Date:Wednesday August 15 2007
Legal proceedings have begun against Cardiff City Football Club over alledged non-repayment of loan notes, bringing the financial future of the club again into doubt.
An estimated £30m in debt was thought to have been restructured as part of the takeover that saw Sam Hammam replaced by Peter Ridsdale and the arrival of 'hedge fund backers'. The Bluebirds appeared to have regained a secure financial footing under Ridsdale and have been able to decline several offers for players over the summer.
Hextalls LLP, acting on behalf of Langston, have issued a statement regarding the legal proceedings:
'Our client's claim is that this sum is due for payment now as a result of the club's inability to meet certain deadlines as well as breaching the terms of its loan agreement in respect of the capital sum plus interest.'
'The court action is being taken reluctantly but our client has been left with no alternative following the club's failure to respond to repeated approaches.'
Hextalls also claim that repeated requests to the club to discuss the issue have been refused.
Cardiff City chairman Peter Risdale moved immediately to dispel fears and re-assured fans that the matter was under control. Indeed, Risdale appeared to react with some humour to the situation insisting that the club could not, after repeated attempts, work out who Langston is!
A statement on the official site read:
'I want to re-assure everyone connected with Cardiff City Football Club that the success that the current board have enjoyed in overcoming the acute financial hurdles they inherited and getting the stadium scheme funded, will continue.'
'The statements in the unattributed Press Release seem to be an ill informed mixture of fiction and general confusion and any allegations and innuendos are refuted.'
I for one am glad that Risdale has acted quickly on this, he also seems genuine in his confusion and appears to be well in control of the situation.
What do you think? Are we being taken for a ride? Can we trust the board - are they in it to secure quick bucks from the stadium and leave us to financial ruin? Or is this a petty mistake and everything is, in fact, as we are told?
Let us know! We want to hear YOUR view on this situation. Leave a comment or mail us!
Date:Wednesday August 15 2007
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