' OFFICIAL CARDIFF CITY STATEMENT RELEASED '

BOARD STATEMENT: 15th OCTOBER

PUBLISHED
15th October 2013

In a scheduled Board meeting, the Board of Directors of Cardiff City Football Club met yesterday, 14th October 2013. The Manager, Malky Mackay, was present by invitation as will be the case for all future board meetings.

All aspects and matters relating to the present and the future of the Club were fully discussed. In order for the Club to grow and sustain its ability to be a competitive force in the Premier League, the Board has made a number of decisions which will strengthen the Club, support the Executive team, Manager and his staff and enhance shareholder return. Needless to say, the Board discussed the events of the last two weeks in detail.

The following resolutions were made:-

1. The Board will be restructured with immediate effect to include the following committees:

a. The Nomination and Corporate Governance Committee chaired by Mehmet Dalman. Its main responsibilities will be:
· to support the Manager, Malky Mackay, on all player purchases and sales. All transfer dealings will be conducted subject to the Manager's final approval.
· to establish clear Corporate Governance procedures across the Club.

b. An Audit Committee, chaired by Michael Filiou. Its main responsibility will be:
· to review and make recommendations to strengthen the internal financial controls within the Club and benchmark the Club’s financials.

c. Health & Safety Committee, chaired by Steve Borley. Its main responsibility will be:
· to enhance the Club’s operations to the highest standards in health & safety.

d. Special Committee for the expansion of Cardiff City Stadium – chaired by Steve Borley to oversee current East Stand expansion plans.

2. Tan Sri Vincent Tan has agreed to write off interest of approximately £5.8 million on previous loans made to the Club and stated that all future loans up to an aggregate value of £50 million will also be interest free.

3. The Board ratified the appointments of Mehmet Dalman as director and Chairman of the Board, Michael Filiou as non-executive director, and Amir Fitzhugh as Company Secretary. The Board ratified the resignation of Mr Len Win Kong as a director of the Club.

The Board believes that these changes establish a solid foundation for the Club to grow. The changes were unanimously agreed by the entire Board and the Manager, Malky Mackay. Tan Sri Vincent Tan and the shareholding members of the Board are fully in agreement with the above decisions. The shareholders, Board and Manager are fully committed to the long-term success of Cardiff City Football Club.

Once again the Board thanks Tan Sri Vincent Tan for writing off the interest on his loans to Cardiff City FC, further demonstrating his generosity and support of this Club.

No mention of the new guy??

How odd.

· to support the Manager, Malky Mackay, on all player purchases and sales. All transfer dealings will be conducted subject to the Manager's final approval.

Tan Sri Vincent Tan has agreed to write off interest of approximately £5.8 million on previous loans made to the Club and stated that all future loans up to an aggregate value of £50 million will also be interest free.

I suppose thats all we'll get officially.

So where does it tell us what happened with Moody?

I hope not many are fooled by this.

Nice!

So the 7% interest is no more? Not that it has ever actually been taken out of the club accounts

So where does it tell us what happened with Moody?

I hope not many are fooled by this.

why do you need to know?

No mention of the new guy??

How odd.

Exactly what I was thinking, I thought it was because of his appointment the meeting was called!! What a joke!

So where does it tell us what happened with Moody?

I hope not many are fooled by this.

why do you need to know?

I'm just referring to the interview with Malky's agent on Sunday night.

So where does it tell us what happened with Moody?

I hope not many are fooled by this.

Who gives a f**k about how a guy got sacked/relieved of his duties, he's fucked off now and probably going to join Derby

So where does it tell us what happened with Moody?

I hope not many are fooled by this.

why do you need to know?

I'm just referring to the interview with Malky's agent on Sunday night.

fair enough lets hope his agent doesnt make Malky look stupid

Reading that it looks like Simon lim is going to be phased out slowly but surely,thank god.Have to say as much as the last week has pissed me off that is a very generous gesture regarding the interest on the loans by Tan,It looks like there is going to be a lot more financial controls on the Club by Dahlman.Bye Bye Lim.

So Malky needs to tell the fans what really happened last week, because that statement says nothing.

Totally dodges all the issues. Tan trying to gain popularity by giving us interest free loans but the statement "all future loans up to an aggregate value of £50 million will also be interest free" is just an indication that he intends to continue loaning us money increasing our debt and no mention of consolodating the debt to equity which is worrying.

