Football

Aberdeen Announce Plans For Big Change to Club to Secure Multi-Million Pound Investment

Aberdeen Announce Plans For Big Change to Club to Secure Multi-Million Pound Investment

Aberdeen have announced plans for a big change to the club to secure multi-million pound investment in the future.

The Dons have some big plans already moving forward, with the Kingsford development at the top of those.

They intend to build a new professional and youth academy that will be used as their first team hub as well as a state-of-the-art training ground for their youth sides.

And the same development will include their new £50million stadium, expected to be completed by 2022/23.

Now Aberdeen have released a statement saying the board are proposing to switch from a public limited company to a private limited company in order to secure further investment for the club.

Chairman Stewart Milne, per afc.co.uk, read: “This change will facilitate investment in the Club by way of share subscription. This will allow a currently proposed investment of £2million to proceed and increase our ability to attract further investment in the future.”

Aberdeen are subject to Rule 9 of the City Code on Takeovers and Mergers, which means anyone who, together with associates, has shares which carry 30% or more of the voting rights in a public company has to make an offer to acquire all of the company’s issued equity shares.

By changing to a private limited company, that would immediately free up £2m of investment to complete the existing work and then begin work on the stadium.

You can read the full statement here.

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