Aberdeen have this evening confirmed that Dave Cormack will take over from Stewart Milne as Chairman of the Club and injecting a further £5m of investment into the club.
The Club have also announced a “strategic partnership” with MLS side Atlanta Utd, further details will be announced tomorrow.
Stewart Milne has told the club website: “We viewed him [Cormack] as the natural successor.”
“He qualifies on both counts. He is prepared to take on the commitment and has already proved his ability to secure significant new investment. Importantly, he is passionate about Aberdeen and the club.
“I have always said I would relinquish the reins when the right opportunity arose and I believe that time has now come. I’m proud to have had the opportunity to lead the club I love for over two decades. It’s been a real privilege but not without its challenges. Like the fans, I’ve shared in a rollercoaster of emotions from pure joy and exhilaration through to frustration and despair.”
Dave Cormack said: “As an Aberdonian and lifelong Dons fan, I’m honoured and privileged to become chairman of the famous Aberdeen.”
“I’m also pleased to be able to announce a strategic partnership with Atlanta United, details of which will be announced tomorrow [Monday].
“There are some real challenges ahead but, with the support of my fellow directors and new investors, along with our fans, we will do our utmost to deliver success which, at the end of the day, is measured by the team’s performance.
“The new investment and this partnership with Atlanta will allow us to punch above our weight, aspiring to attain Uefa’s top 100 status, and trying to level the playing field against significantly higher income generated by Celtic and Rangers.”
Directors Ian Jack, Duncan Skinner and Craig Brown will also be stepping down to make way for new investors, however Craig Brown will remain in an ambassadorial role and Duncan Skinner will continue as chairman of the Board of trustees of the Aberdeen FC Community Trust.
Duncan Fraser will also step down after 17 years in the role of Chief Executive with immediate effect but remain as a non-executive Board Director.
The accounts for the financial year ended 30 June 2019 for Aberdeen, which have been sent to shareholders this weekend, reveal an increase in turnover of half a million pounds from £15.4 million to £15.9 million.
Total staff costs increased from £8.5million to £9.2million, meaning the wages to turnover ratio increased from 56% to 58%, with “operating loss pre amortisation” at £580,000.