The £12 million put in each year by Vincent Tan / BUT:

https://find-and-update,company-informa ... ng-history here's the accounts for anyone to look at , all monies that are paid in and out of cardiff city are in here , any payments from advertising etc have to be accounted for and it would be illegal for Tan to be personally paid direct as the original op suggested. Tbh I really can't be bothered it with the bullshit anymore .

Following Board correspondence to supporters in January, we’d like to take this opportunity to offer insight into the statutory accounts for the year ended 31st May 2024 that have recently been submitted to Companies House.

The group accounts for Cardiff City Football Club (Holdings) Limited can be viewed in full here, for those who wish to see them.

Below are several highlights, with some greater detail and clarification:

Trading Results
The filed accounts show:

Operating loss of £9,957,000 which is a reduction of £1,169,000 on the prior year.

Loss before tax of £11,661,000 which is a small marginal increase of £231,000 on the loss for the prior year.

Increase in the cost of sales and administrative expenses over the prior year that has been more than offset by the exceptional income realised in the year.

Increase in the cost of sales from 2023 to 2024 of £9,473,000 driven by:

Increase in player related costs at £5,712,000.

Increase in amortisation charge from investment in our playing squad of £840,000.

Increase in running costs following investment in Academy development of £1,136,000, including provision for the one-off costs on the termination of the lease on the old Academy site.

The above account for 81.2% of the increase in the cost of sales.

Exceptional items
The results for the year have benefitted from exceptional gains of £18.4m.

The main driver therein is the £12m receivable from the sale of a “percentage” share of the ultimate proceeds from a litigation claim made by the club.

The sum receivable is non-refundable and not dependant on the ultimate outcome of the litigation case itself.

While there is potential for additional amounts to be received, dependent upon the outcome of the litigation, such “contingent asset” has not been recognised in these accounts and further will not be included in future years accounts until any such sums are awarded and received.

Balance sheet
Investment in Intangible and Tangible Fixed Assets:

Investment in our playing squad of £7,460,000 in the year shows an increase of £1,934,000 over the previous year.

Investment in tangible fixed assets of £1,665,000 in the year, includes initial payments to secure the 150-year leasehold interest in the site for the development of the new First Team Training Ground and operational base.

Loans from shareholders and connected parties:

Loans from the majority shareholder, Tan Sri Vincent Tan, and connected parties has increased in the year from the injection of net additional funding of £11,832,000.

While the loans have increased in 2024, as in previous years, there is no interest burden on the Club as while the loans accrue interest at 7%, all interest on the loans from Tan Sri Vincent Tan has been waived by the Owner.

As our chairman has previously indicated when the time is right, such loans will be either written off or converted to equity. Therefore, there is no demand or pressure on the Club for such loans to be repaid.

Loans from directors and connected parties:

Such loans have increased by additional loans received of £11,000,000, taking the resultant balance to £40,300,000.

It is the intention of the Club to start repaying these loans as soon as cash flow allows, or additional funding is received.

Summary
While the reduction in the Operating Loss for the year is encouraging, there is still a great deal of hard work ahead to continue the downward trend in the Operating Loss.

We have, however, in 2024 been able to expand our investment in the First Team squad, complete the new Academy development and lay the ground for the construction of our new purpose-built First Team training ground.

Each of these advancements will put us on a more stable and stronger footing for the future.

Mehmet Dalman (Chairman) & Philip Jenkins (Finance Director)

Reply:

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Cardiff City Supporters' Trust

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Cardiff City’s Latest Accounts: Verdict From Trust Chair
admin March 3, 2025

Trust News

Trust chair Keith Morgan

Trust chair Keith Morgan gives his comprehensive verdict on the latest Cardiff City accounts for the year ended May 31, 2024.
Keith has spoken to the club to ensure that there are no factual errors in his commentary but the statement represents his own review opinions, totally independent of the club.

