Aberdeen: Dave Cormack confirmed as new chairman with Atlanta United deal
Aberdeen have confirmed Dave Cormack will take over from Stewart Milne as chairman while injecting £5m of investment into the club.
The Pittodrie side have also announced a "strategic partnership" with Major League Soccer club Atlanta United.
Milne will step down after 22 years at the helm following the Dons' annual meeting next month.
"We viewed him [Cormack] as the natural successor," said Milne of the US-based Aberdonian businessman.
"He qualifies on both counts. He is prepared to take on the commitment and has already proved his ability to secure significant new investment. Importantly, he is passionate about Aberdeen and the club.
"I have always said I would relinquish the reins when the right opportunity arose and I believe that time has now come. I'm proud to have had the opportunity to lead the club I love for over two decades.
"It's been a real privilege but not without its challenges. Like the fans, I've shared in a rollercoaster of emotions from pure joy and exhilaration through to frustration and despair."
In a statement, Atlanta announced that their parent company, AMB Sports & Entertainment, will have minority ownership in Aberdeen and will contribute £2m of the £5m investment into the club. Atlanta's president Darren Eales will also join the Aberdeen board.
As part of changes in the Pittodrie boardroom, chief executive Duncan Fraser is to step down after 17 years but will remain as a non-executive board director along with Milne.
Directors Ian Jack, Duncan Skinner and Craig Brown will also be stepping down to make way for the new investors, but former Scotland boss Brown will remain in an ambassadorial role while Skinner will continue as chairman of the board of trustees of Aberdeen FC Community Trust.
Cormack said: "As an Aberdonian and lifelong Dons fan, I'm honoured and privileged to become chairman of the famous Aberdeen. I'm also pleased to be able to announce a strategic partnership with Atlanta United, details of which will be announced tomorrow [Monday].
"There are some real challenges ahead, but, with the support of my fellow directors and new investors, along with our fans, we will do our utmost to deliver success which, at the end of the day, is measured by the team's performance.
"The new investment and this partnership with Atlanta will allow us to punch above our weight, aspiring to attain Uefa's top 100 status and trying to level the playing field against significantly higher income generated by Celtic and Rangers."
Aberdeen's accounts for the financial year ended 30 June, which have been sent to shareholders this weekend, reveal an increase in turnover of half a million pounds from £15.4m to £15.9m.
Total staff costs increased from £8.5m to £9.2m, meaning the wages to turnover ratio increased from 56% to 58%, with "operating loss pre-amortisation" at £580,000.
The position over the five-year business plan period shows a profit of almost £1.5m.