Cardiff City Stadium

Next Game

Cardiff v Fulham

Saturday, 08 August 2015, 12:00

Sky Bet Ch'ship

Cardiff debts rise to £118m

Cardiff City's latest accounts reveal that the club's level of debt has increased to £118million.

Last Updated: 12/01/14 at 09:57 Post Comment

Cardiff City Stadium: Home of Cardiff City

Cardiff City Stadium: Home of Cardiff City

The figures, for the year ending May 31 2013, show an operating loss of £30.9m, up from almost £13m.

Of the club's overall debt, £66m is owed to current owner Vincent Tan, despite the Malaysian businessman converting £2.5m into equity and writing off interest of £5m.

Club salaries rose from £18.5m to £27m, which was explained by "significant bonus payments" made as a result of promotion from the Championship to the Premier League, while there was an £8m rise in administrative costs.

Tan stated last summer he planned to turn the debt owed to him into equity, and chairman Mehmet Dalman said: "I don't think club supporters should be worried. We've gone into this with our eyes open. We want to get rid of the debt by converting to equity.

"That means Vincent Tan will own this club 98 per cent, and it will have no debt.

"If we remain in the Premier League, debt will not exist and profit will begin to accumulate which means better players, better football and so on."

Chief executive Simon Lim's said in his summary of the accounts: "Our aim has always been to see the football club playing in the Barclays Premier League and in winning promotion last year from the Championship as champions our plans and investments have been vindicated."

Related News

Most Commented

Readers' Comments

I

t's a bloody good goal, though. Sh!t, the kid's gonna be the worlds best before we know it, isn't he? He's got the touch of genius in him. Like Neymar, but with muscles and stuff. He's doing a Ronaldo as we watch. He's bulked up to be able to ride the tackles, but he's improved technically as well. His touch is sublime. Bugger.

HarryBoulton
WATCH: Hazard's stunning goal

A

hhh, Jose arguing with another managers wife, clearest sign yet that we are going mental during the close season. I am rocking back and forth on my haunches.

hump3.
Jose hits back at Rafa's wife

I

t's only a matter of time before one of them throws in a yo mamma

lee
Jose hits back at Rafa's wife

Footer 365

Manchester United's Angel Di Maria close to PSG switch

Laurent Blanc claims Paris Saint-Germain are close to completing the signing of Manchester United midfielder Angel Di Maria.

Man Utd 0-2 PSG: Zlatan Ibrahimovic inspires win

Manchester United were denied a fourth consecutive pre-season victory as they slipped to a 2-0 defeat to PSG in Chicago.

Chelsea fail with £25m bid for Everton's John Stones

Everton have rejected an improved bid of £25m from Chelsea for centre-half John Stones, according to Sky sources.

Mail Box

Mails: This Is My Perfect Moment

Lots of Mailboxers channel their inner Martine McCutcheon to bring you their perfect footballing moments. Plus thoughts on Blatter, names, and Chelsea worries...

Mails: Let's Talk About Jose's Failures...

We don't talk about them because Chelsea won the title...but imagine if LVG or Brendan Rodgers had signed Juan Cuadrado. Plus, a trawl through the squads...

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