A dynasty ended yesterday when Aberdeen Football Club chairman Ian Donald stood down to allow successful Scottish housebuilder Stewart Milne to take over to usher in a new era for the Dons.
For quarter of a century Donald, who becomes vice chairman, and his father Dick before him, have been at the helm of the club.
It was also announced that the Stewart Milne Group is investing a further #1.5m in club shares as is another existing shareholder Aberdeen Asset Managers. #1m of funds under the management of Murray Johnstone is being invested and the total available for the current phase of development is boosted to #6m by an additional #2m repayable on a long-term basis.
Milne said although it had taken them longer than they had hoped to put the funding in place they had succeeded as Scottish football prepares for what is arguably the most exciting time in its history.
''In order to compete at the highest level it is vital we invest in the player squad we have here at Pittodrie and, equally importantly, in the infrastructure that supports performance on the field.
''We see the top priority of the club to be to get a crack team out on the park, which is capable of competing and providing real entertainment. Alongside that we see it as being essential that a youth development system starts to deliver what we hope in the future will be the cream of Scottish talent because that is going to be the backbone of the club's future success.''
He declined to break down how the money would be spent because he felt it inapproriate if they were to do the best deals possible whether buying players or land for new training facilities.
A stock exchange listing is planned for two to three years and that will coincide with the next phase of development in which the money will be spent on substantial upgrading of Pittodrie Stadium.
He said that Ian Donald, who is in America with the Scotland squad, had decided after several weeks of discussion, that it is the right time to step down.
Milne said that he had taken over as executive vice chairman last year and the club had changed direction in its determination to become a serious force in Scottish and European football again.
''I and the rest of the board feel we are now moving in the right direction, although we are all disappointed at the lack of progress on lots of fronts this year. But we know we are going in the right direction.''
Ian Donald said: ''I feel the timing is right for me to step down for several reasons.
''Stewart has been playing an ever-increasing role in terms of driving the club forward for some time now and I feel it is only right that he is now seen as the person leading the club.''
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