Cardiff accounts show £130Mill is owed/Debt reaches £174 Mil

' UPDATED '

Link viewtopic.php?f=2&t=155393

SO WE ARE £156 MILLION IN DEBT

" UPDATED "
Annis

Chris has got a number of these figures wrong , because he has looked only at the football club company. The correct company to look at is Cardiff City Football Club (Holdings) Limited so that figures for the stadium company etc are also included.The fact is though that the overall figures do not make happy reading.

I will be speaking to Chris by telephone shortly , but will be posting a more detailed commentary on the Trust website when I get a chance this evening. Feel free to refer to it here on your board when it appears.

Keith





Cardiff City accounts show £130m is owed in loans to overseas shareholders and other undertakings.

The Cardiff City accounts: Bluebirds lose nearly £12m in Premier League season as total debt pile reaches £174m


The net deficit of £81m has risen from £69.3m the year before.

Thurs 26 February 2015

By Chris Wathan

Cardiff accounts show £46m spent on wages during Premier League year and Vincent Tan loans incresed to £130m



The net deficit of £81m has risen from £69.3m the year before.



' The Cardiff City accounts '

The full picture of Cardiff City’s finances have been laid bare - with the club revealed to have lost almost £12m last year despite seeing their income rocket during their short-lived stay in the Premier League.

The club’s latest accounts have revealed the total amount it owes now adds up to a massive £174m, most of which is owed to majority shareholder Vincent Tan.

Cardiff’s City’s huge debts dwarf the value of its stadium, players and other assets - meaning that it owes £81m more than the value of all its assets.

The net deficit of £81m has risen from £69.3m the year before.


The accounts, which cover the year ending May 2014, show that the club lost money during its spell in the Premier League despite seeing revenue increase from £14.5m to £79.9m thanks mainly to £63.9m of broadcast payments for the year ending May 2014.

That loss was equivalent to nearly £1m a month after splashing out £45m on transfers and paying £46.7m on wages.

Losses were down thanks to the cash boost provided by Premier League television rights, falling from £30.9m in the 2012/2013 promotion season to £11.7m last term.

But the club was still dependent on Mr Tan.

The key Cardiff City figures
£174m
Total owed

£79.9m
Total revenue

£2m
The cost of replacing Mackay with Solskjaer

£46.7m
Wage costs

£5.1m
Disposal of player registrations

£45m
Amount spent on players

The Malaysian businessman doubling the amount of loans to the club during their season in the English top-flight with the accounts disclosing that ‘overseas shareholders and associated undertakings’ has now loaned a total of £130m to the club.

With money still owed elsewhere – including a new 8% interest-bearing loan of £7.5m to a non-UK registered company Torman Finance Inc – it means the club technically owes £174m as part of its current liabilities with £129.7m technically due within one year.

In the accounts the club state their net debt stands at £81m – up from £69.3m - with the value of Cardiff City Stadium and the playing squad offsetting some of the monies owed. The club themselves are owed £15.7m.


In the accounts, chairman Mehment Dalman reveals in his statement – signed July 2014 – the club had hopes for automatic promotion back to the Premier League, the accounts reiterating promotion to the Premier League in May 2015 as part of its its outlook summary.

The accounts suggest it cost around £2m to replace Malky Mackay with Ole Gunnar Solskjaer in January 2014.

It states gate receipts increased from £6.2m to £8.2m while “centralised broadcasting and commercial distributions” rose from £4.8m in the Championship to £63.9m.

Wages and salaries across the club rose from £27m to £46.7m while “disposal of players’ registrations” during that period is quoted at £5.1m.

Cost of player registrations is stated at £45.7m, up from £16.5m the previous season, while £11.6m came from sales

Not as bad as I had thought, with the wage bill being contously cut hopefully we can see this dropped even further over the years

Not as bad as I had thought, with the wage bill being contously cut hopefully we can see this dropped even further over the years

Luke, so surely that shows that we were lent all the money and our debts have not been cleared?

Not as bad as I had thought, with the wage bill being contously cut hopefully we can see this dropped even further over the years

Luke, so surely that shows that we were lent all the money and our debts have not been cleared?

Providing our outgoing match our incoming then the parachute payments will see the debt reduced. That is parachute payments means Tans pockets.

This is a higher deficit than I expected, considering the parachute payments and last year the PL TV rights meant a huge windfall for even relegated clubs. This is ongoing, granted, as the payments are spread but even so, a shocking amount to pay back. The club will never be out of debt at this rate. It wouldn't be so bad if the football was top class, but it isn't.

