Aberdeen strike deal to clear debts of nearly £15m

WILLIE MILLER insists Aberdeen have landed a multi-million pound investment package that the rest of Scottish football can only look on with envy.

The Dons legend is convinced the club have found a perfect solution to their financial problems, in stark contrast to the continuing turmoil at Rangers.

The Pittodrie club will wipe out nearly £15 million of debt after husband and wife Willie and Elaine Donald agreed to put up the bulk of the cash.

The Stewart Milne Group is increasing its stake in the club by £4.42m, with the couple, who live just outside Stonehaven, contributing a significant sum to the balance.

The couple want to plough back into the community some of the money they made through local civil engineering firm WD Donald, which they founded in 1977.

In return, they will become major shareholders in the club but they have no interest in

having a presence on the board.

All that’s needed to rubber stamp the deal is agreement at next month’s AGM and Miller reckons Aberdeen couldn’t get a better Christmas gift.

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He said: “It’s not for me to comment on Rangers but what I would say is this deal is very clear and open about it’s motivations. As far as Aberdeen fans are concerned they can be very comfortable with the situation as I don’t feel there’s any serious questions that need to be asked.

“The whole of Scottish football would welcome this sort of situation as it’s not a business deal, it’s individual fan involvement, which is good for the game.

“It has come from a supporter who has done well and simply wants to give something back to the community and that makes it even better. It’s a very transparent deal as well involving a respected and successful local businessman so the ownership doesn’t change. Everything points to him having the best interests of the club at heart and no motives or agendas other than wanting to see Aberdeen on a sound financial footing.”

Miller knows from the inside just how restricting the burden of debt has been for the Pittodrie club for the best part of two decades. The club’s greatest ever player returned as a director in charge of youth development for six years in 2004.

He set up various training centres across the country but has seen that programme

diminish in recent times.

Aberdeen’s long-held plans for a purpose-built training ground and a new stadium on the outskirts of the city have also been put in hold. Now he expects those plans to be given a real boost.

He added: “It’s terrific news because the debt was a bit of a millstone round the club’s neck and had been hanging around for something like 20 years.

“That was always high on the agenda when any decisions were made as it impacted on everything on and off the field.

“When you look around the SPFL, you’ll see that a number of clubs have taken steps to make sure they don’t end up in a

financial predicament like Hearts and Rangers found themselves in. They can now invest money that was previously earmarked for paying the interest on the debt and that alone is a major boost.

“They can now put more money into the playing side from first team through to the development side and boost the infrastructure of club. It gives everyone at the club the chance to be free to plan more clearly what they can actually achieve without always worrying about the debt that had to be serviced.

“For a start it gives the board the opportunity to press ahead with plans for new training facilities and the new stadium.”

Aberdeen’s turnover was up by over £3m last season after the revival under Derek McInnes. Winning the League Cup, reaching the Scottish Cup semi finals and an increase on average home attendances of over 3,000 saw revenue soar from £7.85m to £11.158m.

Despite that, Aberdeen supporters have been warned that the club won’t start spending big in the transfer market.

Chief executive Duncan Fraser said: “Stewart Milne Group and Aberdeen Asset Management agreeing to convert debt to equity have been pivotal in making this restructuring happen.

“It was only possible because the club has demonstrated it can operate at a break-even position.

“We intend to continue the strategy of only spending what we can afford.”

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