CITY DEBT REACHES £118M WITH £66M OWED TO TAN

By Simon Gaskell
And these accounts are nearly a year old.

Friday 10th January 2014.

Cardiff City debt reaches £118million, with more than £66m owed to Vincent Tan

Cardiff City have recorded a £30m loss in their latest set of financial accounts to take their overall level of debt to £118m, with £66m owed to owner Vincent Tan

Cardiff City have recorded a £30m loss in their latest set of financial accounts to take their overall level of debt to £118m.

Within the figures, £66m is owed to owner Vincent Tan from loans to the club, despite the Malaysian businessman converting £2.5m into shares and writing off £5m in interest owed.

Meanwhile the accounts, for the financial period up to May last year, also show life president Sam Hammam’s Langston was paid £22m to solve the historic debt it was owed.

That includes a one-off payment of £15m and further non-interest bearing payments of £7m over a seven-year period.

It is roughly £11m less than what could have been paid given £9m stadium naming rights and a £5m one-off payment for promotion to the Premier League.

Meanwhile roughly £2.5m was paid in June 2013 to clear monies owed to the Cayman Island based Player Finance fund.

Other losses are explained in the accounts for a variety of reasons.

There was a reduction in revenue from £20m in 2012 to just over £17m in 2013.

Added to that, the club’s wages and salaries jumped from £18.5m in 2012 to touching £30m in 2013.

This rise was partly explained as the club “incurred significant bonus payments in relation to its promotion to he Barclays Premier League”.

Also a significant portion of the losses come from a jump of £13m in cost of sales and a massive £8m jump in administration costs.

Cardiff City Supporters Trust board member and accountant Keith Morgan said: “It is worrying, yes.

“What it doesn’t explain is where all the increases come from and why non-footballing costs have gone up so hugely.

“Administration doesn’t include players’ wages so why the hell have they gone up from £7m to £15m?

“It doesn’t explain anywhere in the notes why the non-footballing costs have just about doubled.

“It is still the same stadium as it was before, still the same number of stadium staff so what is in there?

Mr Morgan added Premier League football and Sky television money worth £61m did mean income would likely be vastly more than what they were used to and probably above £80m.

In the report accompanying the accounts, chief executive Simon Lim said £12m spent on players two summers ago had been justified with promotion to the Premier League.

Mr Lim added they had trusted ex-manager Malky Mackay’s judgement in spending £35m again last summer.

He said: “Our aim has always been to see the football club playing in the Barclays Premier League and in winning promotion last year from the npower Championship as champions our plans and investments have been vindicated.

“For life in the Barclays Premier League we were aware that we needed to again invest in strengthening the playing squad but that we needed to spend wisely.

“Our aim was to bring in quality players who added to the strengths we already had in the team and we trusted our manager Malky Mackay fully to make the best judgement on how we achieved this goal.

“Indeed in signing an additional eight established professional players costing the football club in excess of £35m we now believe we have a squad of players and management team experienced enough to make Cardiff City a competitive and stable team in the Barclays Premier League.”

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Red or Dead they said, Red or Dead!!!!

Yet in the other thread some have said the financial situation is getting better. One even said that you will make a 30m profit this season. Unbelievable how naive some on here are.

Yet in the other thread some have said the financial situation is getting better. One even said that you will make a 30m profit this season. Unbelievable how naive some on here are.

and your the voice of reason are you

Yet in the other thread some have said the financial situation is getting better. One even said that you will make a 30m profit this season. Unbelievable how naive some on here are.

and your the voice of reason are you

clearly.

Always someone worse off than you? Try Bolton! ! And they are not in premier?

Shit or bust guys, shit or bust .......

Always someone worse off than you? Try Bolton! ! And they are not in premier?

You lot are quickly catching them. £118,000,000 incredible to think you have spent so much and yet still sit in our shadow.

When Tan took over we couldn't muster 3m to keep us afloat and ready to be liquidated with multiple court cases hanging over us.

Financially I'd rather be where we are now.

Always someone worse off than you? Try Bolton! ! And they are not in premier?

You lot are quickly catching them. £118,000,000 incredible to think you have spent so much and yet still sit in our shadow.

despite having a two year head start, were right behind you & beat you in the first game played between the sides.

You lot seem to think you're a lot better than you are.

30 mill less sam = 8 mill loss including 35 mill transfers=not too bad

I'd love for the Eggo to be banned, when promoted their front page were 'WE'RE BACK IN THE BIG TIME' What did Terry Phillips, Paul Abbatondto or whatever his name is, Phil Cadden and Simon Gaskell play for the team? DID THEY f**k, as soon as a so called 'turmoil' comes to the club they're over it like a rash trying to portray the club in a bad light when all the club does is cater for their needs and go continuously out of their way for media meetings.

