Date:Tuesday February 9 2010
Cardiff City are imminently due in court to settle a long running saga regarding unpaid debts to HMRC - consisting of non-pair National Insurance and PAYE contributions. The club was issued with another winding up order after defaulting on a previously agreed settlement. To date, not a penny of the £2.7m debt has been repaid.
With time all but up, Cardiff City representatives have been working round the clock to secure additional funds, the main player once again being director Steve Borley, who must feel our disgust and more since it is always up to him to bail us out, while others profit from this ludicrous and perilous situation.
A land sale was rushed through by Cardiff Council, and those funds are earmarked for the HMRC. However, the question remains as to whether they will accept another 'payment plan' after being repeatedly fobbed off by Mr Ridsdale. Strangely, both HMRC and Cardiff City fans are owed ~£3m by Mr Ridsdale - but he has not the money to pay either and the season ticket money appears to have been consumed by our massive debts.
The good news is that, through the efforts of Steve Borley and Paul Guy, a sum around the £1m mark has already been raised and is being transferred. This is seen as a good faith payment, and, along with proof of the land sale - HMRC may accept this deal and allow the winding-up order to be dismissed for full payment later this month. This seems the most likely scenario, but is by no means certain and the club could find itself in administration.
A further peaceful protest is planned for after the game tonight against the financial management and lack of information regarding our situation. It appears a boardroom split has seen competing interests at board level, with the brinksmanship and ego involved preventing any improvement or investment. At present, we are surviving but with a £1.2m wage bill, and little prospect for further income in the short term - things are looking bleak.
Date:Tuesday February 9 2010
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