Sam says no

Sam Hammam says no to Cardiff City Langston repayment offers
By Terry PhillipsJun 29 2012


Sam Hammam is unwilling to accept three Cardiff City offers to pay off the Langston loan notes.


The Bluebirds have offered former owner Hammam up to £13m and a club life presidency to rid themselves of the historic Langston debt.

Cardiff chief executive Alan Whiteley has confirmed the club have given Hammam three options to consider, but the Langston representative has not yet responded.

And the Echo can reveal that Hammam has told his closest associates in South Wales that none of the club’s current offers are suitable.


Bluebirds fan Annis Abraham, a close friend of Hammam, said: “I have spoken to Sam and the options put forward are not acceptable to Langston.

“I believe Sam would look favourably if an offer of £10m paid in full up front was put forward, but right now it’s a no from Langston.”

Lebanese businessman Hammam was the Bluebirds owner when the Langston corporation issued £24m in loan notes to Cardiff City in 2004.

Now the club’s Malaysian investors are keen to put that debt behind them and Hammam has had meetings with principal investor Vincent Tan, club chairman Dato Chan Tien Ghee and Whiteley.

The options put forward by Cardiff City, who insist they have until 2016 to pay off the Langston debt, are:

1 £8m payable within 30 days.

2 £10m with £3m payable now and the rest at the end of the 2012-13 season.

3. £13m with £8m payable this year and an additional £5m if Cardiff City are promoted to the Premiership.

Whiteley said Langston have yet to reply to any of the offers.

He also confirmed Hammam would be welcome to a life presidency at the club and attend as many matches as he wanted to at the stadium if he accepted any deal on the table.

But he would not have the power to make decisions on either football or non-football matters at the club.

Hammam took over Cardiff at the end of 2000, but left in October 2006 after agreeing to sell his majority shareholding when Peter Ridsdale became chief executive.

Details of the payment options to Langston were revealed during a meeting on Wednesday night when club officials met supporters who have asked for their season ticket money to be refunded.

The fans made this request in the wake of the club’s controversial rebranding exercise with Cardiff’s home kit now being red rather than traditional blue and a dragon badge replacing the familiar Bluebird.

Tan and Dato Chan have pledged a £100m investment as soon as the Langston issue is resolved.

The investment would fund strengthening manager Malky Mackay’s squad, upgrade training ground and stadium facilities and pay off historic debts.

Tan said in a statement that a further £35m will be pumped into the club over the next 12 months, taking his total investment to £75.8m.



Read More http://www.walesonline.co.uk/footballna ... z1zAC8tn9X

Oh well next step is to threaten to put the club into administration. That way Tan would still get some of his investment back and Sam would get f**k all.

http://www.walesonline.co.uk/footballnation/cardiff-city/cardiff-city-fc/2012/06/29/sam-hammam-says-no-to-cardiff-city-langston-repayment-offers-91466-31283727/

I assume yet more posturing. I'd pay him up but then they didn't get to become billionaires by throwing away a couple of million.

Wayne you have a question off TLG on Mikes board

If I was Sam I'd wait till next year. After all, the rebrand and investment is for a push to the PL. Then ask for more of what he is owed

I'm sure Sam is in no hurry, and by the looks of it we arnt other wise it would have been paid by now. Sam holds all the cards!

If I was Sam I'd wait till next year. After all, the rebrand and investment is for a push to the PL. Then ask for more of what he is owed

I'm sure Sam is in no hurry, and by the looks of it we arnt other wise it would have been paid by now. Sam holds all the cards!

Sam doesn't hold the cards. If he takes the club to court and wins for payment immediately, the club would be forced into administration and he would get absolutely nothing, as he is an unsecured creditor. Even if this gets to 2016 and he's entitled to more money, this again would probably put us into admin and again he gets nothing. His best bet is to take one of the 3 deals on the table.

Wayne you have a question off TLG on Mikes board

Don't go on there anymore. It seems a bit out of control. Dare I ask what he wanted?

If I was Sam I'd wait till next year. After all, the rebrand and investment is for a push to the PL. Then ask for more of what he is owed

I'm sure Sam is in no hurry, and by the looks of it we arnt other wise it would have been paid by now. Sam holds all the cards!

Sam doesn't hold the cards. If he takes the club to court and wins for payment immediately, the club would be forced into administration and he would get absolutely nothing, as he is an unsecured creditor. Even if this gets to 2016 and he's entitled to more money, this again would probably put us into admin and again he gets nothing. His best bet is to take one of the 3 deals on the table.

And the Malayasian will let that happen? They have more to lose here than Sam. They won't let the club go into admin after all the investment.

Annis, Sam got us in this mess

Good shout. If the club has put 10m aside from the re branding for this purpose then why not pay the debt off and that will be the end of that. It's been going on for a long time. It would be a result for the current owners and board, one debt less and the total figure being 10m.