https://www.cardiffcityfc.co.uk/news/2018/july/club-statement-06-07-18/ Cardiff City Football Club is pleased to release the following statement regarding the Club’s ongoing process of debt reduction. On 18th May 2018, by way of an Open Offer, qualifying shareholders (those holding in excess of 100,000 Ordinary 10p shares) were invited to subscribe for additional shares on the basis of five additional shares for every two held at a price of 10p per Ordinary Share. Accordingly, on the 25th May 2018, Tan Sri Vincent Tan, subscribed for 664,152,868 10p Ordinary Shares, at a total subscription price of £66.4m. No other qualifying shareholders decided to take up their entitlement. The subscription price was paid by repayment of loans outstanding to Tan Sri Vincent Tan to that value. This reduction in the loans due to Tan Sri Vincent Tan follows on from the loan to equity conversion carried out in June 2017, whereby Tan Sri Vincent Tan converted £12.6m of outstanding loan to equity. Therefore, for the year ended 31st May 2018, Tan Sri Vincent Tan has converted a total of £79m of his loans to the Club into equity. This is a continuation of the process of delivering on our Owner’s previous public statement to reduce the level of debt being carried by the Club. On behalf of Cardiff City Football Club, Executive Director & CEO, Ken Choo, said: “We would once again like to thank Tan Sri Vincent Tan for his generosity. “Following our recent successes on the pitch, we are extremely pleased that these continue to be mirrored by financial stability off it. “As fans, staff and players alike eagerly await the upcoming 2018/19 Premier League campaign, we also look forward to the continuation of this ongoing process in the future.”
Excellent news. The club continued to progress on and off the pitch. VT has shown his commitment is beyond doubt. Great guy to have at the top. He shines compared to many other club owners.
Just read Hamman pockets another 2 million quid because we got into the premiership! He really did have the interests of the club at heart, ****er. https://www.bbc.com/sport/football/44731272
Sam the sham was willing to take us to the wall, never understood his hold on many of our fans and so called fan leaders. Cardiff City will be far better when they all go away.
The bit I missed originally is that we've already been given the green light regarding FFP, so no worries there. I wonder if fans of other clubs will rush across and congratulate us on our sound financial position, recognising the lowish debt we now carry and commending our ability to gain promotion so frugally. Won't hold my breath.
Given other so called bigger and better clubs precarious states and others who have lived the dream and now are regretting it, this really is huge news! In all honesty this is probably bigger than our promotion (although I recognise it has probably come about now BECAUSE of our promotion). This goes a massive way to securing the future of our club. Thanks VT and everyone behind the scenes that have worked hard to achieve this (think Russell Slade should get an honourable mention too! ).
