http://www.walesonline.co.uk/sport/cardiff-city-debt-reaches-118million-6497122 Then again it is in the ego before a big game
This is exactly why we cannot let Tan go as some seem to think. Previously we were quoted as being around £50 million in debt that was before Tan. Now as most of the money is owed to Tan and considering £35 million spent recently plus the huge increase in players wages everything looks under control. If Tan can establish the club this season he can then convert his loans to shares and sell some of those. A further season in the premiership will reduce debt further. This is business and every business has debts to finance expansion. jck
Give it a rest jck ... you must be one of the believers of all this cra9 We on this forum have done this to death but you still need to invite outsiders over to heap sh1t on us for no reason Prem money pays for most of the extra wages and the langstone stuff has been paid just let it go 'JACK'
Apologies jck not all your fault, I hadn't read it thru its just that the same stuff keeps coming up before every game as if there is a personal vendetta to bring us down fck wol ,
£30m loss. £22M paid to Langstone £11M extra wages and bonuses paid because we got promoted Bit of a non story. With the egg regions and the WRU close to civil war. WoL would rather try to kick CCFC.
I guess the para that is a bit 'unclear' is "a significant portion of the losses come from a jump of £13m in cost of sales and a massive £8m jump in administration costs." These could be used to describe anything but some big numbers there.
This is a historic set of accounts that tell a story...but not all of it. not sure what the policies are on writing off investment in new players but that will have an effect. Further grief is likely in the next set to May 2014.....all that investment will be in as well as new wages etc.....but so will higher income. I seem to remember that someone on here (ccfcremote or maybe even ccfcforever?) gets the full set of accounts and does a resume. Increased cost of sales is a worry as is increased admin fees...unless Tan is paying himself a bucket load or other fees are payable. I assume reduced income c.f. the earlier year might be to do with those advanced season ticket sales? or has that already wound out by now? Increased losses were to be expected given the earlier losses and the push for the Premiership.
Could the increase in admin costs be partly due to expenses claims from Tan to ferry him and his cronies in his executive jet from and to Malaysia plus accommodation costs. There should be a note in the accounts stating how this increase has occurred and what exactly is included but I guess this was not present.
We had £50 million debt before Tan. As Tan owes himself £66 million out of the £118 million that leaves just £52 million almost all of that refers to the £35 million on new players and their wages this amount is more than reasonable for a premiership club with ambition. Turk I can see how any post regarding our club in a negative manner can make us all fed up, I have even replied to the wrong poster before now so now problem here. It is not a cheap place to be in this league, this is our time and thankfully the owner is investing to make sure we remain here. Anyway considering other clubs desperate financial situation we seem to much better off. jck
if we go down we are in the ****, just have to hope tan doesnt lose interest, though hopefully its his money on the line and not the clubs future..........
Apart from the headline grabbing stuff that sells newspapers, I can't see what all the fuss is about. These figures to last May were always going to reflect the costs incurred in getting the club to the Premier League. It's easy enough to slate Tan for some of the decisions he's made re the club's tradition etc, but the time to pick on Tan for financial issues is when he fails to do what he said are his intentions. To date, he's done everything he's pledged to do. Invested heavily in the club through a combination of equity acquisition and loans to gain Premier League status, and further cash since to ensure (as far as you can) that we stay there. The major bone of contention with these historic pre-Premier figures seems to be the rise in the operational costs and further clarification wouldn't go amiss, but in the wider scheme of things it's as well to remember it's Tan's money that's being spent - we haven't got a bean ourselves as a club. Anyway - we've got a game on today - let's see how it goes on the pitch for a while instead of on the balance sheet.
You are always clearing debt, to make way for more debt? Bit worrying to say the least, your in it up to your neck springs to mind................
All he's done is transfer the debt to himself. Debt never goes away just like that, and no-one is that generous. If he ever decided to sell, he'd either get the club to pay the debt back over time (like Langston) or sell the debt on, probably to the new owners.
Because as long as he owns the club he won't force the issue. If he sells then things will be different, unless the new owner buys the debt as well.
If he coverts the debt to shares, then he can't get the club to pay it back or sell it on. The only way he will get his money back is when he sells the club. (asssuming he will one day covert his loans to shares) Also these accounts don't include anything after May 2013, i.e. any premiership money for going up, increased ticket sales etc etc. The accounts up until May 2014 will give a better idea of where we are and hopefully once they are published Tan will have converted his loans.
This is nothing to do with us...it is the business side which no one would fully understand on here without personally being involved at the highest level at the club. As far as other fans coming and worrying well I am sure your clubs are in a worse position financially. We have a billionaire owner willing to invest heavily in our club and with that comes risks for him personally and for the club, if we saw no investment then we might complain but right now other clubs around us can only look at our spending power and be envious. This flimsy well our club is being careful cover up does not wash, fans want money spend on new players not sitting watching other clubs get them. The plan is to maintain premier league status this year, that is our only aim. In the future the plan is to attack the top four positions so yes we are taking a chance but at least we are willing to take that chance. There is no way we want to spend season after season here trying to avoid relegation and become fodder for the bigger clubs. This all relies on the owner keeping to this plan no matter what and while he does what he promised we will be fine. jck
If we go down, Tan is in the ****e. If he has unsecured debts of £66M and he loses interest, he loses money. The only way he can get his money back is to sell the club as a going concern to recoup his money.
