• STV
  • MySTV

Cormack takes over Aberdeen with Atlanta United partnership

The Aberdonian and lifelong Dons fan will take up the reins from Stewart Milne.

Aberdeen:  Chairman Stewart Milne, manager Derek McInnes and vice-chairman Dave Cormack.
Aberdeen: Chairman Stewart Milne, manager Derek McInnes and vice-chairman Dave Cormack. SNS

Aberdeen has announced that Dave Cormack is to become the football club's new chairman in a restructuring at Pittodrie which also includes a partnership with MLS side Atlanta United.

The American-based businessman was announced as Stewart Milne's successor by the club on Sunday following the team's 1-1 draw with St Johnstone at McDiarmid Park in Perth.

The Aberdonian and lifelong Dons fan will take up the reins immediately after the club's Annual General Meeting on December 16.

After 22 years at the helm of AFC, Milne is stepping down as part of a planned succession process that paves the way for fresh investment.

He will remain on the board in a non-executive capacity.

Milne said: "For four years, we've been working on a succession plan. It's been no easy task to find the right person who is willing to take on the onerous role of chairman, with responsibility for both the financial health and growth of the club.

"In bringing Dave onto the board and then appointing him vice-chairman, we viewed him 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."

Club: Dave Cormack and Stewart Milne at Sunday's match.
Club: Dave Cormack and Stewart Milne at Sunday's match. SNS

Since June 2017, Cormack has delivered £11.2m of new investment, including £1.4m for the Aberdeen FC Community Trust, and, on taking control, he will front a further £5m of investment which will provide working capital for the club's day-to-day operations.

With completion of the first phase at Kingsford, combined with strong football and commercial performance, Milne believes the time is right to step aside as chairman.

He added: "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.

"We have been in a consistently healthier position for several years now and I'm pleased to be able to hand the club over to safe hands in the knowledge that we are debt-free and have more than doubled revenues from around £7.8m in 2013 to almost £16m today.

"The opening of the £12m Cormack Park represents the completion of phase one of our vision for a new home. We've achieved this while still increasing the first team budget to its highest level yet and continuing to invest in our youth programme.

"Our annual spend on the overall football operation now amounts to £9m."

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, and further investment from myself, Tom and Roger.

"Today, however, I'd like to focus on paying tribute to Stewart. During more than 20 years in the driving seat, he has had to deal with some turbulent times, both at the club and within Scottish football.

"Thanks to his astute commercial acumen, his financial contributions and an unwavering loyalty, both as a chairman and a fan, he has successfully led the club through those times, having to make difficult decisions along the way.

"Not all of these have been popular among fans, but they have helped to get the club into a good position on and off the pitch.

"I am very pleased that he has agreed to stay on the board in a non-executive capacity to ensure a smooth transition.

"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."

Having worked alongside Milne for 17 years and played a major role in the success of the club, Duncan Fraser has also decided to step down. He will leave his position of chief executive with immediate effect but remain as a non-executive board director.

Board directors Ian Jack, Duncan Skinner and Craig Brown will also be stepping down to make way for the new investors to shape the board and the executive team for the future.

Brown will remain at the club in an ambassadorial role and Skinner will continue as chairman of the Board of Trustees of Aberdeen FC Community Trust.

The announcements were made in the AGM notice and annual report, which were issued to shareholders this weekend.

The accounts for the financial year ended June 30, 2019 reveal an increase in turnover from £15.4m to £15.9m.

Download: The STV News app is Scotland's favourite and is available for iPhone from the App store and for Android from Google Play. Download it today and continue to enjoy STV News wherever you are.

One account. All of STV.

This field is required. That doesn't look like a valid e-mail format, please check. That e-mail's already in our system. Please try again.
ShowHide
Forgot password?
This field is required. This must be at least 6 characters long. Did you enter your details correctly?
If you've forgotten your details then use the 'Forgot password?' link.
Need to reset your password?

We'll send a link to reset your password to

We've sent you details on how to reset your password

Please check your email and follow the instructions.

Forgotten your email address?

Have you forgotten the email address that you previously joined with? Don't worry, by emailing enquiries@stv.tv we can help.

One account. All of STV.

This field is required. Please enter at least 2 characters
This field is required. Please enter at least 2 characters
This must be at least 6 characters long.
ShowHide
This field is required. This must be at least 6 characters long.
You must be over 16 to join STV.
This field is required. This doesn't appear to be a valid date
We need this to check that you live in an STV region.
This field is required. This doesn't appear to be a valid postcode
Would you like us to email you about our great shows and services from time to time?
We'll only send emails we think you'll like (see example) based on information you have supplied and shows you have watched on STV Player. For details on emails and advertising, see our STV & You page.
Would you like to receive emails from the Scottish Children's Lottery about draws, instant games and competitions?
We support the Scottish Children's Lottery (SCL), which is managed by our colleagues at STV ELM Ltd. You can find out more about the SCL on its website, including its Privacy Policy.

By continuing you agree to our Terms of Use, and understand our Privacy and Cookie Policies.

Upload Profile Picture

Please make sure your image is under 2mb in size and a valid JPG, PNG or GIF.

Are you sure?

Unfortunately, you'll be unable to access our premium content. We’ll be sorry to see you go, but if you change your mind you can rejoin us at any time.

Please verify your STV account

Please verify your STV account using the email we sent you. If you have lost the email, we can send you another one, just click the button below.

Thanks

We've sent you a new verification email.
Please check your email and follow the instructions to verify your account.

Welcome to STV
Thanks for joining us.

Oops!

Sorry, you must be at least 12 years old to place a vote for your Real Hero.

Please review our Voting Terms of Use for more information.

Oops!

Sorry! It seems that you are using a browser that is incompatible with our voting service.

To register your vote please copy the below URL in to your regular mobile browser. We recommend Google Chrome, or Safari.

http://shows.stv.tv/real-heroes/voting

Oops!

Sorry, you seem to have already voted in this category.

Thanks for voting

Now share your vote with friends on your social network

Share on twitter Share on facebook

Cast your vote

Please register or sign in to continue.

Cast your vote

This field is required. This doesn't appear to be a valid date

Cast your vote

Please fill out this form to cast your vote. As you are under 16 years old you will not create an STV account. Why do we need these details?

This field is required. Please enter at least 2 characters
This field is required. Please enter at least 2 characters
This field is required. That doesn't look like a valid e-mail format, please check.
Location This field is required.
Parental Consent This field is required.

That's you. All that's left is to click the 'Submit Vote' button below. By doing so, you confirm that you and your parent or guardian have read and accept our Voting Terms of Use, Privacy Policy and Cookie policy, and that the details you have entered are correct. We'll look after them as carefully as if they were our own.