Some will jump on the fact it isn't £170m as previously stated, but of course, it is hoped that the money in may have been used to reduce the money owed.

If anyone thinks that £130m debt is acceptable, they are dreaming! Even if Tan leaves, the debt will remain or have to be paid off by the new buyer. Not good!

I doubt we will see Bank account statements showing £130,000,000 paid into the club!! more likely promissory notes and vague undertakings, with our club the names change but our "incomprehensible accounts" carry on.

This is a higher deficit than I expected, considering the parachute payments and last year the PL TV rights meant a huge windfall for even relegated clubs. This is ongoing, granted, as the payments are spread but even so, a shocking amount to pay back. The club will never be out of debt at this rate. It wouldn't be so bad if the football was top class, but it isn't.

Some will jump on the fact it isn't £170m as previously stated, but of course, it is hoped that the money in may have been used to reduce the money owed.

If anyone thinks that £130m debt is acceptable, they are dreaming! Even if Tan leaves, the debt will remain or have to be paid off by the new buyer. Not good!

assuming the figures you mentioned are all correct... i'd certainly take 40 million reduction in debt in 12 months.

Not as bad as I had thought, with the wage bill being contously cut hopefully we can see this dropped even further over the years

Luke, so surely that shows that we were lent all the money and our debts have not been cleared?

Providing our outgoing match our incoming then the parachute payments will see the debt reduced. That is parachute payments means Tans pockets.

Ian, I honestly thought with all the money we have received and the sale of players they would already have been reduced drastically, perhaps the next ones will show a massive reduction

This just shows how badly we have been run over the last 4 years, £130 million

This is a higher deficit than I expected, considering the parachute payments and last year the PL TV rights meant a huge windfall for even relegated clubs. This is ongoing, granted, as the payments are spread but even so, a shocking amount to pay back. The club will never be out of debt at this rate. It wouldn't be so bad if the football was top class, but it isn't.

Some will jump on the fact it isn't £170m as previously stated, but of course, it is hoped that the money in may have been used to reduce the money owed.

If anyone thinks that £130m debt is acceptable, they are dreaming! Even if Tan leaves, the debt will remain or have to be paid off by the new buyer. Not good!

assuming the figures you mentioned are all correct... i'd certainly take 40 million reduction in debt in 12 months.

Paul, I am hoping its a lot more than that.

This is a higher deficit than I expected, considering the parachute payments and last year the PL TV rights meant a huge windfall for even relegated clubs. This is ongoing, granted, as the payments are spread but even so, a shocking amount to pay back. The club will never be out of debt at this rate. It wouldn't be so bad if the football was top class, but it isn't.

Some will jump on the fact it isn't £170m as previously stated, but of course, it is hoped that the money in may have been used to reduce the money owed.

If anyone thinks that £130m debt is acceptable, they are dreaming! Even if Tan leaves, the debt will remain or have to be paid off by the new buyer. Not good!

John, Tan has publicly stated he has put in up to £170 million and even though some stated he never,I put it out on here Tans exact words with proof and they still tried to deny it.

As to the debt,for me this alarming.

I was hoping and believed they were a lot less.

Would those figures would be for the end of the last financial year or the end of the calendar year ?

This is a higher deficit than I expected, considering the parachute payments and last year the PL TV rights meant a huge windfall for even relegated clubs. This is ongoing, granted, as the payments are spread but even so, a shocking amount to pay back. The club will never be out of debt at this rate. It wouldn't be so bad if the football was top class, but it isn't.

Some will jump on the fact it isn't £170m as previously stated, but of course, it is hoped that the money in may have been used to reduce the money owed.

If anyone thinks that £130m debt is acceptable, they are dreaming! Even if Tan leaves, the debt will remain or have to be paid off by the new buyer. Not good!

I assume this is what we owe Langston and Tan does this include Premier money from last year if yes how much was
paid to Tan against his Mega borrow to CCFC (himself)

and what are Mr Ts plans ?
Carry on and go for it again with lessons leant, in blue, on budget & with everyone pulling together this time ?

Wow, that's a lot of money owed. I wonder if it would have been better for us to take administration just before tan came in when the tax man was after us over a few million? We might have been in a better position financially now. I look at the likes of Southampton, crystal palace, and even the jacks...administration didn't turn out so bad for them clubs.

