“ Breaking: Cardiff City £109 Million in debt “

I’m just not getting why any of this is a surprise.

Tan is bailing us out big time. We all knew that.

We also knew that these figures, for virtually any business, would be worse than previous years.

I don’t think even Tan’s greatest critics would argue that the current seasons wage/transfer bill will be significantly lower.

Unlike under previous owners, we can clearly see that the vast majority is owed to our owner and he continues to convert that debt.

Somebody said the other day that t here had been offers for the club. I can be sure that none of those offers got anywhere near covering the debt never mind anything else.

People really need need to be careful what they wish for. If these figures don’t tell you that then I suggest you need to take another look.

I’m just not getting why any of this is a surprise.

Tan is bailing us out big time. We all knew that.

We also knew that these figures, for virtually any business, would be worse than previous years.

I don’t think even Tan’s greatest critics would argue that the current seasons wage/transfer bill will be significantly lower.

Unlike under previous owners, we can clearly see that the vast majority is owed to our owner and he continues to convert that debt.

Somebody said the other day that t here had been offers for the club. I can be sure that none of those offers got anywhere near covering the debt never mind anything else.

People really need need to be careful what they wish for. If these figures don’t tell you that then I suggest you need to take another look.

Your views and my views of Tan and his Committee are totally the opposite in the way I see how they have run our club.

I for not even a second am grateful to Tan and never ever will be.

And yes they were very good offers to buy the club as all were originally accepted by Tan.

I’m just not getting why any of this is a surprise.

Tan is bailing us out big time. We all knew that.

We also knew that these figures, for virtually any business, would be worse than previous years.

I don’t think even Tan’s greatest critics would argue that the current seasons wage/transfer bill will be significantly lower.

Unlike under previous owners, we can clearly see that the vast majority is owed to our owner and he continues to convert that debt.

Somebody said the other day that t here had been offers for the club. I can be sure that none of those offers got anywhere near covering the debt never mind anything else.

People really need need to be careful what they wish for. If these figures don’t tell you that then I suggest you need to take another look.

Your views and my views of Tan and his Committee are totally the opposite in the way I see how they have run our club.

I for not even a second am grateful to Tan and never ever will be.

And yes they were very good offers to buy the club as all were originally accepted by Tan.

One offer was 40 million that doesn't even cover half the stadium s worth ,we don't want to get in the situation where tan would keep ownership of the stadium but sells the club and leases the stadium back that's where Portsmouth went tits up .

I’m just not getting why any of this is a surprise.

Tan is bailing us out big time. We all knew that.

We also knew that these figures, for virtually any business, would be worse than previous years.

I don’t think even Tan’s greatest critics would argue that the current seasons wage/transfer bill will be significantly lower.

Unlike under previous owners, we can clearly see that the vast majority is owed to our owner and he continues to convert that debt.

Somebody said the other day that t here had been offers for the club. I can be sure that none of those offers got anywhere near covering the debt never mind anything else.

People really need need to be careful what they wish for. If these figures don’t tell you that then I suggest you need to take another look.

Your views and my views of Tan and his Committee are totally the opposite in the way I see how they have run our club.

I for not even a second am grateful to Tan and never ever will be.

And yes they were very good offers to buy the club as all were originally accepted by Tan.

One offer was 40 million that doesn't even cover half the stadium s worth ,we don't want to get in the situation where tan would keep ownership of the stadium but sells the club and leases the stadium back that's where Portsmouth went tits up .

WAS IT WEZ?


THE TRUE FACTS:

Funny Tan accepted both offers.

But the Americans withdrew after seeing all our accounts etc etc

And the other offer he accepted as well, until he found out who was behind it.

The £109.5m figure is correct as at 31 May 2021.

Keith’s summary above did not include some other liabilities just most of the major ones. The full analysis coming to the total of £109.5m is as follows:



Other loans £8.0m (including the £6.2m due to EFL)
Shareholder loans £61m
Director and connected party loans £20.8m
Trade creditors £0.8m (normal suppliers)
Football creditors £0.5m (deferred transfer fees)
Loan from director of a subsidiary £0.2m (not named)

PAYE/NI/VAT £2.9m - always paid after the month in which the debt was incurred

Other creditors £2.5m


Accruals £12.2m -will include things like season ticket money received in advance, interest on loans received (charged but some may be waived in a future year)

By TLG:

Thanks, Keith. So there were plenty more creditors than were mentioned in the BBC article. No surprise there.

Any idea who the £22mill is owed to?




Reply by Keith Morgan:


No idea of who has put the £22m of loans in since May 2021. If I were to guess, based on the interest rates of "up to" 9% I would say a mixture of Vincent Tan and Mehmet Dalman`s companies as VT charges 7% (but doesn`t usually then pay it to himself) and MD has charged 9%.

I’m just not getting why any of this is a surprise.

Tan is bailing us out big time. We all knew that.

We also knew that these figures, for virtually any business, would be worse than previous years.

I don’t think even Tan’s greatest critics would argue that the current seasons wage/transfer bill will be significantly lower.

Unlike under previous owners, we can clearly see that the vast majority is owed to our owner and he continues to convert that debt.

Somebody said the other day that t here had been offers for the club. I can be sure that none of those offers got anywhere near covering the debt never mind anything else.

People really need need to be careful what they wish for. If these figures don’t tell you that then I suggest you need to take another look.

