Cardiff City Stadium

Next Game

Cardiff v Blackpool

Saturday, 25 April 2015, 15:00

Sky Bet Ch'ship

Cardiff City Stadium

Last Game

Cardiff 0 - 0 Millwall

Saturday, 18 April 2015, 15:00

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

Y

ou can win five in a row or lose five in a row... Or in Carver's case you can win one in a row or lose five in a row.

black_waltz
Carver: I'm up to the job

C

AMPAIGN, CAMPAIGN it's a clearly a CAMPAIGN

mario for pm
Chelsea's poor 'respect' rating

S

epp Blatter really is very, very good at this isn't he? Terrible human being, but really good at it.

megabrow (cufc)
Blatter 'like Jesus and Mandela'

Footer 365

Micky Adams leaves role as Tranmere Rovers manager

Micky Adams has left his role as Tranmere Rovers manager by mutual consent.

Everton 1-0 Swansea: Roberto Martinez insists Romelu Lukaku is the club's designated penalty taker

Everton boss Roberto Martinez insisted Romelu Lukaku is the only penalty taker after his side's 1-0 win over Burnley.

Reading 1-2 Arsenal: Adam Federici's extra-time gaffe sends Arsenal to FA Cup final

Adam Federici's extra-time error gifted Arsenal a 2-1 victory over Reading and a place in the FA Cup final.

Mail Box

Respect, But Never Admiration For Chelsea

Football's about entertainment, the Mailbox says. Which means Manchester United supporters are happy with never winning the league if the football is good...

Wenger's Titles Down To United Woes...

Well, it's certainly one theory. Man United fans are out in force - decrying Wenger and defending FFP. We have mails on Coquelin, Coutinho and Mediawatch...

© 2015 Sky Ltd. All Rights Reserved A Sky Sports Digital Media company