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Aberdeen Board 2.5 Million loan to club


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http://www.eveningexpress.co.uk/Article.aspx/2563466

 

ABERDEEN FC chairman Stewart Milne contributed to a fresh £2.5 million loan to the club.

 

Milne and the club’s other major shareholders – Aberdeen Asset Management – came up with the extra funds in March to keep their bankers sweet. Details of the loan will be explained to Aberdeen FC shareholders when they attend the club’s annual meeting at Pittodrie tonight.

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http://www.eveningexpress.co.uk/Article.aspx/2563466

 

ABERDEEN FC chairman Stewart Milne contributed to a fresh £2.5 million loan to the club.

 

Milne and the club’s other major shareholders – Aberdeen Asset Management – came up with the extra funds in March to keep their bankers sweet. Details of the loan will be explained to Aberdeen FC shareholders when they attend the club’s annual meeting at Pittodrie tonight.

 

Well thanks Stewarty!!

Funny how it comes out now as well with the 'for change and the coffins appearing!

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Was covered by the Trust review of the accounts.  EE on the ball as ever.

http://www.donstalk.co.uk/messageboard/index.php?topic=14810.0

 

Aberdeen Football club recently announced their trading results for the year ended 30 June 2011. The AFC  Trust board have prepared a brief summary of the main points which can be seen below.

For the year to 30th June 2011 the company had a net loss of £2,116,000.

The operating loss was £1million (before depreciation, interest and amortisation) which reduces to £589,000 after adjusting for the £411,000 payoff to the previous management team.

Turnover has increased by 5.8% from £7.053 million to £7.462 million (mostly due to TV money on reaching two cup semi finals)

In operating costs the staff costs were up by £460,000 but this included the £411,000 payoff.

The total debt has increased by £1.8million from £13.8 million to £15.6 million.

Stewart Milne Group and Aberdeen Asset Management have each put in additional interest free loans of £1.25 million totalling £2.5million.

The bank have been repaid £1.2 million of rolled up interest but the current years bank interest of £.5million has been added to the bank loans. However the interest rates on the new facilities are lower which will provide a cost saving. At the moment the major shareholders are helping fund the Company.

The bank facilities are in place until 28.02.12 and it is hoped that on the strength of the sale of Pittodrie and the continued support of the major shareholders they will be successfully re-negotiated.

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He just has us by the balls and there ain't much we can do until a new investor turns up. Who, without being a die hard Aberdeen fan or mentally ill would want to invest about 15 to 20 million in a football team in this financial climate.  Never mind how shit AFC and the Spl are! He leaves the club and leaves us with the debts. We will go under I fear.

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Why not do it now then?

 

Fuck knows Mizer, I'm not Stewart Milne.

 

I am of the opinion however that a lot of the flak he is taking is slightly harsh, the club is in a shit state but I still believe everything he has and continues to do is in the best interests of the club.

 

I realise that is an unpopular opinion but frankly I'm not fussed  :thumbsup:

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hmmm agrees to loan 2.5 mil just after the bidding process has ended and he's found oot how much we're getting for Pittodrie?

 

Fuckin cunt Milne, we've been steamrollered into this piss shite idea of a new stadium and cock smoking ass clowns who wave the "if you're against it you're against progress" mongs (who're actually the real luddite spastics) are clapping all the way to the yellow bus.

I think I'll just sit back - watch it all unfold - and then give it big "I told ye so's" and rarely attend ever again.

 

1. The loan was given towards the start of the year, around march i believe.

 

2. The bidding process is still ongoing, it was extended.

 

So you were almost right there well done jager ;)

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