“Today is a real watershed day for the club.

“We have made a number of key announcements. I look at this as the closing of one of chapter and the opening up of a new one. Hopefully the opening up of a new and exciting one.

“As you know I plan to stand down as chairman at the AGM on the 16th of December.

“It is also great news for the club today that we are able to announce another £5 million of investment coming in. We are also able to announce a strategic partnership with Atlanta United.

“After 22 years I finally get out of jail!

“This was one of the things that I have discovered that it is relatively easy getting into a football club, but it is extremely difficult getting out.

“In any business it is important that there is some form of succession plan taking place and we are fortunate here that we were able to kick that off quite a few years ago with Dave.

“When Dave sold his company in America, I thought it meant two things. First he is going to have some cash in his pocket and second he is going to have a fair bit of time on his hands. We reckoned it was the right time to pounce before he committed to something else!

“As most of you know, Dave and I have kept up a relationship since Dave was here back in the early 2000’s. After we opened up those initial discussions, things moved forward. Dave agreed to invest some money into the club, he agreed to join the board and he stepped up to take on the Vice-Chairman role.

“He also agreed to take on a leading role of helping us to raise funds for the first phase of Kingsford and he has done a great job in doing that in bringing in investment through his friends and his business colleagues and also today Atlanta United.

“These initial funds brought in over £11 million and the latest one brings in another £5 million.

“It puts the club in a very strong position.

“We have now delivered phase one at Kingsford and we have the site set up and serviced ready for the stadium.

“There is now the challenge for the next few years raising £45 million to deliver that stadium. I think it is a challenge that everyone here at the club is very much up to.

“What the latest investment means is that we have delivered Kingsford, we are debt free and we have got good working capital to take us through the next three to four years.

“The role of chairman at any club is a challenging one. The role at a club like Aberdeen is very onerous.

“We are very fortunate that Dave has agreed to step up and take on that role. I think he has the requirements on a number of counts. One he has the commitment; he has got the passion for Aberdeen as a city and he has the passion for the club. Over the last few years he has demonstrated the ability to bring the investment in.

“Over the last few months I have been convincing Dave over what a wonderful role being a chairman is, highlighting all the positives. After the 16th December I think I will mention some of the downsides that come with the job as well!

“The mere fact that it takes over your life is something that you have to learn to live with.

“We believe that the partnership with Atlanta United has the potential to bring real benefits to the club in a number of fronts.

“It is going to allow us to punch above our weight, it is going to allow us to achieve our aspiration of becoming a UEFA Top 100 club and it will help us try and level the playing field a bit more against Celtic and Rangers, as we all know we can never get anywhere near the revenues that they can generate.

“I think it is the right time for me to stand down. We have got a committed Aberdonian in Dave who is ready to take over the baton. I hope in Dave doing that it does alleviate any concerns both inside the club and also to our fan base that this is in anyway a US takeover.

“The club is in good shape; I think we have made real progress over the last seven/eight years. The success that Derek and the guys have had on the park and the value that they have built in the football squad, that has given us the platform and the momentum to get the club into the strong position they are in now.

“Everyone around the club can take real pride in the fantastic facility that we have built at Cormack Park. We have doubled our turnover, we are debt free, we have cash in the bank, we have a really strong executive team and fantastic staff.

“I stand down confident that Dave and with my full support and that of the board members and all the staff we can continue to build on the strong platform that we have given ourselves.

“From a personal perspective, I am very proud to have had the opportunity to lead the club over the last two decades.

“It has been a real privilege but not without challenges.

“Like the fans I have shared in the highs and lows in getting the club into the position we are in today.

“I have had to make some tough decisions along the way, along with the board, some of which have not always been overly popular with the fans but the reality of football is you don’t come into this game to become popular.

“I took it on because I believed along with others that I could help the club. I believe that by and large we have achieved that.

“Having worked alongside me for 17 years and played a major role in the club’s success, Duncan Fraser has also decided it is the right time for him to step down.

“On behalf of the board and everyone else at the club I would like to express my sincere thanks to Duncan for all he has done to our great club.

“Board of Directors Ian Jack, Duncan Skinner and Craig Brown will also be stepping down for new investors to shape the board for the future.

“Craig Brown will remain with us in an ambassadorial role and Duncan Skinner will remain as chairman of the Community Trust.

“Finally, I would like to pay tribute to all of them and all of the staff for their huge commitment to the club.

“I would like to give my sincere thanks to everyone for the support they have given me personally.”