Football

Cardiff close to becoming debt-free

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Cardiff City are close to reaching an agreement to clear the club’s debts, their owner Vincent Tan has confirmed.

The newly-promoted club have been in debt to Langston, a Swiss-based financial company, since 2004, and the most recent figures showed that the club owed them £83m.

Tan is hopeful of ending the uncertainty, and will hold meetings to clear the debt, which the club fell into under previous owner Sam Hammam.

He said to a press conference at the University of South Wales: “We are talking to Sam Hammam to try to resolve the Langston issue.

"I have been talking to Sam. We have been friendly, talking. I like to regard Sam now as my friend and we will come around and resolve this.

"We are, I think, days away from an agreement. 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.

"That's my goal - to make the club debt-free, so that the club won't be under any threat and after that we just have to manage it prudently, run it like a business."

A deal could improve Tan’s relationship with the fans, who have mostly opposed his ownership since changing the club’s home colours to red, in order to boost their popularity in his home country of Malaysia.

But he did oversee automatic promotion to the Premier League with manager Malky Mackay, and he has threatened to quit the club should fans continue to oppose his ownership.

"I want to be here for as long as I am very welcome.,” he said. “If too many fans show we are not welcome, maybe you will have a new owner.

"But right now my experience is we are very welcome. We need the fans to support us and not be negative or disruptive or unnecessarily criticise us too much."

"I'm disappointed that after 51 years of not being in the top-flight that there are still some fans who don't think we have done a good job.

"I may say maybe they are not grateful so that part is disappointing. But like anything in life in democracy you won't have 100 per cent support."

 

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Topics:
Premier League
Cardiff City
Football

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This article has been written by a member of the GiveMeSport Writing Academy and does not represent the views of GiveMeSport.com or SportsNewMedia. The views and opinions expressed are solely that of the author credited at the top of this article. GiveMeSport.com and SportsNewMedia do not take any responsibility for the content of its contributors.

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