ONE of Scotland's richest men has told councillors they have just a year to throw their weight behind his plans to regenerate Aberdeen's Union Terrace Gardens or lose £50 million he put up to help fund the £140m project.

Sir Ian Wood, chairman of the Wood Group, said the cash was still on the table less than 24 hours after the city council voted to reject the controversial plans, which had been backed by the public in a referendum.

The oil tycoon said the project, which it is claimed could create 6500 new jobs, was still on the table if there was a "fundamental change" within the local authority over the next 12 months.

Sir Ian's ultimatum yesterday led to calls for the council's new Labour-led administration, who ordered the rethink on the plans, to resign.

He said: "Because I believe so strongly this project will have a huge beneficial impact on Aberdeen's current and future economy, as well as cultural and recreational resources, I have told Val Watts [Aberdeen City Council chief executive] this morning that if there is a fundamental change in council thinking in the next 12 months,

The Wood Family Trust would be happy to talk to them."

Sir Ian said the trust could not guarantee the funds would still be available without any such undertaking.

Councillors voted 22-20 to reject the City Garden Project's £92m funding plan and instead backed alternative plans to retain the gardens and redevelop several city buildings.

Sir Ian said the decision had left him dismayed and incredibly disappointed.

He said the trust refused to invest in the temporary facelift that was backed by the council and that the £50m sum would otherwise be reallocated in 12 months.

Sir Ian said: "We had no choice. The Wood Family Trust cannot sit for a long time on a large sum of money without knowing where it is going.

"We need to look at other projects. We are not prepared to support a compromise plan."

Sir Ian, who had invested three years of work and £1m in creating the gardens proposal, said he would not be deterred from investing in the city's future again.

The billionaire said he would only assign cash to a project that would be transformational for Aberdeen.

The Labour group and its leader, Barney Crockett, came under fire from opposition councillors over its decision-making within days of being elected in May.

The design had been backed by 45,301 people after it was unveiled, compared to 41,175 against in a 52% voter turnout.

The aim of the project was to create a world-class civic square by raising Union Terrace Gardens from subterranean level.

SNP Group leader Callum McCaig said: "This shambolic administration has been in power for only a matter of months but it has already turned the city council into a national – and international – laughing stock.

"There is absolutely nothing funny about the consequences for the local economy.

"Barney Crockett has cost this city at least £55m in lost investment, and has sent out a terrible message to potential investors looking for certainty in difficult economic conditions."

Last night Donald Trump, already embroiled in rows over his new golf course and wind farms, also hit out at the council.

He said: "Sir Ian is a wonderful man who has been treated shabbily and with total disrespect."

Council leader Barney Crockett earlier described Sir Ian's garden project as divisive and said the alternative city centre plans would make widespread improvements without the need for massive borrowings.

He said he hoped all sectors of the city would come together to focus on the new plan and the drive towards Aberdeen being named UK City of Culture in 2017.

Councillor Crockett was unavailable for further comment last night.