Ridsdale Offers Own Money Guarantee
Cardiff City's under pressure chairman Peter Ridsdale has offered personal guarantees from his personal finances to banks and challenged non-believers to check with the banks if they don't believe him.
'Publicity Pete' is not held in great stock within the football community and is still reviled by Leeds United fans. However, his business accumen has helped steady Cardiff City, and all seemed rosy until the Langston court case appeared.
Now, money connected to the club cannot be accessed and shortfalls like player wages are difficult to manage without co-operation from the banks.
Ridsdale told the Echo:
'I have offered banks my personal financial guarantees to ensure the day-to-day running of the football club continues unhindered.'
'That, of course, will only happen if the court case is dropped by Langston. But the banks can confirm I made that offer.'
If Cardiff City win the court case on Monday, a new hearing date will be set and control of all monies will be restored to the club. However, if Cardiff are not granted defence, the situation is far murkier with PMG the main creditors and Langston unlikely to be refunded should the club enter administration.
The worst case scenario would be a further delay to the initial court case which would see the club crippled by legal bills and other outgoings with no access to their own accounts.
This must be sorted, and quickly.....
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