota and his brother.
‘It was interesting, but it stood me in good stead because it was not my natural position,’ he recalled.
‘But I played in so many positions last year, I kind of just got used to learning on the job and doing it.
‘I think it (being versatile) is a good thing. It can only benefit you, can’t it really? I think if I couldn’t play in all of those positions, my chances would become more limited and you’re kind of stuck to one position.
‘If there’s a space at right-back, I’ll play there. If there’s no space at right-back, let’s see if I can fill a place.’
This ‘can do’ attitude has served him well. Stephenson was captain of the Reds’ Under-18s before wearing the armband for the Under-21s.
It said much about his status at United that Goodwin gave him the honour for a recent match with Motherwell on a day that regular skipper Graham and vice-captain Will Ferry were benched.
It underscored Goodwin’s appreciation of his talent and attitude.
‘It was quite a big moment,’ he recalled. ‘I think I’ve got the character for it – I try to lead whether I’m captain or not and I try to kind of set the standards and all that stuff.
‘It’s a lot of credit to the gaffer and the confidence he instilled with me from the minute I walked through the door there.
‘Last season when I first went in, I had a decent start but made a couple of mistakes.
‘I kind of got us knocked out of the cup quarter-final at Motherwell, giving away a penalty, but he stuck with me and the trust he put in me after those games. He didn’t take me out, he just kept me in the team and gave me that confidence.
Stephenson set up Will Ferry’s goal in United’s 2-0 win over Celtic in March
‘When we got to the summer this year and he wanted to take me back, I knew that he could help me take my game another step up again and I knew the trust he would have in me if I kept on putting in the kind of performances.
‘I knew it would only be a benefit for me. With the kind of environment he’s created within the training ground with all the staff, it’s an enjoyable place for me to play football and learn at such a young age.’
Last time out against Celtic, his attributes were evident to a live TV audience. It was Stephenson’s low cross which led to Ferry turning home the opener. And from that moment on, they were never in danger.
Encompassing 34 appearances with Barrow in League Two which preceded his first spell in Scotland, that famous day two weeks ago saw him clock up his 100th senior game.
Match No 101 should come at Ibrox in a game United need to win to keep their hopes of the top six flickering.
No matter how the remainder of the season unfolds, he’ll leave United for the second time – and probably the last – having made an indelible mark. Who says that loan players are only ever passing through?
‘Obviously, the team has struggled in parts this year for kind of different reasons – new squad, younger squad, a little bit inexperienced at times,’ he reflected.
‘But on a personal level, I think I’ve had another really good year, racked the games up and I have contributed more goals and assists than I did last year, obviously with still games to go.’
