Pride Park Stadium

Next Game

Derby v Cardiff

Saturday, 20 September 2014, 15:00

Sky Bet Ch'ship

Cardiff City Stadium

Last Game

Cardiff 0 - 1 M'boro

Tuesday, 16 September 2014, 19:45

Sky Bet Ch'ship

Cardiff reach Langston deal

Cardiff have reached an "amicable resolution" with creditors Langston Corporation over the club's longstanding debt.

Last Updated: 23/07/13 at 07:35 Post Comment

Vincent Tan: Cardiff owner has struck a deal over the club's Langston debt

Vincent Tan: Cardiff owner has struck a deal over the club's Langston debt

The debt to Swiss-based financial company Langston, of whom former City chief Sam Hammam is a representative, was taken out in 2004 and was believed to be worth £24million.

Cardiff owner Vincent Tan had stated he was confident of reaching an agreement after holding talks with Hammam, and a deal has now been struck, which reportedly involves the payment of a one-off lump sum and further smaller payments.

Tan said: "I am grateful and indebted to Sam Hammam, Michael Isaac and Michael Filiou for their part in this resolution, which brings to a close a lengthy period of uncertainty.

"This settlement allows us to look to a new era of financial stability, which should be celebrated by all connected to Cardiff City.

"I am delighted, primarily for the supporters of this great club that we can put this matter firmly behind us and plan for our future with confidence."

Hammam will become an honorary life president of the club, while his representative Filiou has taken a place on the board.

"This resolution will rightly be regarded as a proud and historic occasion for all associated with Cardiff City Football Club," said Hammam.

Tan claimed last week that once an agreement with Langston was secured he would look to convert the substantial amount he is owed by the club into equity in order to ensure Cardiff, whose most recent financial figures showed they were £83million in debt, become debt free.

Related News

Most Commented

Readers' Comments

W

riting a minute by minute account on Berbatov would be like chronicling the days of the guy punished for sloth in the movie Se7en. Day 4 - lay in bed, did nothing - 15th minute, stood there did nothing .

lustral
Taking A Close Look At Mario...

W

hen players in their 30s leave Real Madrid, it's usually to Bolton Wanderers. I miss those days.

sailingmagpie
Top Ten CL Players Whetting Our Appetite

W

ow Pete, you would make an excellent stalker!

fouloleron
Taking A Close Look At Mario...

Footer 365

Europa League: Everton boss Roberto Martinez delighted with 4-1 win over Wolfsburg

Roberto Martinez was delighted with Everton's display as they brushed aside Wolfsburg to win 4-1 in the Europa League.

Europa League: Tottenham's Mauricio Pochettino hits out at Partizan banner

Tottenham's Mauricio Pochettino was angered by the "unacceptable" anti-Semitic banner displayed by Partizan fans.

Europa League: Everton open Group H campaign with 4-1 win over Wolfsburg

Everton opened their Europa League Group H campaign with a convincing 4-1 win over Wolfsburg at Goodison Park.

Mail Box

Why Doesn't Rodgers Play Borini?

One Liverpool supporter thinks this could be Fabio Borini's year, whilst we also have thoughts on the Red Bulls, Welbeck vs Gervinho and Paul Lambert's new deal...

Could Arsenal Benefit From Top Four Exit?

That's one idea in the morning mailbox as the Arsene Wenger debate rumbles on. Plus, comparing Welbeck to Gervinho and some advice for Greg Dyke and the FA...

© 2014 British Sky Broadcasting Ltd. All Rights Reserved A Sky Sports Digital Media property