Per the BBC: New financial results show Cardiff City's debt stood at £109m last year, with owner Vincent Tan having increased his loans to the Championship club. The club's latest accounts state Cardiff recorded losses of £11.15m for the 2020-21 season. Revenue increased £9m to £55.18m while £1.92m was shaved off the wage bill. The Bluebirds, though, remain reliant on support from majority shareholder Tan, who lent the club a further £16m during the year. The Malaysian businessman's loans to the club are recorded in the accounts as being at £60m, although he has since converted £6.64m into equity following a new share offer. Other loans over the year ending June 2021 included £2m from a club director, £15.8m from a finance company associated with a club director and £6.24m relating to an interest-free EFL loan offered to support clubs during the coronavirus pandemic. Notes in the accounts reveal further loans of £22m have been subsequently taken by the club following the end of the financial year, with loans of £3.1m repaid. In a statement accompanying the accounts, non-executive chairman Mehmet Dalman said "pressures" caused by the pandemic on football finances had "obviously meant that we have been heavily reliant upon the continued financial support of our owner Tan Sri Dato Seri Vincent Tan Chee Yioun throughout this entire period". "As a board and a club, we are extremely grateful to the continued support of our owner and without this the future of the club would look much more precarious," he added. In the previous financial year - in what was Cardiff's first season following relegation from the Premier League - the club reported an operating loss of £23.8m before being boosted by player sales of £13.6m. The impact of the pandemic is clear in the accounts, with Cardiff seeing gate receipts and matchday income reduced by £2.53m in a campaign played behind closed doors. In his statement, Dalman added that it was the club's opinion that "the level of support that we as a sport have received from national and devolved governments since the start and throughout the pandemic has been extremely disappointing". He added that professional and amateur football "has been left very much to sort out its own problems". As disclosed in previous sets of accounts, Cardiff have maintained a contingency provision regarding the club's dispute with Nantes over a £15m fee for Emiliano Sala. Fifa ruled in September 2019 in favour of Nantes and ordered Cardiff to pay a first instalment, although the Court of Arbitration for Sport is currently hearing an appeal to that ruling.” Seems to me that Tan is unlikely to get his money back unless they get promoted to the PL and he bails out straightaway.
Cardiff City Trust Chair Keith Morgan (I know Keith - I used to work with him in the mid-1980s) a chartered accountant and football finance expert, has written about the key elements of the latest accounts of Cardiff City Football Club (Holdings) Limited up until May 2021. “For a number of seasons I have been fortunate to have been able to review the accounts and discuss them with the club`s senior financial staff prior to them being filed on the public register at Companies House to avoid any factual errors in the commentary on the strict basis (always complied with) that the commentary would be held back until the accounts were on the public register. Unfortunately, this year the club`s directors gave instruction that I was not to be allowed to do so. Therefore, I have not had the opportunity of discussing the accounts with the financial team at the club before issuing this commentary.”
Is this a story from the Mainstream Media though ? How can we trust it - there could be an agenda. Don't believe it until GBNews says it.
Not to worry I'm sure the WAG (us) will bail them out , Cardiff Airport , Abertawe power station now Lego land
I was the Main Contractor's Quantity Surveyor on Phase Two of the Aberthaw B Power Station. Jeez, that was a long time ago.
Yes indeed, I worked out of there for many years on the 3 transmission lines supplying the grid system . It may not be the WAG directly but ? https://www.thenational.wales/envir...pital-region-buy-aberthaw-power-station-site/
Are you sure? Have you seen the contract? If we signed it I agree with you. If we didn't then we are not liable.
My understanding from studying Contract Law at University (Cardiff ) - albeit many moons ago - is that generally a contract is only valid when it is signed by both parties. However, if both parties agree the terms of a contract, perhaps by e-mail, or even verbally, and both then act in a way that indicates an intention to accept the terms of this agreement, they might may find themselves bound to a contract.
Absolutely. Same with contracts we work on, everything is subject to contract, but start doing any design and you submit for reference to move things along, you are then deemed to be in contract.
Cardiff trotted Sala out wearing the Club shirt, waving a Club scarf, and they even had the poor lad tapping his head like a loon. He was being touted as THEIR player, and was lauded as such. Cardiff fans' gloated at their latest signing. The moment his plane disappeared off the radar, they had never heard of him. Their lawyers were given the daunting task of denying any contractual liability for him. Shabby. Before embarking on his fateful flight to Cardiff, he had already been to Cardiff. He returned to Nantes to say goodbye to his team mates. Presumably, and I say presumably, some form of contractual agreement was in place. why else would he be returning to Cardiff for a second time. Even if final contracts hadn't been signed, surely there was CLEAR INTENT by BOTH parties to enter into one. FIFA, happy that Sala WAS Cardiff's player, instructed them to start paying the fee in instalments. Again, presumably, they thought long and hard before coming out with that directive. It will all come out eventually, and if proven that a viable contract DID exist, if only of the verbal kind, then the owners of Cardiff City should simply pay up, and take whatever punishment is deemed fit and proper. I wonder how much money they have already spent in fighting this dispute. Cardiff City have serious history when it comes to non payment of legitimate debts. Not too many years ago, numerous winding up orders were made against them for non payment of taxes.
Stoke’s Balance Sheet has been transformed: Owners, bet365 Group, have converted £40m of loans into equity in the club's holding company, and waived £120m of shareholder loans. "This greatly strengthens the club's balance sheet and also provides more long-term stability for the club," said joint chairman John Coates. Stoke are 15th in the Championship, 12 points adrift of the play-offs. This is the Potters' fourth season since relegation from the Premier League in 2018 and the first one without parachute payments. After a bright start to this campaign, Michael O'Neill's team, who beat Millwall 2-0 last Saturday, have managed just three wins from 15 games in 2022 and are almost certain to have a fifth season outside the top flight. But the club's owners remain determined to turn around the team's fortunes. "On the field, the last four or five years have not proved to be as successful as any of us would have hoped," Mr Coates said in a statement. "However, our commitment to the club, its future success, financial sustainability and place at the heart of our local community remains as strong and focussed as ever." Stoke announced a planned five-year redevelopment project for the club's home ground - the bet365 Stadium - and Clayton Wood training ground last month. The initial phase will cost around £4m and be competed in time for the start of the 2022-23 season.