Cardiff City Loss of 11 million in latest accounts .

Cardiff City record £11.09m loss for 2022-23 despite wage bill cut of £8m





Cardiff City recorded losses of £11.09m for 2022-23 despite cutting club's the wage bill by £8m.

It means the Bluebirds' operating losses over the last three years have now passed £50m

The club's latest set of accounts up to 31 May, 2023 show a £6.34m increase in turnover, up to £26.22m, and a reduction in losses of £17.94m from £29.03m the previous year.


The Championship side received close to £30m in loans from the Malaysian businessman and connected parties during a campaign that saw the club avoid relegation in the final weeks of the season.

However, Cardiff repaid £2m of the monies owed to Tan, with a further £36.48m converted into shares.

It left the debt owed to the club's majority shareholder last summer at £63.87m, a drop from the £73.04m recorded in the previous accounts.





MEHMET DALMAN:


In his statement accompanying the results, non-executive chairman Mehmet Dalman said: "While as a club we have gone through the enormous challenges we have faced over the last years, we have remained heavily reliant upon the continued financial support of our owner throughout this period.

"As a board and a club we are extremely grateful for the continued support of our owner and without this the future of the club would look much more precarious."

Cardiff's loans from other parties total £29m, including £26.3m to a finance company associated with Dalman.

The accounts state the club subsequently received further funding of £18.87m after the end of the reporting period while paying out £7.42m on player signings.

That represented the first time Cardiff have been able to pay a transfer fee since the summer of 2022, the club having been under an embargo until it settled the balance of the deal for Nantes striker Emiliano Sala, who died in a plane crash en route to his new club in January, 2019.

The accounts confirm the remaining instalments have been paid in full, although Dalman added: "As a board we are determined to do what is in the best and long-term interest of the club to protect our position, especially in a situation where we as a club were the innocent party in the handling of the actual flight arrangements involving Emiliano.

"We… will now take our time over the actions we will take over the losses the club has suffered against Nantes and agents."

Reflecting the season before the additions of players such as Wales captain Aaron Ramsey, wages stood at £14.2m, down from £22.2m.

The year also saw Cardiff complete work on a new academy training facility, with the club saying further investment is planned and that they are close to a deal for a new first-team base with negotiations over a 150-year lease on the proposed site "very advanced".

Cardiff expect work would begin shortly after that lease is agreed with the aim of being ready for the 2026-27 season.

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Ah the elephant in the room. We are in major debt, and that major debt is growing, despite reducing the wage bill.

The reasons will be there, but what's the plan to reduce? Compounding debt will end in one scenario.

I'm no accountant of course, but are the excuses already surfacing as to why our Summer 'spending' will be inadequate in its amount to help the club to grow, to become competitive, and have a level of professionalism in key positions to see success at anytime during The current regimes tenure?

Or, are the excuses not already surfacing?

That confirms a lot of what we already knew.

Dalman lent us money.

We still have big debts.

We cut the wage bill by a massive amount.

That confirms a lot of what we already knew.

Dalman lent us money.

We still have big debts.

We cut the wage bill by a massive amount.

Dalman monies was lent to us in 2018 not last sesson ,its still owed to him but we pay him interest on it the amount hasn't gone up .

I'm no accountant of course, but are the excuses already surfacing as to why our Summer 'spending' will be inadequate in its amount to help the club to grow, to become competitive, and have a level of professionalism in key positions to see success at anytime during The current regimes tenure?

Or, are the excuses not already surfacing?

Most clubs in the championship are in the same boat .

That confirms a lot of what we already knew.

Dalman lent us money.

We still have big debts.

We cut the wage bill by a massive amount.

Looks like the overall debt has decreased due to tan converting more shares .