Cardiff City Football Club (Holdings) Limited is the parent company of its main trading subsidiary Cardiff City Football Club Limited and also Cardiff City Stadium Limited and Cardiff City Premier Seating Limited (all 100% owned). Therefore, references in this commentary are to the group.

The Headlines

The accounts were approved by the club directors on December 21, 2024 and signed off by the independent external auditors on December 23, 2024.

The group made an operating loss in the year of £10m (down from £11.1m in previous year) and a net loss of just under £11.7m (previous year £11.4m). As a consequence the balance sheet deficit at May 31, 2024 rose to £30.8m.

The directors’ report for the year again stresses that the business is heavily reliant on substantial financial support from its principal shareholder Vincent Tan who has confirmed in writing to the directors that such support will be forthcoming for not less than 12 months from the date the accounts were approved (ie until at least December 2025). This confirmation , although not strictly legally binding, gives the directors a high degree of comfort as to the business’ viability going forward and has also enabled the auditors to conclude that the club remains a going concern financially.

The level of losses incurred, particularly after allowable adjustments under the rules, indicates that the football club was compliant with the EFL Profitability and Sustainability requirements. The published minutes of meetings between club officials and elected fan representative groups confirmed this to be the case.

Statement of Comprehensive Income (the Profit and Loss account)-key figures

Turnover for the year was £23.2m, down £3.4m from the previous year. Gate receipts and match day income plus income from broadcasting actually rose slightly but sponsorship, advertising and commercial income fell by £4.3m compared to 2022-23.

Cost of sales rose significantly in the year by £9.5m to £39m.A large proportion of this was down to an increase of £5.7m in player wage payments to £19.9m. Other elements of the increase appear to relate to an increase in the accounting write down (amortisation) of the playing squad value – a normal annual cost charged over the period of players’ contracts. In addition, there was a substantial further increase in investment in running costs of the club’s Academy.

Administration expenses went up £4.4m to £12.7m. However, I understand that the 2022-23 figure benefited from some one-off exceptional credits so the true increase was only in the order of £1m.

Exceptional items – £18.4m

This has been a major financial benefit to the club in the year, offsetting all of the increased cost referred to above. It consisted of three main elements

Settlement of a contractual dispute arising in a previous year which generated £5.8m.
Release of a provision in previous accounts no longer considered required – £0.7m and (most importantly).
Sale of a share of the proceeds in a litigation case.
The only matter that I believe this can relate to is the club’s long running legal claim for damages against FC Nantes arising from the tragic death of Emiliano Salah in 2019.

There are enterprises that will buy the rights to all or parts of legal claims, but only if they believe that the claim has a very good chance of success. Therefore, it seems that it is just not the club and its legal advisors that continue to believe they will eventually succeed in their claim against Nantes but an independent third party who are willing to advance £12m – non refundable no matter what the outcome of the case.

To “an outsider looking in” this gives me increased confidence that the club will win the case. On a prudent basis , and in line with accounting requirements , the club has not included the potential future financial benefit from this source in these accounts as it is what is referred to as a “contingent asset” rather than an actual realised asset.

Profit on player sales – £760K compared to £1.7m in 2023.Players sold in the year (ie the Summer 2023 and January 2024 transfer windows) had an initial cost to the club of £6m but had been depreciated down to just £285k at the time of their disposal.

Interest payable was £3.6m (2023 £2.0m). Of this , a note to the accounts reveals that £3.1m of this interest was payable to Tormen Finance Inc. in which club Chair Mehmet Dalman has a significant involvement. This interest is stated to be at a rate of 6% per annum.

Directors Emoluments

In respect of WMG Funds the figures are not directly comparable , there is no charge for the Chairman’s time in either year but the charge is for “ other services provided by third parties “ engaged by WMG on behalf of the Club . Just happens that they were significantly reduced in 23/24 compared with 22/23. The services provided in themselves may not necessarily be “the same”. The highest paid director was paid £60k and was the only board director to receive a salary.

