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Cardiff City Given Another Tax Reprieve !

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.



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

Writer:Bluebirdshroom
Date:Wednesday May 5 2010
Time: 11:20AM

Comments

0
Although everything seemed OK from certain sources, i'm much happier now, only play-offs to worry about now!!!
Bonesy
05/05/2010 11:27:00
0
Absolutely mate, was still a dark shadow over the shoulder - imagine Swansea got in the play-offs cos we were kicked out! TG sounds like an excellent owner, barely a quote in public, sensible with money and seemingly very very astute
bluebirdshroom
05/05/2010 11:35:00
0
..yes, a 10 point deduction and the Jacks nicking our play-off place was the absolute nightmare scenario .. now all of us - manager, players, and fans - can relax into getting ready to do our very best in the play-offs
gtsutton
05/05/2010 11:41:00
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