Sounds like a typical championship club! But a lot more are worse off that's for sure.... its about managing the debt ..... be nice if people waited until next seasons window before attacking club on what can or cannot spend as things can change before then

Sounds like a typical championship club! But a lot more are worse off that's for sure.... its about managing the debt ..... be nice if people waited until next seasons window before attacking club on what can or cannot spend as things can change before then

Was going to say similar. It will be interesting to see other clubs accounts. There are loads worse off than us.

And as for spending. There will be loads that spend less.

The question is. Will we waste it.

Sounds like a typical championship club! But a lot more are worse off that's for sure.... its about managing the debt ..... be nice if people waited until next seasons window before attacking club on what can or cannot spend as things can change before then

Was going to say similar. It will be interesting to see other clubs accounts. There are loads worse off than us.

And as for spending. There will be loads that spend less.

The question is. Will we waste it.

Hopefully bulut is a bit more savvy than previous managers when it comes to picking players as we will need around10 to make full squad after loans and end contracts are taken into account.
Apparently Leicester facing points deduction when get promotion for previous transgressions

That confirms a lot of what we already knew.

Dalman lent us money.

We still have big debts.

We cut the wage bill by a massive amount.

Looks like the overall debt has decreased due to tan converting more shares .

That's how I resd it; although some ecpenses, e.g. Rambo, will come in next year's accounts...

Tormen Finance who have loaned City £26.3 million at 9% interest has since increased it to £30 mill.
It’s Dalmans Company.

We have two parties lending us money and it’s not Tan.


The other party has lent us £9mill at 9% interest.

That confirms a lot of what we already knew.

Dalman lent us money.

We still have big debts.

We cut the wage bill by a massive amount.

Dalman monies was lent to us in 2018 not last sesson ,its still owed to him but we pay him interest on it the amount hasn't gone up .

Wez,

It’s def now over £30mill.

Tormen Finance who have loaned City £26.3 million at 9% interest has since increased it to £30 mill.
It’s Dalmans Company.

We have two parties lending us money and it’s not Tan.


The other party has lent us £9mill at 9% interest.


14 years later and the fact remains after promise after promise we are still not Debt Free.

That confirms a lot of what we already knew.

Dalman lent us money.

We still have big debts.

We cut the wage bill by a massive amount.

Looks like the overall debt has decreased due to tan converting more shares .

Cardiff repaid £2m of the monies owed to Tan, with a further £36.48m converted into shares.
It left the debt owed to the club's majority shareholder last summer at £63.87m, a drop from the £73.04m recorded in the previous accounts.
Cardiff's loans from other parties total £29m, including £26.3m to a finance company associated with Dalman, so the total debt as around £93m.

Wages this season is £14m

Turnover was up much more than I expected to £26m

That confirms a lot of what we already knew.

Dalman lent us money.

We still have big debts.

We cut the wage bill by a massive amount.

Looks like the overall debt has decreased due to tan converting more shares .

Cardiff repaid £2m of the monies owed to Tan, with a further £36.48m converted into shares.
It left the debt owed to the club's majority shareholder last summer at £63.87m, a drop from the £73.04m recorded in the previous accounts.
Cardiff's loans from other parties total £29m, including £26.3m to a finance company associated with Dalman, so the total debt as around £93m.

Wages this season is £14m

Turnover was up much more than I expected to £26m

Thank you


And I know up to this current day it’s up to £100 mill our debt.

So 14-15 years later we are NO where near debt free??


We are now in debt to 3 different parties.

So where does this leave us with FFP. I thought the nax was 39m over 3 years, surely were over this?

That confirms a lot of what we already knew.

Dalman lent us money.

We still have big debts.

We cut the wage bill by a massive amount.

Looks like the overall debt has decreased due to tan converting more shares .

Cardiff repaid £2m of the monies owed to Tan, with a further £36.48m converted into shares.
It left the debt owed to the club's majority shareholder last summer at £63.87m, a drop from the £73.04m recorded in the previous accounts.
Cardiff's loans from other parties total £29m, including £26.3m to a finance company associated with Dalman, so the total debt as around £93m.

