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Sir Ian Wood says £50m for Aberdeen Gardens could still be 'on table'

24 August 2012 Last updated at 10:28 BST

Millionaire businessman Sir Ian Wood has said he is withdrawing the £50m he had pledged to the Aberdeen City Garden project, after the council rejected the plan.

Sir Ian later said, if the redevelopment of the city centre is resurrected in the next twelve months, he might be willing to offer fresh financial support.

The oil and gas executive said he had no regrets over his decision to offer the money to transform Union Terrace Gardens.

He was speaking after the council's decision to reject the £140m City Garden project.