New Aberdeen chairman Dave Cormack insists it is financially unfeasible to remain at Pittodrie – and moving to a new stadium would be cheaper.
The American based multi- millionaire officially replaced a tearful Stewart Milne as club chairman following the Dons’ 116th annual general meeting at Pittodrie.
He insists the move to the proposed 20,000-seater stadium at Kingsford could cost between £40 to £50 million – with the sale of Pittodrie, currently valued at £11m, subtracted from that figure.
Cormack also insists the new stadium would generate an additional £3m revenue per year which would be invested back into the playing budget.
In contrast, redeveloping the club’s spiritual home would cost £50m, without the revenue from the sale of Pittodrie – and the old stadium would not generate any extra income.
For Cormack, the mathematics are simple – they add up to leaving Pittodrie.
He said: “The new stadium 100% is our goal. For us to redevelop Pittodrie would cost us £50m and take five years.
“There would also be no extra income as we are land-locked here.
“We can deliver a new stadium with reasonable sale of Pittodrie for about £30m that would be purpose built.
“We would also be able to add another £3m per year in income at a new stadium which would help us in the football operation.
“It is not a case of if it happens – that is our plan.
“It is a case of finding the right time to get it done and we need to go through this consultation with the architects and the fanbase.
“Then come up with a plan and at the same time see what range of cost is it going to be.
“Is it going to be £40m, £45m or £50m? What makes sense.
“And at the same time looking at the funding strategies for us to get there.
“I don’t want to set a date on something and not deliver on it because we have work to do.
“It has taken an enormous effort out of the staff at Pittodrie to get Cormack Park done, never mind raising the finance.
“I am not a patient person but it is important to sleep on things to get it right.
“We need to get that balance right of continuing to invest in the football operation as well as looking at the infrastructure like a new stadium.”
At the AGM Cormack confirmed there will be a rights issue to help finance the stadium. is he confident the money for the new build will be raised?
He said: “We have got an outline plan organised. The club had a plan with Cormack Park before I got back involved.
“We had some really great people around Aberdeen contribute a million or two to help that.
“However, it took £13m to deliver and fortunately my family and others delivered that.
“I am cautiously optimistic because we have to move stadiums. But it is a case of if it is three, four or five years. We can’t tell at this stage.
“But that is our plan – to move.”
Cormack, 60, officially took over the reins of the club as Milne stepped down after 22 years as chairman.
Milne received a standing ovation from the shareholders and was given a plaque by Cormack and the club in recognition of his service to the club.
At the AGM, resolutions to appoint American multi-millionaire Tom Crotty and Atlanta United president Darren Eales to the board were unanimously voted through.
The winter transfer window will open on January 1 and Aberdeen are likely to have approaches for Sam Cosgrove and Scott McKenna.
Cormack insists the Dons have no need to sell their star assets in January, but is realistic that the right price could force their hand.
He said: “We want to keep our best players.
“At the same time if a ridiculous offer comes in for any player we have to look at it like any sensible club would.
“That’s going to be a conversation we have with Derek over the next few weeks about what we want to do.”
That imminent conversation with McInnes will also involve whether there will be scope to strengthen the squad in January.
Asked if there will be a budget for players in January, Cormack said: “That depends on a number of factors.
“We are carrying a squad and have a budget where there was £9.2m to spend this year.
“The January window is not typically the best as there is more happens in the summer.
“We will get at that over the next week or two with Derek in terms of what he would like to do.”