Date:Friday January 18 2008
Cardiff City could be nearing a settlement over the outstanding legal case brought against them by the mysterious Langston corporation.
The initial hearing was postponed after Langston failed to receive crucial papers in time, although the move is consistent with attempts to de-stabilise the club.
The case centres around the re-structuring of £24m in loan notes to the club. Cardiff beleive they are non re-payable until 2016, while Langston believe the contract to have been breached, and want payment immediately.
Once the stadium is developed, the finances will be significantly eased at the club, and whilst not possible now, payment of the loan is a certainty according to Ridsdale.
A settlement out-of-court was always the preferred solution, but Langston rejected any possibility of a meeting, indeed, we are still none the wiser as to who is behind the company - only that Sam Hammam is involved somewhere.
Chairman Peter Ridsdale told the Western Mail:
'I am very hopeful we will be able to come to agreement with Langston over this issue sooner rather than later'
'That would hopefully be before the next court date currently set for March. It has always been our aim to do that.'
'I have not personally had any meetings with anyone from Langston, but our aim is to sort out the situation for the benefit of Cardiff City as soon as we possibly can.'
An end to the case would be a huge boost for the club, relieving pressure from banks and making propsective signings more possible. It has dragged on for far too long, and pushed the club close to administration. Langston has as much to gain as anyone by negotiating a deal, hopefully this can be resilved quickly and efficiently.
Date:Friday January 18 2008
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