UK time is: 03:11:10
Vital Login
Social Login

Choose your club

Other Sites

Network Navigation

Vital Partners

'If It's Football, It's Vital'

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.




Use your social login to comment on front page articles. Login using you Facebook, Twitter, Google or LinkedIn accounts and have your say!



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

The Journalist

Writer: Bluebirdshroom Mail feedback, articles or suggestions

Date:Wednesday March 10 2010

Time: 12:00PM

Your Comments

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
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
this is presumably what peter 'transparency' Ridsdale would call a 'robust' financial position
bluebirdshroom
http://www.equifax.co.uk/About-us/Press_releases/2010/POOR_SCORES_FOR_CHAMPIONSHIP_LEAGUE_CLUBS.html Insolvent = yes.
isondil
 

Have Your Say

Log in...
with your social network     OR     with your Vital account

Recent Cardiff City Articles

Vital Preview: Cardiff v Ipswich (Monday October 20 2014)

Massive Result For Slade (Sunday October 19 2014)

Stats: Cardiff v Nottingham Forest (Saturday October 18 2014)

Slade Relishing His Cardiff Debut (Friday October 17 2014)

Turner Closing In On Bluebirds Return (Thursday October 16 2014)

Arsenal Goalkeeper A Relieved Man (Tuesday October 14 2014)

Slade - The Aim Is Still Top Two (Friday October 10 2014)

We'll Do It My Way (Tuesday October 7 2014)

Archived Cardiff City Articles

List All Vital Cardiff Articles
Have your say
Click here to suggest an article
Click here to suggest a poll

League Results (view all)

Latest Results
Cardiff 2 - 1 Sheff Wed
Cardiff 2 - 4 Norwich
Cardiff 1 - 0 Wigan
Cardiff 0 - 1 Middlesbrough
Brighton 1 - 1 Cardiff
Fulham 1 - 1 Cardiff

League Table (view table)

Team P W D L GD Pts
9. Bournemouth 12 5 3 4 3 18
10. Brentford 12 5 3 4 -1 18
11. Sheff Wed 12 4 5 3 0 17
12. Cardiff 12 4 4 4 0 16
13. Blackburn 12 4 4 4 -2 16
14. Leeds Utd 12 4 3 5 -3 15
15. Rotherham 12 4 3 5 -3 15

Breaking League News

Cardiff v Forest: Match Report From Kid's Corner!
Forest : 21/10/2014 00:03:00
Watford v Forest Championship Preview
Forest : 20/10/2014 23:40:00
Toffolo Heads To Swindon
Norwich : 20/10/2014 22:14:00
Vital Preview: Cardiff v Ipswich
Cardiff : 20/10/2014 22:09:00
Johnson hoping fans remember what he did for Leeds
Leeds Utd : 20/10/2014 21:28:00

Current Site Poll (view all polls)

Forest MotM
Suggested By:  Whitts
Marshall 0%
Brayford 0%
Manga 0%
Morrison 0%
Ralls 0%
Pilkington 0%
Gunnarsson 0%
Whittingham 100%
Noone 0%
Le Fondre 0%
Macheda 0%
Sub - Jones 0%
Sub - Adeyemi 0%
Sub - Daehli 0%