The debt is now a staggering £175m to the end of May 2014 .

Last edited by Cwmbran Blue on Thu Feb 26, 2015 2:24 pm, edited 1 time in total.

The debt is now a staggering £175m.....

where

The debt is now a staggering £175m to the end of May 2014 .

Is it really that much? How do you know that mate?

http://www.walesonline.co.uk/sport/foot ... se-8727278


£130m is just what Tan is owed .

The debt is now a staggering £175m to the end of May 2014 .

Hmmmm

I'm shocked at this. I never thought it was that much

I'm shocked at this. I never thought it was that much

I kept saying it was this bad,but the Tan lovers kept saying I was lying because of my dislike to Tan.
They still defend him

Our Club has been run shockingly for 4 years.

The debt is now a staggering £175m to the end of May 2014 .

Hmmmm

With the pay offs to players / Ole rtc , reduced income - this debt must have risen drastically over the past 10 months - even counting for all the big earners leaving .

has tan put any money into us? Or has he simply loaned everything in our name?.

Cardiff City accounts show £130m is owed in loans to overseas shareholders and other undertakings.

The Cardiff City accounts: Bluebirds lose nearly £12m in Premier League season as total debt pile reaches £174m


The net deficit of £81m has risen from £69.3m the year before.


Thurs 26 February 2015

By Chris Wathan

Cardiff accounts show £46m spent on wages during Premier League year and Vincent Tan loans incresed to £130m



The net deficit of £81m has risen from £69.3m the year before.



' The Cardiff City accounts '

The full picture of Cardiff City’s finances have been laid bare - with the club revealed to have lost almost £12m last year despite seeing their income rocket during their short-lived stay in the Premier League.

The club’s latest accounts have revealed the total amount it owes now adds up to a massive £174m, most of which is owed to majority shareholder Vincent Tan.

Cardiff’s City’s huge debts dwarf the value of its stadium, players and other assets - meaning that it owes £81m more than the value of all its assets.

The net deficit of £81m has risen from £69.3m the year before.


The accounts, which cover the year ending May 2014, show that the club lost money during its spell in the Premier League despite seeing revenue increase from £14.5m to £79.9m thanks mainly to £63.9m of broadcast payments for the year ending May 2014.

That loss was equivalent to nearly £1m a month after splashing out £45m on transfers and paying £46.7m on wages.

Losses were down thanks to the cash boost provided by Premier League television rights, falling from £30.9m in the 2012/2013 promotion season to £11.7m last term.

But the club was still dependent on Mr Tan.

The key Cardiff City figures
£174m
Total owed

£79.9m
Total revenue

£2m
The cost of replacing Mackay with Solskjaer

£46.7m
Wage costs

£5.1m
Disposal of player registrations

£45m
Amount spent on players

The Malaysian businessman doubling the amount of loans to the club during their season in the English top-flight with the accounts disclosing that ‘overseas shareholders and associated undertakings’ has now loaned a total of £130m to the club.

With money still owed elsewhere – including a new 8% interest-bearing loan of £7.5m to a non-UK registered company Torman Finance Inc – it means the club technically owes £174m as part of its current liabilities with £129.7m technically due within one year.

In the accounts the club state their net debt stands at £81m – up from £69.3m - with the value of Cardiff City Stadium and the playing squad offsetting some of the monies owed. The club themselves are owed £15.7m.

So how has the club debt gone from 119 million to 175 but the debt liabilities only 12 million to 81 ? It's still not clear in this article what the debt overall Is it 130 or 170 million

Stupid questions time....

I have always assumed that these big bucks that you get from the Premier League were paid AT THE END of the season when final places are known.

Is this not the case? Do these accounts INCLUDE a Premier League payment?

I only ask as I always assumed that these accounts to May 2014 would be awful. It's next years with lower wages, player sales and the PREVIOUS years Premier big bucks that will make the books look healthier.

With each subsequent year on parachute payments making it look better and better.

Last edited by Wayne S on Thu Feb 26, 2015 2:42 pm, edited 2 times in total.

f**k and I was warming to Tan

More info added to OP

So net debt (the bottom line) is £81 million.

How can the ground be classed as an asset when it can't be sold ?

means the club technically owes £174m as part of its current liabilities with £129.7m technically due within one year.

So net debt (the bottom line) is £81 million.

i wouldnt say thats the bottom line at all. Thats how much debt we would still owe if we sold all our players and the stadium too! not exactly going to go that far