So Malky needs to tell the fans what really happened last week, because that statement says nothing.

why?

Tan Sri Vincent Tan has agreed to write off interest of approximately £5.8 million on previous loans made to the Club and stated that all future loans up to an aggregate value of £50 million will also be interest free.

GOOD NEWS????

Totally dodges all the issues. Tan trying to gain popularity by giving us interest free loans but the statement "all future loans up to an aggregate value of £50 million will also be interest free" is just an indication that he intends to continue loaning us money increasing our debt and no mention of consolodating the debt to equity which is worrying.

Agree 100%

So Malky needs to tell the fans what really happened last week, because that statement says nothing.

why?

keep up, the poster has already explain because the statement says nothing.Again if Malky thinks the fans need to know then we obviously do.

brilliant statement 5.8 written off future loans interest free and so malky and the chairman will be sorting out transfers ,like any other club

My take,
Looks like somebody lost control of the finances somewhere along the line.
No mention of Simon Lim I see who is conspicious by his absence in the statement..

Malky at the Board meetings = no more room for 'misunderstandings.'

VT writing off an amount of interest on loans = it's all book transactions (so far anyway as far as I am aware) but a generous action which probably helps with the PL finance rules.

Mention of shareholder returns = no surprise, there is an exit strategy based on whole/part sale/flotation at some point. This incorporates an exit value and cash invested over the investment period. Maybe/probably now includes Sam's divi. hence Filiou.

No surprise, pressures on Malky to keep us up, but he's got the chance.

So Malky needs to tell the fans what really happened last week, because that statement says nothing.

Why? We don't need to know. Would it affect your ability to cheer when we score?

Let's all move on boys and girls. The international break is almost over and we will have some football to talk about soon.

Totally dodges all the issues. Tan trying to gain popularity by giving us interest free loans but the statement "all future loans up to an aggregate value of £50 million will also be interest free" is just an indication that he intends to continue loaning us money increasing our debt and no mention of consolodating the debt to equity which is worrying.

The club will require loans to see it through the period before receiving PL money. The club does not turn a profit yet so will rely on loans for the next season or two at least.

I believe the debt to equity wont happen until he owns a significant proportion of the shares. If he does it now the value ofnthe club will significantly increase and those other shares that he wants to purchase will increase in value, costing him more £££ to secure complete control.

Ask yourself this, bar the manager what member of the day to day staff at a football club would need a statement explaining why so and so left?

When you part company with a manager it's like 'to explore future possibilities or performances not right etc' there never was going to be an explanation as to why Moody left/got sacked

So Malky needs to tell the fans what really happened last week, because that statement says nothing.

Why? We don't need to know. Would it affect your ability to cheer when we score?

Let's all move on boys and girls. The international break is almost over and we will have some football to talk about soon.

Something went seriously wrong last week. We are still in the dark.

So where does it tell us what happened with Moody?

I hope not many are fooled by this.

why do you need to know?

I'd like to know why the club i support has decided to replace a well respected & good member of its senior staff, with a complete unknown who is totally unsuited to the role.

So where does it tell us what happened with Moody?

I hope not many are fooled by this.

Who gives a f**k about how a guy got sacked/relieved of his duties, he's fucked off now and probably going to join Derby

I do. Along with many others, seeing as he's been sacked for no apparent reason & replaced with a totally inappropriate replacement.

My take,
Looks like somebody lost control of the finances somewhere along the line.
No mention of Simon Lim I see who is conspicious by his absence in the statement..

Malky at the Board meetings = no more room for 'misunderstandings.'

VT writing off an amount of interest on loans = it's all book transactions (so far anyway as far as I am aware) but a generous action which probably helps with the PL finance rules.

Mention of shareholder returns = no surprise, there is an exit strategy based on whole/part sale/flotation at some point. This incorporates an exit value and cash invested over the investment period. Maybe/probably now includes Sam's divi. hence Filiou.

No surprise, pressures on Malky to keep us up, but he's got the chance.

agree

Pretty good statement imo.

Good that's the interest has been written off, still need the debt to equity to go ahead tho.

I'm not overall bothered about what happened with moody I just hope that the work experience kid is not his replacement. They seem to have put a structure in place now that's Malky has agreed to so let's hope it works.

Is Dalman has some sense about him.