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Last Updated: Wednesday, 28 June 2006, 14:19 GMT 15:19 UK
Shareholders back Pittodrie plan
Aberdeen's Pittodrie Stadium
Aberdeen's footballers are set to move from Pittodrie
Aberdeen Football Club's financial map for the future, which hinges on the sale of Pittodrie Stadium, has been approved by shareholders.

Additional borrowing and investment has been secured, conditional on the sale of Pittodrie and the division of the club into two companies.

The structure would see one company running the football operation and the other in charge of the stadium.

The vote was taken at an extraordinary general meeting on Wednesday.

Aberdeen's two major shareholders have agreed to lend 2m to the club to ease debts as part of the plan to move to a new stadium.

Secure future

The Stewart Milne Group and Aberdeen Asset Management have agreed to lend the 2m and also give 450,000 of additional undertakings to the bank.

This would be used to reduce the existing 9m debt between now and March 2011.

But, to obtain the improved terms from the bank, Aberdeen agreed to separate their football activities from the ownership of the stadium.

To wipe out the debt, the land Pittodrie sits on - valued at 15m - would be sold for development and the club would move into a proposed community-owned stadium, leased from Aberdeen City Council.

Pittodrie executive director Duncan Fraser said he believed the new structure was the best solution to tackling the club's debt, securing the club's future, and was reliant on selling Pittodrie and moving to a new stadium.

However, Jeremy Wood of the AFC Supporters Trust, speaking of any potential problems ahead, told BBC Scotland: "We do not want to be travelling to Inverness to ground share."


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