TRUST WELCOMES EXCELLENT NEWS ON CARDIFF CITY FINANCES

Trust Welcomes Excellent News On Cardiff City Finances

Cardiff City Supporters’ Trust chair Keith Morgan today highlighted two excellent pieces of financial news following a meeting yesterday with Cardiff City Chief Executive, Ken Choo.

Keith Morgan said: “Firstly, there has been a further massive conversion of debt due to the owner Vincent Tan into equity (shares). The amount involved is a huge £66.4m and is in addition to conversions of £8m in an earlier year and £12.7m in June 2017.

“The latest conversion took place at the end of May 2018 This is a major boost to the club’s balance sheet position and is a further great example of Vincent Tan’s continued commitment to the club.

“The second piece of good news is that the club has received formal confirmation that it was compliant with the Profitability and Sustainability (formerly Financial Fair Play) Rules for the 2017-18 season just ended.”

“In view of recent well publicised difficulties other football clubs have experienced with P&S (FFP) compliance, the fact that Cardiff City Football Club (CCFC) is running its financial affairs in a compliant manner is very encouraging.”

As someone who deals with football financial matters as part of his professional work as a director of Mazars a global accountancy firm , the issue of conversion of debt to equity is often a subject discussed with Ken Choo at regular meetings Keith Morgan has with him on behalf of the Trust. Meetings also discuss other key issues on a regular basis.

Superb news - well done Vincent Tan!

Fantastic news, Mr Tan is doing the right things and putting us in a fantastic financial position. Well done all at CCFC.

Everything is looking good for the club, debt going down , good feeling around the club,fans fully behind manager and owners , City going up and going to be playing in our true colours this time in Premier League !

This should be headline news. Well Done Mr Tan and thank you!

Why isn’t this a sticky? Fantastic news, Mr Tan is doing the right things and putting us in a fantastic financial position. Well done all at CCFC.

Done, Norms76

This is a club statement (as posted on Twitter via #CityAsOne just in case 'ccfcscot' is watching)

All good news as the South Wales pendulum swings to its natural position and this great club moves forward


Club Statement: 06/07/18

Cardiff City Football Club is pleased to release the following statement regarding the Club’s ongoing process of debt reduction.

On 18th May 2018, by way of an Open Offer, qualifying shareholders (those holding in excess of 100,000 Ordinary 10p shares) were invited to subscribe for additional shares on the basis of five additional shares for every two held at a price of 10p per Ordinary Share.

Accordingly, on the 25th May 2018, Tan Sri Vincent Tan, subscribed for 664,152,868 10p Ordinary Shares, at a total subscription price of £66.4m.

No other qualifying shareholders decided to take up their entitlement.

The subscription price was paid by repayment of loans outstanding to Tan Sri Vincent Tan to that value.

This reduction in the loans due to Tan Sri Vincent Tan follows on from the loan to equity conversion carried out in June 2017, whereby Tan Sri Vincent Tan converted £12.6m of outstanding loan to equity.

Therefore, for the year ended 31st May 2018, Tan Sri Vincent Tan has converted a total of £79m of his loans to the Club into equity.

This is a continuation of the process of delivering on our Owner’s previous public statement to reduce the level of debt being carried by the Club.

On behalf of Cardiff City Football Club, Executive Director & CEO, Ken Choo, said: “We would once again like to thank Tan Sri Vincent Tan for his generosity.

“Following our recent successes on the pitch, we are extremely pleased that these continue to be mirrored by financial stability off it.

“As fans, staff and players alike eagerly await the upcoming 2018/19 Premier League campaign, we also look forward to the continuation of this ongoing process in the future.”

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I know some people can never forgive Tan for the red rebrand, but I think he has more than made up for his error, he knows he messed up but is doing an awful lot to make this club run well. Well done Vincent. By the way I was not happy about turning us red, but I can't fault the man now.

I know some people can never forgive Tan for the red rebrand, but I think he has more than made up for his error, he knows he messed up but is doing an awful lot to make this club run well. Well done Vincent. By the way I was not happy about turning us red, but I can't fault the man now.

I think you mirror the views of the majority on here, fella!

Why isn’t this a sticky? Fantastic news, Mr Tan is doing the right things and putting us in a fantastic financial position. Well done all at CCFC.

Done, Norms76

This is a club statement (as posted on Twitter via #CityAsOne just in case 'ccfcscot' is watching)

All good news as the South Wales pendulum swings to its natural position and this great club moves forward


Club Statement: 06/07/18

Cardiff City Football Club is pleased to release the following statement regarding the Club’s ongoing process of debt reduction.

On 18th May 2018, by way of an Open Offer, qualifying shareholders (those holding in excess of 100,000 Ordinary 10p shares) were invited to subscribe for additional shares on the basis of five additional shares for every two held at a price of 10p per Ordinary Share.

Accordingly, on the 25th May 2018, Tan Sri Vincent Tan, subscribed for 664,152,868 10p Ordinary Shares, at a total subscription price of £66.4m.

No other qualifying shareholders decided to take up their entitlement.

The subscription price was paid by repayment of loans outstanding to Tan Sri Vincent Tan to that value.

This reduction in the loans due to Tan Sri Vincent Tan follows on from the loan to equity conversion carried out in June 2017, whereby Tan Sri Vincent Tan converted £12.6m of outstanding loan to equity.

Therefore, for the year ended 31st May 2018, Tan Sri Vincent Tan has converted a total of £79m of his loans to the Club into equity.

