The Fan

Another Peter Ridsdale club in huge debt

Wed, August 15th 2007

Cardiff City’s main financial backers have initiated legal proceedings against the club over claims they have not repaid more than £30m in debts.

 

The Cardiff board has been accused of financial mismanagement, and of misleading the public to the extent of the debt. The £30m sum is the combination of the original £24m loan, plus £6m in interest. The club had indicated that the £24m debt, which was raised when Ridsdale took over from Sam Hamman, had been written off for equity in the club.

Ridsdale has said:

“The statements released… seem to be an ill-informed mixture of fiction and general confusion.”

 

Ridsdale also claims that the club have been unable to speak to their creditors as they do not know who they are, and that previous chairman Hammam acted as go-between, refusing to reveal their identity.

See: BBC - Cardiff facing court over £30m and Guardian - Ridsdale fights back as Cardiff are hit by writ over £30m debt

 

Listed in: Competitions, Championship

Comments

There are no comments yet.

Add a comment

Commenting is not available in this weblog entry.