Ban the Eggo and ban it now

Tan can sort finance.. come on city. Stay up .the rest will work itself out

Always someone worse off than you? Try Bolton! ! And they are not in premier?

You lot are quickly catching them. £118,000,000 incredible to think you have spent so much and yet still sit in our shadow.

despite having a two year head start, were right behind you & beat you in the first game played between the sides.

You lot seem to think you're a lot better than you are.

It wasn't a head start you beaut it was the fact we were better than you despite you spending all that money you didn't have. And yes a trophy and qualification out of a European group is leaving you in the shadows.
Head start. Feck me you were in the championship for how long and were upto your nuts in debt . Lets be honest you have had a piss poor return on that money in comparison to us and our spending.

It wasn't a head start you beaut it was the fact we were better than you despite you spending all that money you didn't have. And yes a trophy and qualification out of a European group is leaving you in the shadows.
Head start. Feck me you were in the championship for how long and were upto your nuts in debt . Lets be honest you have had a piss poor return on that money in comparison to us and our spending.

It was. You started in the prem 2 years before us, regardless of the reasoning, you had a two year head start.

The fact that we are only a win behind you & the fact that we actually beat you in the most recent fixture, points to the fact that we've caught up quicker than any of you would like to admit.

By the way, it's quite feasible that the gap could be 0 points by this time tomorrow... Oh yes, definitely in your shadows.

Always someone worse off than you? Try Bolton! ! And they are not in premier?

You lot are quickly catching them. £118,000,000 incredible to think you have spent so much and yet still sit in our shadow.

mmmm £100 million invested with about 60 mil to tan debt of about 30mil before tan, so what were people expecting> and dont forget last years results so cannot compare yet? in your shadow?? ffs where you been past 2 months??

Always someone worse off than you? Try Bolton! ! And they are not in premier?

You lot are quickly catching them. £118,000,000 incredible to think you have spent so much and yet still sit in our shadow.

mmmm £100 million invested with about 60 mil to tan debt of about 30mil before tan, so what were people expecting> and dont forget last years results so cannot compare yet? in your shadow?? ffs where you been past 2 months??

Above you! Oh and also on a European tour. Dream on lads. When it comes to football we are your capital.

Above you! Oh and also on a European tour. Dream on lads. When it comes to football we are your capital.

Your premiership position and the last competitive fixture between the two sides, suggests things are much closer than you dare admit.

Europa league? A couple of wins against poor/depleted opposition - you even stuttered through that campaign. A few victories against substandard foreign opposition has certainly glossed over your season. Extremely average.

Always someone worse off than you? Try Bolton! ! And they are not in premier?

You lot are quickly catching them. £118,000,000 incredible to think you have spent so much and yet still sit in our shadow.

mmmm £100 million invested with about 60 mil to tan debt of about 30mil before tan, so what were people expecting> and dont forget last years results so cannot compare yet? in your shadow?? ffs where you been past 2 months??

Above you! Oh and also on a European tour. Dream on lads. When it comes to football we are your capital.

above us yes but for how long? euro tour that threatens your survival in premier? and dont say it doesnt as your form says otherwise! or are you going to become an oystrich?

Above you! Oh and also on a European tour. Dream on lads. When it comes to football we are your capital.

Your premiership position and the last competitive fixture between the two sides, suggests things are much closer than you dare admit.

Europa league? A couple of wins against poor/depleted opposition - you even stuttered through that campaign. A few victories against substandard foreign opposition has certainly glossed over your season. Extremely average.

Agreed but despite three seasons worth of injuries and the extra demands of ten more games all over Europe we are still above you at present and will be come may. Differnce is we are making a profit and aren't 118,000,000 in debt. Oh and have a trophy in the cabinet and the wonderful experience of seeing my side win away in Europe at a giant of the European game. Not bad for little old swansea. Oh and whats even better we didnt drop our trousers to a mad man and sellout to a control freak. Our very existance isn't in the hands of a foreign control freak who knows f**k all about football. So you'll excuse me if I think our achievements have put you in our shadows.

So I got shot down when I said our debt was rising massively.
Nearly a year ago we lost £30 mill and we already had a debt beyond from the previous year to that, good job we got promoted last season.
Now we are in the Premier League, lets see if it is all roses now in the future accounts, like many of u said it would be,
I will say now my honest opinion, I can see it only getting worse for us, unless we stay up and then next year finish in a Championship League place,lets hope Tans lucky Red achieves miracles. Just my honest opinion/belief.

Always someone worse off than you? Try Bolton! ! And they are not in premier?

You lot are quickly catching them. £118,000,000 incredible to think you have spent so much and yet still sit in our shadow.

mmmm £100 million invested with about 60 mil to tan debt of about 30mil before tan, so what were people expecting> and dont forget last years results so cannot compare yet? in your shadow?? ffs where you been past 2 months??