Statement of Financial Position – the Balance Sheet key figures

As stated above , the club had net liabilities as at 31 May 2024 of £30.8m.

Player values– the playing squad had a totalaccounts carrying value of £7.5m at cost less amortisation. The accounts also disclose that the club spent a further £10.5m on players between 31 May 2024 and 21 December 2024 when the accounts were formally signed off (i.ethe Summer 2004 transfer window, but excluding the January 2025 window). In the same period the club sold players for netproceeds of £5.6m

Stadium value– £84.5m.The stadium is on a 150 year lease from 2009 with the landlord being Cardiff City Council. The value of the stadium is supported by an independent professional valuation undertaken by Savills in 2023.

Debtors (money due to club)– the total of £13.6m includes prepayments, accrued income of £10.7m receivable in 2024/25 and football receivables of £2m.

Debts due within one year of balance sheet date – £137.7m

£68m of this total was due to Vincent Tan who injected a further net sum of £11.8m into the club during the year. £47.5m of this was technically interest bearing at 7% but the owner has never charged or drawn down any such interest. All of the £68m is secured by legal charges over the club’s assets.

The other major debt due is £40.3m due to directors and connected parties. £37.3m was due to Tormen Finance Inc in which Mehmet Dalman has significant interest – Tormen put new finance of £11m into the club during the year and interest on this loan was charged at 6%.

The accounts also reveal a “directors loan” of £3m from one of Vincent Tan’s sons U-Peng Tan. He is not a director of the group but had previously been a director of one of the group subsidiaries, hence the description used in this and previous year accounts.

Most of the rest of the group debt concerns accruals and deferred income. Deferred income is season ticket money received before the year end but which relates to the right to attend matches in the following season and therefore the following financial year.

After the year end in 2024 the club received further unsecured funding of £14.9m to assist with operational funding needs.

Overall Summary

The group continued to make losses in the year and there must therefore be an ongoing focus on the means to reduce and eventually eliminate such losses, including the means of replacing the benefit of the 2023-24 exceptional item, to be achieved by a combination of additional income generation and tight cost control.

However, the level of losses was such that the group did not trigger any penalties or restrictions under the Profitability and Sustainability rules. In addition, the group operational cash flow needs continued to be met by its owner (with a written commitment to continue this support) and through the group chair.

Keith Morgan, FCA,

Trust Chair






Cardiff City Supporters’ Trust

What I can gather from the accounts posted above is that the interest is at 7% - I’ve seen figures of both 6% and 9% mentioned before.

Tan is waiving any interest on his loans and whatever he is owed by the club is going to be turned into equity or written off.

40m owed to other shareholders which hasn’t started to be paid yet and accrues at 7%.

The op is false, the sponsorship is in the accounts the interest is in the accounts , the extra money tan puts in to keep as afloat and debt to equity is in the accounts .most be a slow day on here , with out him making the shortfall we would go bust it's as simple as that , should he sell up probably yes but the one think he does do is keep the cash flow each season rolling in to pay the bills . Who ever buys us will have to spend 10s of millions a season just to keep us going .

Tan is 100% not keeping us a float.

Your love in with Tan has to stop.


SO NO WAGES TO DALMAN NO INTEREST NO WAGES TO CHOO ? BOTH DONT WORK IN LONDON FOR TAN???

NO MISS-MANAGEMENT?

NO COURT CASE AFTER COURT CASE?

NO REBRAND?

NO ADVERTS INSIDE / OUTSIDE STADIUM?

Show me how much we get for All The advertising inside and outside ?

What happened to us being DEBT FREE?

Plus 100% All their wages and expenses and interest come from Our Club.


If you take in a football you have to accept you will lose money.

But to be fair Tan is actually don’t well out of us as we have Sunk


Dalman kept us going last season.


1,000% Tan is creating the debts from the Court Cases to the Rebrand to the Miss-management.