Your views and my views of Tan and his Committee are totally the opposite in the way I see how they have run our club.

I for not even a second am grateful to Tan and never ever will be.

And yes they were very good offers to buy the club as all were originally accepted by Tan.

I am afraid if noone would buy the City in this economic climate and, only a personal view, but I am grateful that he continues to "prop up" our club. Apart from the red issue I can't quite work out what he has done wrong.

I’m just not getting why any of this is a surprise.

Tan is bailing us out big time. We all knew that.

We also knew that these figures, for virtually any business, would be worse than previous years.

I don’t think even Tan’s greatest critics would argue that the current seasons wage/transfer bill will be significantly lower.

Unlike under previous owners, we can clearly see that the vast majority is owed to our owner and he continues to convert that debt.

Somebody said the other day that t here had been offers for the club. I can be sure that none of those offers got anywhere near covering the debt never mind anything else.

People really need need to be careful what they wish for. If these figures don’t tell you that then I suggest you need to take another look.

Your views and my views of Tan and his Committee are totally the opposite in the way I see how they have run our club.

I for not even a second am grateful to Tan and never ever will be.

And yes they were very good offers to buy the club as all were originally accepted by Tan.

I am afraid if noone would buy the City in this economic climate and, only a personal view, but I am grateful that he continues to "prop up" our club. Apart from the red issue I can't quite work out what he has done wrong.

Agree I eat hom to stay but back Morison in the summer.

I’m just not getting why any of this is a surprise.

Tan is bailing us out big time. We all knew that.

We also knew that these figures, for virtually any business, would be worse than previous years.

I don’t think even Tan’s greatest critics would argue that the current seasons wage/transfer bill will be significantly lower.

Unlike under previous owners, we can clearly see that the vast majority is owed to our owner and he continues to convert that debt.

Somebody said the other day that t here had been offers for the club. I can be sure that none of those offers got anywhere near covering the debt never mind anything else.

People really need need to be careful what they wish for. If these figures don’t tell you that then I suggest you need to take another look.

Your views and my views of Tan and his Committee are totally the opposite in the way I see how they have run our club.

I for not even a second am grateful to Tan and never ever will be.

And yes they were very good offers to buy the club as all were originally accepted by Tan.

I am afraid if noone would buy the City in this economic climate and, only a personal view, but I am grateful that he continues to "prop up" our club. Apart from the red issue I can't quite work out what he has done wrong.

Hmmmmm? 1st post


Well they have 3 times, not a view, a fact.

Replies FB:

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I’m just not getting why any of this is a surprise.

Tan is bailing us out big time. We all knew that.

We also knew that these figures, for virtually any business, would be worse than previous years.

I don’t think even Tan’s greatest critics would argue that the current seasons wage/transfer bill will be significantly lower.

Unlike under previous owners, we can clearly see that the vast majority is owed to our owner and he continues to convert that debt.

Somebody said the other day that t here had been offers for the club. I can be sure that none of those offers got anywhere near covering the debt never mind anything else.

People really need need to be careful what they wish for. If these figures don’t tell you that then I suggest you need to take another look.

Your views and my views of Tan and his Committee are totally the opposite in the way I see how they have run our club.

I for not even a second am grateful to Tan and never ever will be.

And yes they were very good offers to buy the club as all were originally accepted by Tan.

I am afraid if noone would buy the City in this economic climate and, only a personal view, but I am grateful that he continues to "prop up" our club. Apart from the red issue I can't quite work out what he has done wrong.

Hmmmmm? 1st post


Well they have 3 times, not a view, a fact.

A few of these 'first timers' with lots to say from the off lately, Annis...

A few simple checks shows that most (certainly not all though) are not 'new' in any sense

Find it quite sad some people can't front up their opinions under their 'known' names

Smacks of a certain cowardice to me!

I'll have a crack Chris, What has Mr Tan actually done wrong apart from a now rectified error of judgement.? OK, we have debt but at least we are still here in the Championship with a new eager young manager with a near blank canvas for next season to work with,An academy producing the next batch, No HMRC parked in the carpark, Players not being sold for peanuts to keep us going,
OK, it might blow up in our faces one day but enjoy the ride.

I'm no lover of tan as no bluebirds to follow for 2 and half years when he replaced us with his reds THAT ASIDE . from his angle then £100 million in debt no progress what so ever on the field exactly where we were when he came in the lower end of the second tier .in common with Sam and so many owners failed to anchor the club in the top division and put a trophy in the cabinet.

I'm no lover of tan as no bluebirds to follow for 2 and half years when he replaced us with his reds THAT ASIDE . from his angle then £100 million in debt no progress what so ever on the field exactly where we were when he came in the lower end of the second tier .in common with Sam and so many owners failed to anchor the club in the top division and put a trophy in the cabinet.

Two premier league seasons, extension to the stadium meaning can host Wales games, training facilities etc.

We do have something to show.

I'm no lover of tan as no bluebirds to follow for 2 and half years when he replaced us with his reds THAT ASIDE . from his angle then £100 million in debt no progress what so ever on the field exactly where we were when he came in the lower end of the second tier .in common with Sam and so many owners failed to anchor the club in the top division and put a trophy in the cabinet.

Tan invested in us when we were one game from Premier League v Blackpool at Wembley, gambled , then chased his money.