This is a continuation of the process of delivering on our Owner’s previous public statement to reduce the level of debt being carried by the Club.

On behalf of Cardiff City Football Club, Executive Director & CEO, Ken Choo, said: “We would once again like to thank Tan Sri Vincent Tan for his generosity.

“Following our recent successes on the pitch, we are extremely pleased that these continue to be mirrored by financial stability off it.

“As fans, staff and players alike eagerly await the upcoming 2018/19 Premier League campaign, we also look forward to the continuation of this ongoing process in the future.”

Well Done Chris!

Over the moon with this news.The club I feel, is in very safe hands at the minute and long may it continue! This summer just keeps getting better!

I know some people can never forgive Tan for the red rebrand, but I think he has more than made up for his error, he knows he messed up but is doing an awful lot to make this club run well. Well done Vincent. By the way I was not happy about turning us red, but I can't fault the man now.

well said,the club is being run brilliantly now, he's certainly won me over and all i can add is thanks for learning from your mistakes and making us the number one club in Wales again as we rightfully should be

If we keep on like this I'm beginning to think we can be more than just a makeweight in the Premier League in years to come.

I know some people can never forgive Tan for the red rebrand, but I think he has more than made up for his error, he knows he messed up but is doing an awful lot to make this club run well. Well done Vincent. By the way I was not happy about turning us red, but I can't fault the man now.

I think you mirror the views of the majority on here, fella!

Couldn't agree more. When you look at what's happening with some clubs like Villa and QPR. Thank you VT

And the Jacks

Slowly starting to forgive Tan - words I thought I’d never say.

I know some people can never forgive Tan for the red rebrand, but I think he has more than made up for his error, he knows he messed up but is doing an awful lot to make this club run well. Well done Vincent. By the way I was not happy about turning us red, but I can't fault the man now.

Well said.. not sure I will ever be able to completely forgive him for the ridiculous rebrand, but I have to say he has been a great owner over the past few years

Hopefully we will see him at more games next season

More great news for everyone associated with the club.

Good to see that the club is being run on a sound footing and the board & particularly Vincent Tan should take huge credit for the latest news. Well done Cardiff City FC.

Well done Vinny T!

Based off what BBC just reported saying the original debt in 2013 was 174m, I calculated we’ve paid off 172.5m currently altogether and a further 2m is owed to the debt due to the club getting promoted. So that means we only owe £4.5m left? Surely not?

Right? Or have BBC reported it wrong, or have I somehow misread the article they posted?..

Based off

“Cardiff's debt was £174m at the end of the 2013-14 financial year after their previous season in the Premier League - most of it owed to major shareholder Tan.

Tan converted £68m he was owed into equity while writing off another £10m in February 2016, converting a further £8m the following November and another £12.6m in June 2017.

The 66-year-old said he wrote off £13m in 2015, turned £3m into equity and in February 2016 settled a £5m debt with creditor Langston, owned by former Cardiff owner and current life president Sam Hammam.

However, under the terms of that settlement another £2m is now due to Langston as a result of Cardiff returning to the Premier League.”

Is it a bird?
Is it a plane?
No its....

SuperTan!!!!

It takes Cardiff's current overall debt close to the £50million mark, after last standing at £115million in March this year according to Companies House records.

What was the debt when Tan took charge of City?

I know some people can never forgive Tan for the red rebrand, but I think he has more than made up for his error, he knows he messed up but is doing an awful lot to make this club run well. Well done Vincent. By the way I was not happy about turning us red, but I can't fault the man now.

Who hasn't made mistakes in life?

We are the envy of a lot of clubs now and he should be applauded for his efforts.

I think this shows that he has caught The bug.

See what happens when we make an effort to match the effort he has been making consistently since reversing the rebrand. He has expedited the clearing of debt.

Excellent news.

Brilliant news, hopefully we can get to a point where we are self sufficient and not have to rely on Tan to bail us out all the time.

I change your club, i make the debt, i return your colour,i pay my own debt of , now i your hero

I change your club, i make the debt, i return your colour,i pay my own debt of , now i your hero

Made some of the debt improving the stadium, training facilities and team. Cleared the rest of other people’s debts.

Yep, he is our hero. Building us a lasting legacy which is the first time an owner has ever done that.

I change your club, i make the debt, i return your colour,i pay my own debt of , now i your hero

Made some of the debt improving the stadium, training facilities and team. Cleared the rest of other people’s debts.

Yep, he is our hero. Building us a lasting legacy which is the first time an owner has ever done that.

Agreed, fantastic stuff.

Ignore the 12 year old.

Fair play to Tan.

If he hadn't messed about at the start he would be an outright hero. Everyone makes mistakes though and he has worked to make changes. Loving wearing my BLUE city shirt yesterday around here with the prem badges on the sleeves.

Thanks Tan!

Knew it wouldn’t be long before one of the Tan hating Multis came out. Bitter, bitter people indeed.

The best owner we’ve ever had. 99.9% of Cardiff fans are now behind Tan and the club is united.

Knew it wouldn’t be long before one of the Tan hating Multis came out. Bitter, bitter people indeed.

The best owner we’ve ever had. 99.9% of Cardiff fans are now behind Tan and the club is united.

There were plenty of Tan haters at one time. I always had faith he would come good and had many message board spats over the past few years trying to convince those with stone hearts to give him a chance to put his mistakes right.

That said technically the job is only half done but come 2021 when the debt is supposed to be wiped we should in some ways show our appreciation to probably the best owner we have ever had.