http://www.walesonline.co.uk/sport/football/football-news/cardiff-city-owner-vincent-tan-5138217 Cardiff City owner Vincent Tan claims Langston agreement with Sam Hammam just 'days away' Cardiff's billionaire owner is confident a deal to settle the Langston debt that has cast a shadow over the club in recent years is closer than ever Cardiff City owner Vincent Tan today claimed he is close to agreeing a deal with former Bluebirds chief Sam Hammam over the long-standing Langston debt, insisting he will then carry out his promise to convert the huge amount of money he is owed by the club into equity. The Bluebirds have been desperate to finally settle the Langston debt, believed to be around £24m of Cardiffâs total figure of £83m. A £5m bonus is also due to Langston because the debt was not settled by the time the Bluebirds reached the Premier League. If a deal can be struck, Tan has promised to convert the money he is owed by the club in loans ( more than £37m at the end of the 2012 financial year ) into shares - significantly enhancing the financial stability of the Bluebirds as they embark on their debut Premier League season. A series of talks have been held in recent months, with Hammam believed to have been offered a role at the club that could see him return to the board or given an honorary presidency. Speaking as he was given an honorary doctorate at the University of South Wales , Tan said: "We are talking to Sam Hammam to try and resolve the Langston issue. I'd like to regard him as my friend from our dealings. "We are days away from an agreement and then we can convert all the loans to equity. "That will make us much more secure and hopefully debt free, which is good." Asked to confirm the time-scale on any potential deal, he repeated: "We are days away, it is in Sam's hands." The club recorded losses of £13,605,000 in their last set of financial accounts, published in January â bringing their overall debt to just over £83m. Overall, Cardiff City Football Club (Holdings) Limited - the umbrella company incorporating the football club - owed £51,920,000 to creditors in the following 12 months and £31,175,000 to creditors after that period. However within the £51m owed over the next year, £37,431,000 was largely notional â money owed to Malaysian backer Tan. Tan has also confirmed he is looking to invest in two overseas clubs â and has already agreed a player link-up with one. The Malaysian Billionaire was in Bosnia this week to announce a co-operation agreement with FK Sarajevo and the Bluebirds which will see âmutual player exchangeâ arrangements. He is also in talks with Croatian club HNK Dubrovnik. The best news so far.
But you've got to behave yourselves ........ http://www.bbc.co.uk/news/uk-wales-23362625 Not my words but VT's
If we finally get rid of Sam, then result. He's been lingering over the club for too long, holding some power that few wanted him to, and now we have a way out... What's the odds he declines the deal?
The jacks aren't debt free, ask all the people they never paid the last 2 times they reneged on their debts? It's easy to say you are debt free when you conveniently forget the ones you cheated in the past.
Good news for you if it happens - but as been said above I would not trust Sam. Also would be wary of anyone calling Sam a "friend"
And another thread descends into the usual crap. But getting rid of Sam the Scam will be as good as promotion all over again.
Dai just got owned lol! On a serious note: This will make us a more attractive club. Good times ahead
Swansea buying players they cant afford attempting to expand their stadium and then ripping off businesses after begging on the streets of Cardiff. Parts of this are happening again - hope your local businesses arent owed any money. Meanwhile ill have some spare change ready.
Now here's something I don't understand. If they do not own the stadium how do they get their landlords to increase the capacity?
Pay your taxes, in the eyes of the public you still owe the public lots no matter what the HMRC says. You robbed the whole UK, I cannot wait for that to come out next season and because you will be in the spotlight it will come out. If you think others hate you know... Just wait until everyone else finds out you stole their cash!
