Aberdeen Chair Milne Insists Future Of Club Not Under Threat Despite $24M Debt
Scottish Premiership side Aberdeen Chair Stewart Milne insisted on Tuesday that the club is in "sound financial health" -- despite having debts of more than £15M ($24M), according to Michael Gannon of the Scotland DAILY RECORD. The club made losses last year of £1.4M ($2.4M) "but managed to renegotiate" the terms of its £10M ($16M) bank loans. The bad news is the cash has to be paid back over the next five years but Milne told shareholders at the club's annual general meeting that "he has no concerns about the future of his club." Plans to move to a new stadium on the outskirts of the city "have been put on ice while the finances are put in order and they can thrash out a deal with the council." The new stadium "is key" to the club's long-term future. It "needs to punt Pittodrie and crack a deal for new land with the council which would help clear the debt." Milne "has already stumped up" more than £2M ($3.3M) on development costs for the proposed site at Loirston and does not intend to abandon his plans just yet. Milne: "There is still work going on with the new stadium but we have made a conscious decision to drive forward the football and business side of the club" (DAILY RECORD, 11/27).