Above you! Oh and also on a European tour. Dream on lads. When it comes to football we are your capital.

above us yes but for how long? euro tour that threatens your survival in premier? and dont say it doesnt as your form says otherwise! or are you going to become an oystrich?

Of course it has had an impact on our league form but as long as we stay up it will have most definitely have been worth it. Nothing will ever beat that valencia trip.

Above you! Oh and also on a European tour. Dream on lads. When it comes to football we are your capital.

Your premiership position and the last competitive fixture between the two sides, suggests things are much closer than you dare admit.

Europa league? A couple of wins against poor/depleted opposition - you even stuttered through that campaign. A few victories against substandard foreign opposition has certainly glossed over your season. Extremely average.

Agreed but despite three seasons worth of injuries and the extra demands of ten more games all over Europe we are still above you at present and will be come may. Differnce is we are making a profit and aren't 118,000,000 in debt. Oh and have a trophy in the cabinet and the wonderful experience of seeing my side win away in Europe at a giant of the European game. Not bad for little old swansea. Oh and whats even better we didnt drop our trousers to a mad man and sellout to a control freak. Our very existance isn't in the hands of a foreign control freak who knows f**k all about football. So you'll excuse me if I think our achievements have put you in our shadows.

ex giant? when you played them they lost something like 6 games in a row? almost bottom of league! and against ten men?? brilliant !

£20m revenue in 2012 and down to £17m in 2013.

Were we not blue in 2012? Yes the rebrand is really good for us.

“Administration doesn’t include players’ wages so why the hell have they gone up from £7m to £15m?

Above you! Oh and also on a European tour. Dream on lads. When it comes to football we are your capital.

Your premiership position and the last competitive fixture between the two sides, suggests things are much closer than you dare admit.

Europa league? A couple of wins against poor/depleted opposition - you even stuttered through that campaign. A few victories against substandard foreign opposition has certainly glossed over your season. Extremely average.

Agreed but despite three seasons worth of injuries and the extra demands of ten more games all over Europe we are still above you at present and will be come may. Differnce is we are making a profit and aren't 118,000,000 in debt. Oh and have a trophy in the cabinet and the wonderful experience of seeing my side win away in Europe at a giant of the European game. Not bad for little old swansea. Oh and whats even better we didnt drop our trousers to a mad man and sellout to a control freak. Our very existance isn't in the hands of a foreign control freak who knows f**k all about football. So you'll excuse me if I think our achievements have put you in our shadows.

ex giant? when you played them they lost something like 6 games in a row? almost bottom of league! and against ten men?? brilliant !

Your right it was shit.

Agreed but despite three seasons worth of injuries and the extra demands of ten more games all over Europe we are still above you at present and will be come may. Differnce is we are making a profit and aren't 118,000,000 in debt. Oh and have a trophy in the cabinet and the wonderful experience of seeing my side win away in Europe at a giant of the European game. Not bad for little old swansea. Oh and whats even better we didnt drop our trousers to a mad man and sellout to a control freak. Our very existance isn't in the hands of a foreign control freak who knows f**k all about football. So you'll excuse me if I think our achievements have put you in our shadows.

Extra demand? But you were all over this site a few months ago, going on about your squad depth etc... So that excuse doesn't ring true for me sadly.

Giant of the European game?

Achievements? You've done nothing that we haven't done, except win the "Mickey mouse" cup... Something your fans belittled like crazy when we got to the final of it.

Above you! Oh and also on a European tour. Dream on lads. When it comes to football we are your capital.

Your premiership position and the last competitive fixture between the two sides, suggests things are much closer than you dare admit.

Europa league? A couple of wins against poor/depleted opposition - you even stuttered through that campaign. A few victories against substandard foreign opposition has certainly glossed over your season. Extremely average.

Agreed but despite three seasons worth of injuries and the extra demands of ten more games all over Europe we are still above you at present and will be come may. Differnce is we are making a profit and aren't 118,000,000 in debt. Oh and have a trophy in the cabinet and the wonderful experience of seeing my side win away in Europe at a giant of the European game. Not bad for little old swansea. Oh and whats even better we didnt drop our trousers to a mad man and sellout to a control freak. Our very existance isn't in the hands of a foreign control freak who knows f**k all about football. So you'll excuse me if I think our achievements have put you in our shadows.

ex giant? when you played them they lost something like 6 games in a row? almost bottom of league! and against ten men?? brilliant !

Your right it was shit.

glad you agree!

Looks very much like those high court writs will be raising there ugly heads again and Mr Tan laughing at them from Malaysia.

Looks very much like those high court writs will be raising there ugly heads again and Mr Tan laughing at them from Malaysia.

how did you come to that conclusion? got your counting beads out?