Club statement.

In a scheduled Board meeting, the Board of Directors of Cardiff City Football Club met yesterday, 14th October 2013. The Manager, Malky Mackay, was present by invitation as will be the case for all future board meetings.




All aspects and matters relating to the present and the future of the Club were fully discussed. In order for the Club to grow and sustain its ability to be a competitive force in the Premier League, the Board has made a number of decisions which will strengthen the Club, support the Executive team, Manager and his staff and enhance shareholder return. Needless to say, the Board discussed the events of the last two weeks in detail.




The following resolutions were made:-




1. The Board will be restructured with immediate effect to include the following committees:




a. The Nomination and Corporate Governance Committee chaired by Mehmet Dalman. Its main responsibilities will be:

· to support the Manager, Malky Mackay, on all player purchases and sales. All transfer dealings will be conducted subject to the Manager's final approval.

· to establish clear Corporate Governance procedures across the Club.




b. An Audit Committee, chaired by Michael Filiou. Its main responsibility will be:

· to review and make recommendations to strengthen the internal financial controls within the Club and benchmark the Club’s financials.




c. Health & Safety Committee, chaired by Steve Borley. Its main responsibility will be:

· to enhance the Club’s operations to the highest standards in health & safety.




d. Special Committee for the expansion of Cardiff City Stadium – chaired by Steve Borley to oversee current East Stand expansion plans.




2. Tan Sri Vincent Tan has agreed to write off interest of approximately £5.8 million on previous loans made to the Club and stated that all future loans up to an aggregate value of £50 million will also be interest free.




3. The Board ratified the appointments of Mehmet Dalman as director and Chairman of the Board, Michael Filiou as non-executive director, and Amir Fitzhugh as Company Secretary. The Board ratified the resignation of Mr Len Win Kong as a director of the Club.




The Board believes that these changes establish a solid foundation for the Club to grow. The changes were unanimously agreed by the entire Board and the Manager, Malky Mackay. Tan Sri Vincent Tan and the shareholding members of the Board are fully in agreement with the above decisions. The shareholders, Board and Manager are fully committed to the long-term success of Cardiff City Football Club.




Once again the Board thanks Tan Sri Vincent Tan for writing off the interest on his loans to Cardiff City FC, further demonstrating his generosity and support of this Club.

Read more at http://www.cardiffcityfc.co.uk/news...15th-october-1115690.aspx#x800TbLE7pTCKH56.99

 

On face value, it appears no one was tracking the spend on player acquisition which seems a bit odd, perhaps a club growing to fast for the infrastructure already in place.
Certainly appears that Moody was a scape goat but how much of the spend was he ultimately responsible for? We will probably never know the real reasons.

 

I think there was more to it than just the money.

I'm glad Tan is to write off interest from his loans.

 

I don't see our friend Lim mentioned here, I can understand them sidestepping the Moody question though.

 

Yes, agree Dai, maybe the press leaks.

 

Twitter talk Moody is going to Derby, a bit quick that.


Cardiff City News ‏@NotOfficialCCFC 39m
Iain Moody set to become Derby County's new Head of Recruitment. #CCFC #DCFC

 

With a bit of luck, he'll take Brayford back.

 

Haha, beat me to it Sparks, first thing I thought when I read that!

 

Statement made all the right noises about improvements to the structure behind the running of the club going forward. All good stuf and to be applauded. There was obviously a huge gap between the understanding of an owner who provides the cash, and those charged with its' use.

As Sweetblue said above, no mention was made in the statement of CEO Simon Lim going forward - that could either be just insignificant, or a deliberate ommision as a result of the overspend situation. What I find difficult to accept is the last sentence of the second paragraph: -

"Needless to say, the Board discussed the events of the last two weeks in detail."

So, is that it? Is it perceived that it's only an internal matter and not something over which the club needs to provide some clarity?

Malky made it clear through his agent that if the club did not make the information available, he would make his own statement - we wait with baited breath.

Three things possible. He's been convinced to leave it to the club to clarify it eventually...or he's been convinced that clarifying it would not help matters....or he's effectively been "bought off" with the future arrangements put in place.

Before anyone jumps on that last one, I'm not questioning Malky's integrity, but sometimes you have to look after yourself in this game and I wouldn't blame him for doing so.

 

It was all positives for me. Lots of things now made crystal clear. Did read that the supporters trust want a seat on the board. That my friends is laughable. Its just like having one of my lads privvy to my accounts etc etc. Representation is fine but a board member is not. The statement makes me happy.

 

And as I've said before there may be good legal reasons why the club can't go public on the detail behind Moody's removal.

For me the only thing I remain less than happy on is the Kazak appointment. If temporary and just manning the phone until a proper appointment is made I can live with that but with the January window only 10 weeks away the club needs someone who knows what they are doing ASAP to set wheels in motion for all the wheeling and dealing that will be needed. While Malky might have the final say on transfers he doesn't have the time to get embroiled in all the negotiations.

 

Personally, I don't think the statement released has put to bed recent events. Good news in relation to interest rates on loans but as for Malky having the final say on future transfers, let's wait and see. It will be an interesting Chelsea pre-match interview for Malky that's for sure.

 

It certainly hasn't put recent events to bed, but I'll take it for now in the interests of continuity.

I suppose it doesn't matter who comes and goes in the long run, but we're talking about the "short run" right now insofar as our need to stay in the Prem.

 

Cardiff City Football Club can announce the departure of Head of Recruitment, Iain Moody. Iain is leaving the club with our thanks for his contribution.
With that statement endeth the career of Moody at CCFC.
Not much to it considering his time here, no sacking indicated even though he was first put on G/L so can we assume it was an agreement reached.
This is a man who worked closely with MM, and before Mondays meeting it seemed MM was not happy with how events were unfolding regarding Moody.
After the meeting MM seems, if not happy, then accepting of why Moody was removed.
Will Lim reappear at some stage, or will the next we hear be that he has been replaced, by mutual consent of course.
I can't imagine MM would be happy at having oneof his guys turfed out, and so I would conclude from that he was happy enough at the reasons given.
The statement didn't really say anything new, just a show of strength really. Tan writing off those millions isn't quite what it seems when you think what he is going to do with his loans anyway, just messing with his own money.

 

My thoughts too Taff, strange that a paper like the Daily Fail would get so many stories right.

 

To me Mehmet Dalman has come out as the winner in all this, he is a football man so let's hope he can pull Tan in a bit.

 

2. Tan Sri Vincent Tan has agreed to write off interest of approximately £5.8 million on previous loans made to the Club and stated that all future loans up to an aggregate value of £50 million will also be interest free.

Not sure about this point, its great about the interest but wasn't he going to convert all his loans into equity/shares once the langston issue had been settled? No mention of that happening anytime soon!

 

Nat the rumour is he will have a 95% stake in the club come the end of November, now all well and good but if he is serious about floating the club on the market he will have to convert the loans to equity. A very simplistic explanation to what is a complex financial structure and a while to go before any sort of floatation methinks.

 

If we float on the market, then traditionally football clubs share prices plummet. I would advise anyone NOT to buy shares. People will though as purchasing shares have a Herd mentality both for buying and selling. Warren Buffet has never sold a share.

 

I think this is all part of the loans to equity thing, as Taff said Tan is in progress of buying out the last of the shareholders with more than a small holding that will give him 95% stake. I'm not sure about company law but I think the last 5% will be honour bound to sell.

I've seen rumours that there are Russian and Chinese buyers in the wing.