Cardiff City's Financial Turn-Around
Cardiff City FC has gone from a club with crippling debts and an uncertain future, to a solid Championship side with a bright future and who made a decent profit in the last financial year.
The change of Chairman from Sam Hammam to Peter Ridsdale has restructured the clubs debt and allowed the stadium project to proceed. There is still a long way to go, but things have improved markedly behind the scenes at the club.
The profit arose not through selling all the teams stars, indeed we had a good season last time out (despite finishing meekly). Instead the sale of 1 man, Cameron Jerome for a hefty price allowed a replacement to come in and close to £3m left over.
We got a good price for Jerome, and have replaced him with an all round better prospect in a great bit of business for the club.
Chairman Peter Ridsdale spoke to BBC Sport about the turn-around:
'The accounts show the progress the club is making.'
'We've gone from being a club that was haemorrhaging cash and losing money. But this is just part of the milestone of getting into the new stadium.'
However, Ridsdale did give a warning to fans expecting rosy times and big signings in the short term:
'I would expect to see a rollercoaster between now and then because at a club of this size it is very difficult to make a profit without selling players.'
Ridsdale has previously stated he believes a club of this size should be doing better, hopefully he was talking about potential and will strive to ensure the club can provide Premiership football to the new stadium.
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