Your obsession with a Dictator who is destroying Our Club, I really don’t understand you Wez.


15 YEARS LATER ARE WE MORE IN DEBT OR ARE WE DEBT FREE?


ANSWER WEZ ??

?

Sponsorship 6 million a year ,

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Sponsorship 6 million a year ,

Wez,

You’ve still not answered any questions?

Plus of course we have other Sponsors, I know that and have done so many times.

All season we have Sponsors and other adverts on the boards going round.

How about answering the questions ?

The op is false, the sponsorship is in the accounts the interest is in the accounts , the extra money tan puts in to keep as afloat and debt to equity is in the accounts .most be a slow day on here , with out him making the shortfall we would go bust it's as simple as that , should he sell up probably yes but the one think he does do is keep the cash flow each season rolling in to pay the bills . Who ever buys us will have to spend 10s of millions a season just to keep us going .

Tan is 100% not keeping us a float.

Your love in with Tan has to stop.


SO NO WAGES TO DALMAN NO INTEREST NO WAGES TO CHOO ? BOTH DONT WORK IN LONDON FOR TAN???

NO MISS-MANAGEMENT?

NO COURT CASE AFTER COURT CASE?

NO REBRAND?

NO ADVERTS INSIDE / OUTSIDE STADIUM?

Show me how much we get for All The advertising inside and outside ?

What happened to us being DEBT FREE?

Plus 100% All their wages and expenses and interest come from Our Club.


If you take in a football you have to accept you will lose money.

But to be fair Tan is actually don’t well out of us as we have Sunk


Dalman kept us going last season.


1,000% Tan is creating the debts from the Court Cases to the Rebrand to the Miss-management.

Your obsession with a Dictator who is destroying Our Club, I really don’t understand you Wez.


15 YEARS LATER ARE WE MORE IN DEBT OR ARE WE DEBT FREE?


ANSWER WEZ ??

?

It's like groundhog day on here , you are right there is mismanagement but the op is wrong and the finances are in black and white in the accounts the figures are there .

Wez,

What I will Say is True.

NOW WE ARE A DIV 3 CLUB THANKS TO TAN

Advertising income will come down drastically

Gate receipts will come down

Club shop

Season tickets

Less income from EFL



BUT ALSO WAGES WILL COME DOWN

SO ITS UP TO TAN IF HE WANTS TO TAKE US BACK UP OR NOT?

This will Cost Tan


The last few years Dalman has lent us big money, that’s now Stopped.

Wez,

What I will Say is True.

NOW WE ARE A DIV 3 CLUB THANKS TO TAN

Advertising income will come down drastically

Gate receipts will come down

Club shop

Season tickets

Less income from EFL



BUT ALSO WAGES WILL COME DOWN

SO ITS UP TO TAN IF HE WANTS TO TAKE US BACK UP OR NOT?

This will Cost Tan


The last few years Dalman has lent us big money, that’s now Stopped.

In the op you said tan pockets the sponsorship etc he doesn't , what your saying us correct there is mismanagement etc etc but in the financial side tan makes up the short fall every year si he us keeping us a float , something interesting filed at companies house is the Cardiff council charge on the stadium has been settled in full this year by the club not sure what that means

Not sure what this means as there's no new charge since .

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Wez,

Answer my questions???

Plus did Tan and you say there was never a problem as the DEBT was All owed to just Tan???

£40Mill is that Tan as well?

Plus answer all the other questions please ?

Not sure what this means as there's no new charge since .

Well tell us Wez?

As you don’t know Wez,


I will answer

What is new ?

This is a fact ….no holds by the Council on the stadium ….it expired . The Club owns the stadium ….. no restrictions .


The restrictions expired about one year ago,so the Club removed it from the title deed .

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As you don’t know Wez,


I will answer

What is new ?

This is a fact ….no holds by the Council on the stadium ….it expired . The Club owns the stadium ….. no restrictions .


