Cardiff's much-publicised recent season ticket initiative was based on promises of investment that had turned out to be "false", according to the club's finance director Alan Flitcroft.
More than 10,000 fans snapped up season tickets for 2010/11 on the understanding all proceeds, which were confirmed at around £2.6million, were handed to manager Dave Jones to spend in the January transfer window to boost Cardiff's promotion hopes. However, that money was instead spent on the club's own financial well-being after chairman Peter Ridsdale revealed the collapse of proposed investment had left them with no other option.
Speaking at an EGM on Wednesday, Flitcroft is quoted in the South Wales Echo as saying: "Of course, we knew when the season ticket campaign was launched that we owed HMRC money and we had to pay a chunk of money to them (in order) to sign players. But we also had promises and commitment for investment, which would have made that possible. With hindsight I knew it was risky. Some of those promises, in fact all of them, were false."
He added: "People ask 'where is the season ticket money?', thinking it's waiting somewhere to be spent. But there is income and there are outgoings all the time. We raised £2.6m from season ticket money."
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