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Cardiff City Takeover Confusion

Cardiff City Takeover Confusion

When fire spreads it is fast, ruthless and leaves devastation. So does rumours.

This is the mother of all rumours.

We all thought that things couldn`t get any worse after the shambolic performance on the pitch at Hull, but it is off-field issues that threaten to take centre stage once again, according to report in the Football League Paper.

The newspaper, which covers news from the Championship down to League Two, reports that the £27m takeover by the mystery new investors has hit a major stumbling block meaning that Sam Hammam is set to regain control of the club.

This report is backed up by the fact the identity of the new owners remains a mystery despite the fact that Hammam`s shareholding in the club was due to be diluted to under 9% by December 15. It is December 18 and we haven`t heard a thing.

If this report is true (and it is a big if at this stage) then we are in serious trouble. The new investors were set to clear our mounting debts of £24m and offer us £3m in January for new signings. Money which should have given us a decent chance of pushing towards the Premiership.

Further, the council have made is obvious that they will not deal with Sam Hammam. With Sam still on board, the stadium will never progress and we have no way to repay the enormous debts that we have somehow acclimated to get where we are today.

This report comes on the very same day that the Wales on Sunday printed a story suggesting that our £3m for new year team strengthening was going to be doubled to a whopping £6m. Money which would have given us a decent chance of reaching the Premiership. (Story here)

Their report says that Ridsdale has spent the last week finalising the takeover and it is set to be complete on January 8. That would give him the 75% majority needed to rubber stamp the deal and start a new era in City`s history.

Ridsdale, when he "took over", said that we were going to be an open club with no secrets. He must now respond by telling us exactly what is going on.

We could either be a Premiership side in three years or a Conference side - it is as serious as that. Without fresh investment we have no way of repaying the debt and we will be a club on its knees.



Article by Sean Wozencroft.

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Writer:Bluebirdshroom
Date:Monday December 18 2006
Time: 8:34AM

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