Dons debt free as Resolution 5 is passed at AGM

The 111th Aberdeen AGM took place at Pittodrie Stadium this evening. Around 150 shareholders turned up for the annual event which lasted around 20 minutes.

During the formal proceedings, firstly George Yule and Duncan Fraser were re-elected as Directors to the Board. Then Resolution 5, the final stage of the debt restructuring, was passed with a unanimous vote in favour.

During the Q&A session an update was given on the new training ground. With the debt now being sorted stage one of the training facility would be the main focus and hopefully work would start early next year.

Once the training ground is driven through the new stadium will then be fully addressed but there is work going on behind the scenes. Loirston continues to be the favoured site after other possible locations were looked at but rejected. Discussions have started again with Aberdeen City Council over Loirston.

The Chairman was asked if the manager would be getting additional funding now the club was debt free. He made it clear that whilst everything would continue to be done to support Derek’s football budget, the club would operate on a break even basis.

The Chairman finished by congratulating Derek McInnes and the football operations team on the work they are doing and for rebuilding the reputation of the club.

He gave special thanks to new investors William and Elaine Donald for their generosity and support of the club.

He also said that the debt restructuring was a major milestone and the club can now drive forward and deliver a training complex and stadium as both these are crucial for the continued development of the club. He finished by giving a heartfelt thanks to the fans for sticking with the club through some of the dark days.

REDTV | Interview with chairman, Stewart Milne | please click here