Date:Wednesday June 16 2010
Cardiff City FC were today given the welcome news that the winding-up order brought against the club has been officially thrown out after a High Court hearing this morning. Case number 22182 appeared in Court 40, before Mr Registrar Simmonds at 1030 BST and proceeded as expected after the full amount of tax debt was paid to HMRC last week.
The court case proceeded as a formality, and lawyers on behalf of HMRC officially dropped their case. However, we will have to meet the court fees and this was our fifth appearance in the High Courts.
The money has, unfortunately, had to be raised solely through foreign investment after all revenue raised via season ticket sales etc has already been used to clear historic debts raised pre- and during the Ridsdale era. AS a club we were not self-sufficient but the Malaysian investment has stabilised the finances, and a number of serious cost-cutting and streamlining procedures have been implemented already, with more planned.
While no problems were expected in the court case this morning, it is nevertheless a relief to Cardiff City fans everywhere, while the upshot is that we are no longer under a transfer embargo and will find it much easier to attract high quality players, and commercial partners without a longstanding winding-up order above us. An additional benefit is that now, fans and management alike can start to look at on-field issues, rather than having one eye permanently fixed on our off-field worries.
Well-done and thank you to the major players in solving this troublesome problem, most especially Dato Chan Tien Ghee, Vincent Tan and Steve Borley. With Gethin Jenkins newly installed as CEO and working closely with Jones, Borley and TG, we look forward to some promising new signings and the pre-season friendlies.
Date:Wednesday June 16 2010
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