Wages this season is £14m

Turnover was up much more than I expected to £26m

Thank you


And I know up to this current day it’s up to £100 mill our debt.

So 14-15 years later we are NO where near debt free??


We are now in debt to 3 different parties.

Thought our net det is now lower now than the last 10 years ?

I remember people on here saying were 200 million in debt we aint now

I remember people on here saying were 200 million in debt we aint now

I remember us also being told we would be debt free? What's the plan then, I can only see the debt getting bigger ?

As mentioned, excuses already coming in. Don't expect any good transfers in the summer. Another survival season coming up. Tan needs to sell now.

That confirms a lot of what we already knew.

Dalman lent us money.

We still have big debts.

We cut the wage bill by a massive amount.

Looks like the overall debt has decreased due to tan converting more shares .

Cardiff repaid £2m of the monies owed to Tan, with a further £36.48m converted into shares.
It left the debt owed to the club's majority shareholder last summer at £63.87m, a drop from the £73.04m recorded in the previous accounts.
Cardiff's loans from other parties total £29m, including £26.3m to a finance company associated with Dalman, so the total debt as around £93m.

Wages this season is £14m

Turnover was up much more than I expected to £26m

Thank you


And I know up to this current day it’s up to £100 mill our debt.

So 14-15 years later we are NO where near debt free??


We are now in debt to 3 different parties.

Looking at the accounts, it looks to me that the total debt is £63.8m , and the stadium has been revalued.

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I remember people on here saying were 200 million in debt we aint now

Tan took it from £50mill in debt to about £150 mill in the past.

It was actually Dalman saying Tan had put in £200 mill.

We should be debt free by now if you go by all their promises.

I remember people on here saying were 200 million in debt we aint now

Tan took it from £50mill in debt to about £150 mill in the past.

It was actually Dalman saying Tan had put in £200 mill.

We should be debt free by now if you go by all their promises.

I think there are some stipulations regarding debt to equity in so far as the debt has to be drawn down to by certain percentage points per year ( as in you can’t just keep paying as much off as possible to bypass FFP) which is probably why it’s not gone down as much as you’d expect.

I remember people on here saying were 200 million in debt we aint now

Tan took it from £50mill in debt to about £150 mill in the past.

It was actually Dalman saying Tan had put in £200 mill.

We should be debt free by now if you go by all their promises.

It's not 150 million at all read the accounts .

As mentioned, excuses already coming in. Don't expect any good transfers in the summer. Another survival season coming up. Tan needs to sell now.

Reading this announcement I have two conclusions.
1. Nobody will want to buy this club for some time, possibly many years. With almost 100 million owed to Tan and Dalman aside from the debt and the annual losses. Plus with Tans alleged over inflated asking price. So what we are and have been getting on the pitch and in the transfer market is the way we will be until the day comes when Tan leaves. Just hope during these years ahead a striker appears! And we finally become enjoyable and excitable to watch, and more of a fun and fan friendly community environment (Not since the Sam/DJ years) bloody draconian stewards, terrible food and drink prices, no communication or indication of our vision from the owner, poor marketing, terrible badge, red seats etc.
2. It paints a picture that we should be grateful to Tan for keeping us afloat, well it’s under his stewardship that a 100 million was added to our debt, to right he should be keeping us afloat, it’s reckless money management and poor decision making that’s caused that. He’s to us what Moshiri is to Everton.
3. I live in a probable blind hope, than Tan accepts this and either reduces this asking price, or decides to have another go at it invest in the team and corrects the above failings, add experienced football advisors and fan and community voices in the boardroom. Communicates with his customers! Improve the failing academy, freshen things up!!!!!! It’s stagnant, even the stadium looks faded and tired. There are good things at the club and things that have improved but there’s room for so much more of that.

Onwards and upwards nonetheless.

As mentioned, excuses already coming in. Don't expect any good transfers in the summer. Another survival season coming up. Tan needs to sell now.

