Cardiff's shareholders vote to sell stadium land

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Football News

Cardiff's shareholders came together for an extraordinary general meeting on Wednesday night and voted in favour of the sale of land at the club's state-of-the-art stadium.

The sale, to Bluebirds director Steve Borley, for the construction of a House of Sport will raise £450,000 and go a long way to plugging the £1.7million gap in taxes owed to Her Majesty's Revenue and Customs by March 10.

Only two shareholders voted against the development and Chairman Peter Ridsdale told the club's official website: "My responsibility now is to restore the shareholders' faith in the board and in me as chairman and make sure the rough seas we have been through become calm as soon as possible."

"We showed the shareholders where we were when I arrived five years ago, we showed them where we are today, we showed them the transformation in the balance sheet, we showed them that going through a tight cash flow position is nothing new - frankly, it's been almost every day since I arrived at the football club.

"This is one of the few football clubs that has had no external investment into the club itself, we have had to be self-sufficient. Any external investment to date has been to help in funding the stadium and clearly that's been of tremendous benefit because it's an asset on the balance sheet."

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