Aberdeen post £589k trading loss after McGhee departure

Aberdeen chairman Stewart Milne
Milne hopes the Dons will be in a new stadium by 2013

Aberdeen have posted a £589,000 trading loss in their annual accounts for the year to 30 June 2011.

This figure was arrived at after deducting the termination package involved in former manager Mark McGhee's departure.

However, the figures do not include the compensation the Dons received following striker Chris Maguire's move to Derby County.

Turnover rose £400,000 to £7.46m due in part to two cup semi-final appearances.

McGhee and his backroom staff left Aberdeen in December 2010, to be replaced by Craig Brown and assistant Archie Knox.

Chief executive Duncan Fraser said: "Events over the last 12 months have reinforced the view that the economic conditions facing Scottish football remain extremely challenging.

"While the new television deal will offer a degree of stability, it is imperative that a clear strategic vision for the professional game in Scotland is delivered in the coming period.

"The overall wages to turnover figure after adjustments came in at the industry recommended level of 60 per cent with the bonus structure aligned to performance.

"The club has further supported the first team this season at a time when others are cutting back in a bid to bring about the consistency in performance that is required as we enter a period of major change at the club.

"We continue however to fully support our youth development operations as this area is pivotal to the club's future."

The club is currently in the process of moving from to a Pittodrie new stadium at .

"Work continues to bridge the financing gap but progress has been made and Barr Construction has been named as the preferred contractor," said chairman Stewart Milne.

"We remain committed to do all we can to relocate in time for the start of the 2013/14 season."