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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."

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reat article. Hits the nail on the head. Encapsulates why I don't read tabloid newspapers anymore. The only thing worse is the 'told you so first' headline when they get lucky.

ianonabeach
Time To Burst The ITK Bubble

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amous. If that can be achieved whilst sitting in your pants and without any degree of hard work, all the better. I have no desire to be famous, but the rest of that line suits me just fine. Great article by the way, well worth the wait.

hunter sanchez
Time To Burst The ITK Bubble

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here seems to be little focus on the performance of Besiktas. They played very well and stopped Arsenal from playing. Credit has to go to their manager. As much as Arsenal didn't play too well, we kept a clean sheet, but the home side made it very difficult.

Geddy76
Chambers' Poise Impresses Again

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