Cardiff City Given Another Tax Reprieve !
Cardiff City were due in court today and have won a further extension to pay the £2m tax debt to HMRC, despite the previous hearing bacjk in March declaring today's hearing to be 'final'. The Bluebirds now have until 16th June to settle in full.
However, at that hearing the Bluebirds were described as 'plainly insolvent', but won the reprieve thanks to strong interest from Malaysian businessman Dato Chan Tien Ghee. The mooted investment moved a step closer last week when key documentation was signed during TG's visit to the UK.
A deal to secure £5m investment from the far east is yet to be ratified by the shareholders though an EGM has been called wo allow the share purchase and allocation of further shares to be accepted. TG and his legal team have been in regular contact with HMRC to discuss the debts and have assured the court that the takeover is imminent and that funds have been set aside to pay off the debt in full as a matter of priority.
TG met Dave Jones and the players to outline the security he and his group are providing to the club and the further extension to pay off the debts is further proof we are finally moving in the right direction.