The chair of Aberdeen football Club has conceded that there are “significant challenges” to be faced in terms of getting the required funds together to build its proposed new stadium.

Last year’s Scottish Premier League runners-up revealed a record turnover of £13.4m (US$16.6m, €15m) for the 2015/16 year, but Stewart Milne said there was work to be done to put the finance package together to build the Kingsford-based development.

During the publication of the club’s annual results, Milne said: “There are significant challenges ahead, not least in the raising of the funds that will be required to deliver the project which would provide the club, the Community Trust and our youth academy with appropriate facilities and infrastructure to increase their portfolio of activities in the local area.”

Despite this, the plan to build the facilities has gathered pace with the first round of public consultations completed.

Aberdeen FC had previously started to develop a proposal to build the stadium in Loirston Loch, but decided to move the location to Kingsford, which is located seven miles from the town centre.

The final planning application will be submitted by the end of 2016, and Milne revealed that club employees were visiting other stadiums in the UK and Northern Europe to “assess best-in-class facilities at other football clubs with the ultimate aim of providing supporters, players and staff with a modern facility we can be justifiably proud of”.

However, he admitted that there were “specific issues to be addressed” with regards to traffic management – a complaint put forward by the ‘Say No To Kingsford Stadium’ lobby group.