The last vestige of the Hamman era now gone.
http://www.cardiffcityfc.co.uk/news...atement-l-michael-filiou-resigns-3405438.aspx
http://www.cardiffcityfc.co.uk/news...atement-l-michael-filiou-resigns-3405438.aspx
All ties finally broken?
- Thread starter Oldsparkey
- Start date
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Didn't he do most of this earlier this year and the rest in instalments due to the League rules ?
what a difference 3 months makes, from looking downwards and not being quite sure if we'd have a club in the next couple of years (i think league 1 would have killed us) to looking to the future with a good manager and some really big progress on getting the club back to being debt free
Thank you guys.
I thought I had read this had stalled for some reason. Clearly mistaken.
No, I also read somewhere it had not happened - I guess we will have to wait for the next accounts - when are they due?
This is what the club said in February of this year just before the accounts for last year were filed..............
"During the 2014/15 financial year, Tan Sri Vincent Tan waived £13 million of the debt owed to him by the Club and further converted £3 million of debt into equity in accordance with the Financial Fair Play regulations.
In total, therefore, for the year ended 31st May 2015, £16 million of Club debt was cleared.
The 2014/15 accounts also show that the Club and the Group traded profitably.
For the financial year 2015/16, Tan Sri Vincent Tan will convert an additional £68 million from debt into equity and waive a further £10m of the debt owed to him.
The remaining debt, amounting to approximately £40 million following the above waiver and debt to equity conversion, will be converted from debt into equity over the next five years at the current maximum permitted Financial Fair Play regulated figure of £8 million per year."
If Tan was going to convert that £68M this financial year he would have had to have done it by May 31st 2016 - that's when our financial year ended.
I've seen nothing to say he has nor hasn't - we'll probably have to wait for a club statement before the accounts are filed on or beofre 28th February 2017.
"During the 2014/15 financial year, Tan Sri Vincent Tan waived £13 million of the debt owed to him by the Club and further converted £3 million of debt into equity in accordance with the Financial Fair Play regulations.
In total, therefore, for the year ended 31st May 2015, £16 million of Club debt was cleared.
The 2014/15 accounts also show that the Club and the Group traded profitably.
For the financial year 2015/16, Tan Sri Vincent Tan will convert an additional £68 million from debt into equity and waive a further £10m of the debt owed to him.
The remaining debt, amounting to approximately £40 million following the above waiver and debt to equity conversion, will be converted from debt into equity over the next five years at the current maximum permitted Financial Fair Play regulated figure of £8 million per year."
If Tan was going to convert that £68M this financial year he would have had to have done it by May 31st 2016 - that's when our financial year ended.
I've seen nothing to say he has nor hasn't - we'll probably have to wait for a club statement before the accounts are filed on or beofre 28th February 2017.
Thanks Sparks. Annual figures now eagerly awaited. Assuming he has done what he said he would (big loss of face if he hasn't) then the club's balance sheet could at its strongest for many years.
The unknown factor will be how much more he has had to loan the club to fund continuity.
The unknown factor will be how much more he has had to loan the club to fund continuity.
http://www.bbc.co.uk/sport/football/38065587
Cardiff City owner Vincent Tan has converted a further £8m the club owes him into equity.
The Championship club is about £100m in debt, and Tan said in February it would be debt free by 2021.
More than 50 million ordinary shares at 15.69p each will convert £8m of his loan into equity, in line with his pledge to cut the club's debt annually.
The move will ensure the Malaysian businessman will be able to reduce the debt by £100m in the next few years.
Cardiff City owner Vincent Tan has converted a further £8m the club owes him into equity.
The Championship club is about £100m in debt, and Tan said in February it would be debt free by 2021.
More than 50 million ordinary shares at 15.69p each will convert £8m of his loan into equity, in line with his pledge to cut the club's debt annually.
The move will ensure the Malaysian businessman will be able to reduce the debt by £100m in the next few years.
That's good but has he done the £68m as mentioned above? That would have made a real difference. I suppose we will have to wait for the 2015/16 accounts.