Vital Football

Latest Cardiff City News

Cardiff City Win 8-week Tax Deferrment

Cardiff City Win 8-week Tax Deferrment

Cardiff City FC were in court this morning seeking to gain yet another extension to pay our taxbill - oustanding since before Christmas. In a court case heard this morning, the club asked for and were granted an 8 week stay of execution to find the remainder of monies owed.

After the EGM approved sale of lands, we we able to reduce our debt burden and raise a small amount of cash with which to stave off the winding up order. An immediate payment of £500k was promised, with the remaining £1.2m due within 56 days.

With the season ticket sales completely dried up, there looks to be little income forecast for the club. This makes director Steve Borley's trip to Malaysia all the more important as we must find money for thge tax man, a number of other un-secured creditors and pay the wage bill.

If we are unable to secure short term investment, administration seems the only option. There is surely no way HMRC or the courts would accept any further delays after previous payment plans were defaulted by the club.

Good news in that we are not in administration as of today, and remain in sixth place. However, the future of the club is decidedly unsure.



Click here to join in the debate on the club forum.

Writer:Bluebirdshroom
Date:Wednesday March 10 2010
Time: 12:00PM

Comments

0
Hmm good news I suppose - play-offs are now almost certainly out so how do we propose to continue. to me we're insolvent as surely no-one would take on our debt?
Bonesy
10/03/2010 12:08:00
0
Sad about Chester. Lets keep the faith with Peter Ridsdale. No doubt this is just a technicality, A mere formality before we parade our new players on a pitch we can't afford to maintain in a stadium we could never afford anyway. We're mortgaged up to the hilt. Owe several companies many tens of thousands of pounds. Have already spent the money we don't have yet. Have monthly court proceedings pending. A transfer embargo. Thank Peter for all this transparency. I'd hate to see the result if you'd been devious, underhand or dishonest with us.
MerseyExile
10/03/2010 12:37:00
0
this is presumably what peter 'transparency' Ridsdale would call a 'robust' financial position
bluebirdshroom
10/03/2010 16:02:00
0
http://www.equifax.co.uk/About-us/Press_releases/2010/POOR_SCORES_FOR_CHAMPIONSHIP_LEAGUE_CLUBS.html Insolvent = yes.
isondil
10/03/2010 19:04:00
Page 1/1
  1. 1

Login to post a comment

Recent Cardiff City Articles

More Reliable Than A Championship Octopus? (20/9/17)

Time for the special computer that crunches the numbers to determine the final Championship positions for the season of 2017/18.

2017 Non League Day Announced

One of the biggest events of the year to promote the Non League game will return for an eighth consecutive season during the next international break.

Shrewsbury Crowdfunder Campaign Extended - 14/9/17

Shrewsbury Town's crowdfunding appeal to install and trial rail seating in their South Stand has hit the £50,000 mark and has now been extended.

Sky's Championship Deal Opens Up Streaming

The EFL yesterday concluded the terms of a new broadcasting deal with Sky that will run for five seasons from 2019/20.

Archived Vital Cardiff Articles

Vital Cardiff articles from

Site Journalists

Write for Vital Cardiff
Write For Vital Cardiff
Apply Here

Current Poll (see more polls)

Huddersfield MotM
Suggested By:
Murphy12%
Peltier7%
Connolly0%
Morrison0%
Richards30%
Gunnarsson15%
Ralls0%
Bennett0%
Pilkington7%
Zohore15%
Hoilett0%
Sub-Whittingham7%
Sub-M Harris0%
Sub-Lambert7%
ScoopDragon Publishing Entire League Network of Sites
Write for Vital Football
Latest F1 News
Latest Vital Boxing News
The Vital Football Members League

Recent Cardiff City Results (view all)

Cardiff City Fixtures (view all)

Vital Football Comment