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FA Home Page -> Football Academy Evolution -> Back Pages & Opinion Polls -> Cardiff Financial Trouble - any truth to it?
Post Info TOPIC: Cardiff Financial Trouble - any truth to it?
Safehands


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Cardiff Financial Trouble - any truth to it?
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Just wondered what real Cardiff fans made of all this?

cheers

Cardiff facing court over '£30m'

Cardiff City
Legal proceedings have been initiated against Cardiff City
Cardiff City's main financial backers have initiated legal proceedings against the club over claims they have not repaid more than £30m in debts.

Law firm Hextalls LLP, acting on behalf of Cardiff backers Langston, have accused the club's board of mismanaging their finances.

Cardiff are also accused of misleading the public about the health of their accounts for the year ending May 2006.

"Any allegations are refuted," said Cardiff chairman Peter Ridsdale.

Ridsdale added: "The statements released by Hextalls LLP seem to be an ill informed mixture of fiction and general confusion."

The Hextalls LLP's statement read: "Our client's claim is that this sum is due for payment now as a result of the club's inability to meet certain deadlines as well as breaching the terms of its loan agreement in respect of the capital sum plus interest.

"It had been hoped to resolve the matter privately and in confidence but the club has repeatedly ignored numerous requests to discuss the debt and its implications.

"As a result of legal proceedings commencing, the issues have now become public and therefore this statement is being made.

"The court action is being taken reluctantly but our client has been left with no alternative following the club's failure to respond to repeated approaches."



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Luke_C


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Seems a worry doesnt it lol

A Statement from Peter Ridsdale Contradicts most of that statement but I think we can expect some big developments soon

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Jozz


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I take it that its the same Ridsdale as was at Leeds and look at them now!

JD

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Luke_C


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Not the same tho, Ridsdale is doing a very good job at cardiff. He is sorting out Sam Hammams mess and his 24m of debt

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Safehands


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Hes writing an autobiography i understand - so we can all read why he spent £20,000 on fishtanks in the Directors offices at Leeds.............................

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Football Academy


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You have to question the validity of the claims about their situation when they can afford to go out the next day and sign Jimmy Floyd Hasselbaink who must be on pretty large wages!!

Richard.

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CRadford7


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Yeah exactly, its just Sam trying to get more money out of the club. Yeah Jimmy has got to be on around the same as Fowler, id say about £15k a week, plus a large bonus if City get promoted!

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Craig

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cardiffcharlie


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I am not worried in the slightest

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Safehands


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I dont think anyone should be overly worried

But it shows a good insight into how chairman and repayment companies operate and could be just the start of some dirty laundry being aired as it progresses

Risdale in particular has some previous experience in operating is some of the more "grey" areas of finance management and it all could prove quite interesting

Hasselbank still has days when he is lethal in front of goal though - could be a great signing

Sim

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