Aberdeen will be re-registered as a private limited company – meaning that all the funding for the first phase of the Kingsford development has been secured.
Dons shareholders voted unanimously to become a private limited company.
As a result when the club is re-registered as such £2million of funding will become available to complete the funding for the £12m training ground and community facilities – the first part of the Kingsford project – which is set to be completed later this year.
Phase two, the £50m new stadium, is set for completion for the start of the 2022-23 season.
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Aberdeen’s board called a general meeting to seek approval for the change from a public to a private limited company which will allow a proposed investment to proceed as well as facilitating investment through a share subscription and increasing the club’s ability to gain future investment.
Pittodrie chairman, Stewart Milne, said: “Re-registration will mean that we will have raised all the funding for the community sports hub, football academy and training facilities, which is set to open in autumn this year.
“But, more importantly, we’ve paved the way for further investment in the future, which is critical to our ongoing success both on and off the pitch.
“Share subscription, along with other initiatives, will play a large part in fundraising for phase two – the new stadium, which is integral to our long-term ambition for the club and the region.
“It is the intention that both existing and new shareholders will be able to participate in the phase two share subscription.”