Reading this announcement I have two conclusions.
1. Nobody will want to buy this club for some time, possibly many years. With almost 100 million owed to Tan and Dalman aside from the debt and the annual losses. Plus with Tans alleged over inflated asking price. So what we are and have been getting on the pitch and in the transfer market is the way we will be until the day comes when Tan leaves. Just hope during these years ahead a striker appears! And we finally become enjoyable and excitable to watch, and more of a fun and fan friendly community environment (Not since the Sam/DJ years) bloody draconian stewards, terrible food and drink prices, no communication or indication of our vision from the owner, poor marketing, terrible badge, red seats etc.
2. It paints a picture that we should be grateful to Tan for keeping us afloat, well it’s under his stewardship that a 100 million was added to our debt, to right he should be keeping us afloat, it’s reckless money management and poor decision making that’s caused that. He’s to us what Moshiri is to Everton.
3. I live in a probable blind hope, than Tan accepts this and either reduces this asking price, or decides to have another go at it invest in the team and corrects the above failings, add experienced football advisors and fan and community voices in the boardroom. Communicates with his customers! Improve the failing academy, freshen things up!!!!!! It’s stagnant, even the stadium looks faded and tired. There are good things at the club and things that have improved but there’s room for so much more of that.

Onwards and upwards nonetheless.

Great post, totally agree

I remember people on here saying were 200 million in debt we aint now

Tan took it from £50mill in debt to about £150 mill in the past.

It was actually Dalman saying Tan had put in £200 mill.

We should be debt free by now if you go by all their promises.

It's not 150 million at all read the accounts .

OMG

Not now Wez, you mentioned about someone saying £200 mill, I said the fans never said that in years gone by we reached £150mill debt under your boss Tan lol

You are so desperate to defend Tan, you don’t read.

I remember people on here saying were 200 million in debt we aint now

Tan took it from £50mill in debt to about £150 mill in the past.

It was actually Dalman saying Tan had put in £200 mill.

We should be debt free by now if you go by all their promises.

It's not 150 million at all read the accounts .

OMG

Not now Wez, you mentioned about someone saying £200 mill, I said the fans never said that in years gone by we reached £150mill debt under your boss Tan lol

You are so desperate to defend Tan, you don’t read.

Nice editing:lol:

I remember people on here saying were 200 million in debt we aint now

Tan took it from £50mill in debt to about £150 mill in the past.

It was actually Dalman saying Tan had put in £200 mill.

We should be debt free by now if you go by all their promises.

It's not 150 million at all read the accounts .

OMG

Not now Wez, you mentioned about someone saying £200 mill, I said the fans never said that in years gone by we reached £150mill debt under your boss Tan lol

You are so desperate to defend Tan, you don’t read.

Nice editing:lol:

Wez,

You knew we were not on about latest accounts in the £150 mill, as I had already said the Debt of the latest accounts earlier on in the thread and Joff had.

You really are making yourself a fool with your love for Tan and you are starting to not make sense.

I remember people on here saying were 200 million in debt we aint now

Tan took it from £50mill in debt to about £150 mill in the past.

It was actually Dalman saying Tan had put in £200 mill.

We should be debt free by now if you go by all their promises.

It's not 150 million at all read the accounts .

OMG

Not now Wez, you mentioned about someone saying £200 mill, I said the fans never said that in years gone by we reached £150mill debt under your boss Tan lol

You are so desperate to defend Tan, you don’t read.

Nice editing:lol:

Wez,

You knew we were not on about latest accounts in the £150 mill, as I had already said the Debt of the latest accounts earlier on in the thread and Joff had.

You really are making yourself a fool with your love for Tan and you are starting to not make sense.

Total losses made by the club is £237m however the actual debt is around £68m ( as many of the accrued debts have been repaid or diluted into shares) and INCLUDES £20m Sala fee

This is a good thread by football analyst Kieran Maguire

https://x.com/kieranmaguire/status/1765 ... SD2aRt-GNg