The restrictions expired about one year ago,so the Club removed it from the title deed .

That's massive if true , means the stadium is worth what's on the books 80 million .

WHAT HAPPENED TO DEBT FREE / PROMISED OVER 10 / 15 years ago / 3 TIMES / NOW £137.5 MILLION IN DEBT AND A DIV 3 CLUB???
This is absolutely bullshit annis the sponsorship is included in the account so he doesn't get it at all .


FOR THOSE WHO SAY TAN KEEPS US A FLOAT:

Plus he just loves the publicity of owning a British Club.

The Publicity Tan gives to Malaysia:



The £12 million put in each year by Vincent Tan / BUT



£3.8Mill goes to Dalman interest on his loan to us that Tan print would never happen.

Dalman & Choo who work for Tan in London, get £1Mill plus Wages from Cardiff City.


Tan gets all the Malaysian Companies airlines / holiday places taking up 85% of the advertising on insides of the Stadium and outside worth £3Mill.

All Tans / Dalmans / Choo’s expenses travelling / hotels / food etc etc are down to Cardiff City £1Mill a year.

Plus every year Tan has wasted money on Court Cases, Cost Our Club £Millions upon £Millions over the years.

That Despicable Rebrand over 4 years Cost Our Club £50Mill plus

The op is false, the sponsorship is in the accounts the interest is in the accounts , the extra money tan puts in to keep as afloat and debt to equity is in the accounts .most be a slow day on here , with out him making the shortfall we would go bust it's as simple as that , should he sell up probably yes but the one think he does do is keep the cash flow each season rolling in to pay the bills . Who ever buys us will have to spend 10s of millions a season just to keep us going .

So back to my post first post. Why would a successful business man like Tan not sell the club when he received a very generous offer? (Dalmans words). It doesn’t make sense if he is actually losing all this money you say.

As you don’t know Wez,


I will answer

What is new ?

This is a fact ….no holds by the Council on the stadium ….it expired . The Club owns the stadium ….. no restrictions .


The restrictions expired about one year ago,so the Club removed it from the title deed .

That's massive if true , means the stadium is worth what's on the books 80 million .

No We are not worth more.

Just means easier to sell Cardiff City as Tan could now rent the Stadium to buyers and he can get the rent.



I can confirm Tan has been offered £25Mill / £50Mill and £100 Mill in the last two seasons / but he still wants £200 Mill


Yes but it’s now Tans . When people buy clubs they don’t value that as a Stsdium has to come with a Club as if it did not their is NO Club

Remember the Debt is £137.5Mill

Tan will now probably Rent Our Stadium to a future Owver.

Still find it amazing there are people who support Tan still, but there are.

Like you say, a lot of it is just so he can say he owns an English league club.

As said, he promised debt free but that looks like being just one broken promise of many.

Ned perhaps i have got this wrong, but is not all the debt Tans debt not the clubs so in effect the club is debt free apart from Dalhams and another small one to some loan company, when Tan goes does he not take that the large debt with him??? Perhaps someone could explain to me because I have no idea

The debt and equity query is a reasonably straight forward one to cover. As to the benefits or otherwise to him is something else.

He acts as lender and borrower in this. Initially Tan lends the club money, and I’d assume it’s in the hope that the club prospers and can pay him back. As it hasn’t prospered, he hasn’t been paid back and had to put more in. The debt ultimately increases to a level where it’s detrimental to the clubs balance sheet. As he owns the club, he’s effectively lending “himself” money. If he then says he doesn’t want the money back and wants to change into an investment instead. That then normally becomes extra shares in the company, turning it into a positive figure instead of a negative one, and the balance sheet improves. All of this in it self is straightforward accounting and to a great degree, window dressing. But it serves a purpose to the club accounts.
As to tax write offs for him or to his other companies, I wouldn’t have a clue as to how or if it’s accounted for personally or internationally. All I can assume is that he can write it down against a profitable business he owns, or against his personal income/assets.