Aberdeen have generated a net profit of more than £22 million from player sales during Dave Cormack's tenure as chairman, with the club's £10.75 million spend on new signings offset by £33.4 million in fees received for outgoing talent.
The figures challenge the perception that Cormack has consistently funded the club from his own pocket, showing instead that a player-trading model has grown successfully since he took control in November 2019. The club have profited from player sales in every window during each campaign, apart from the opening months of his time at the helm.
Seven Managers in Seven Years
Stephen Robinson became the seventh boss to depart Pittodrie since Cormack took charge, following Derek McInnes, Stephen Glass, Jim Goodwin, Neil Warnock, Barry Robson and Jimmy Thelin. The club now face a relegation scrap after another summer of rebuilding the squad.
When Cormack was on the brink of taking control, he promised the takeover would give the Dons the financial muscle to punch above their weight and take on Celtic and Rangers. It started with a planned £5 million investment and a tie-in with MLS side Atlanta United, but that masterplan has not become a reality.
Spend and Income by Season
In January 2020, the club spent an estimated £1.2 million on players, with defender Ronald Hernandez coming in for around £800k, while Matty Kennedy, Dylan McGeouch and Mark Gallagher also arrived. No incoming fees were received that window.
The 2020/21 campaign saw no spend on player sales, but Scott McKenna left for Nottingham Forest for an initial £3 million, rising to £6 million with add-ons, while Sam Cosgrove brought in £2 million from Birmingham City and Scott Wright departed to Rangers for around £300k. Total incoming fees were £5.3 million.
In 2021/22, the club spent £600k on players, with Vicente Besuijen costing £400k from Den Haag and Christian Ramirez around £200k from Houston Dynamo. Ronald Hernandez returned Stateside to Atlanta for around £600k, and Ryan Hedges joined Blackburn for £200k, bringing incoming fees to £800k.
Record Sales and Recent Windows
The 2022/23 season saw an estimated £1.5 million spent, including £600k on Bojan Miovski and £400k on Duk. Calvin Ramsay joined Liverpool in a £6.5 million move and Lewis Ferguson sealed a £3 million move to Bologna, with total incoming fees of £9.5 million.
In 2023/24, spend rose to £2 million, with Pape Habib Guèye arriving from KV Kortrijk for £500k and Richard Jensen from Górnik Zabrze for £400k. Ross McCrorie moved for £2 million and Ylber Ramadani joined Lecce for £1.2 million, bringing in £3.2 million.
The 2024/25 season saw £3.5 million spent, including £1 million on Topi Keskinen. Bojan Miovski brought in £6.5 million from Girona and Duk commanded £700k from Leganes, while Connor Barron's move to Rangers generated £639,920 in tribunal compensation. Incoming fees totalled £7.8 million.
In 2025/26, spend was £1.2 million, with Kenan Bilalovic arriving for around £550k. Pape Gueye left for Kasimpasa for £850k, with departures of Dante Polvara and Ester Sokler also boosting the bank balance, bringing in £1 million.
In summer 2026, the club took a more frugal approach, paying £400k to Wolfsburg for Marius Muller and £350k to Hibs for Chris Cadden. Topi Keskinen left for Odense BK in a £1.1 million deal, with further fees from Brann, Elfsborg, St Pauli and FC Noah bringing incoming fees to £2.8 million.
Overall, estimated spend on player sales stands at £10.75 million, with estimated incoming fees of £33.4 million. It remains to be seen what level of backing Cormack offers to the next man in the hot seat to steady the Pittodrie ship.
