Cardiff City FC Pay Off TAx Bill In Full
Cardiff City have finally settled the HMRC tax bill which saw the club appeear in court on several occasions, and being labelled as 'plainly insolvent' by the HMRC counsel. The problems started before Christmas, and we were unable to meet our obligations.
The money to pay the bill was raised through the acquisition of shares by the Malaysian consortium of investors including Dato Chan Tien Ghee and Vincent Tan. The money had been in a ringfenced club account, but was yesterday cleared by HMRC as a debt bringing the club back up-to-date with its tax and PAYE contributions. The amount paid was around £2.7m.
There was little doubt remaining that the debt would be cleared, even before the Malaysian investment was confirmed at the EGM 2 weeks ago. Nevertheless, it is good that this shadow is no longer above us, and of course means that Cardiff City FC are no longer lumbered with a transfer embargo.