The sun : langstone debt 5mill payout

Cardiff hit by £5m charge
Old debt hit promotion celebrations

CARDIFF CITY have been clobbered with a £5million charge after clinching promotion to the Premier League.
The bumper bill is the downside to the Bluebirds’ delight at clinching a place in the top flight on Tuesday night.
The goalless draw with Charlton triggered a clause in their agreement with long-term financial backers Langston Corporation.
Langston, fronted by former owner Sam Hammam, are still owed a total of £19.3m by the South Wales club from a deal dating back to 2004.
A Cardiff insider admitted: “It’s true. Sam and Langston are owed £5m now we have gone up.
“It’s there in black and white in the agreement between the club and Langston so there’s no ifs and buts about it.
“It’s so frustrating. That money could be spent on new players to help us make an impact in the Premier League.
“Instead it will be going out of the club.”
That’s because new owner, Malaysian multi-millionaire Vincent Tan, decided not to repay the long-standing debt when he took over the club in 2010.
The debt is linked to “bonus” clauses relating to the club’s success.
One is the £5m bonus which is due now that the club has been promoted. Another clause is that Langston receive up to £9m of any income for the naming rights at the new stadium, something else the club could cash in on now they are up in the top flight.
Cardiff, who will get a £60m boost from rubbing shoulders with the likes of Manchester United next term, have until 2016 to settle the full £19.3m debt.


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Should have payed the 10million langston wanted before the season started now the club will pay through its nose

Tan obviously knows what he's doing.

Big Fish eat little fish.

Should have payed the 10million langston wanted before the season started now the club will pay through its nose

We'll see

Tan knows what hes doing. Sam will have to wait until 2016 for his money and then he will settle out of court.

Tan knows what hes doing. Sam will have to wait until 2016 for his money and then he will settle out of court.

This ^^^^^^^^^^^^^ For a man who "loves Cardiff" so much he wants to make sure he gets his money though at a cost to the club

Tan knows what hes doing. Sam will have to wait until 2016 for his money and then he will settle out of court.

I dare say that SH will be offered an equity deal. He will probably be offered something like 20% more in value of shares to the cash he is currently owed, with stipulations that the shares cannot be sold within a certain time frame or to certain people. He would be wise to accept such an offer as the shares could rocket, with the club under the stewardship of VT. Don't be surprised to see SH back as an honourary president

Tan knows what hes doing. Sam will have to wait until 2016 for his money and then he will settle out of court.

I dare say that SH will be offered an equity deal. He will probably be offered something like 20% more in value of shares to the cash he is currently owed, with stipulations that the shares cannot be sold within a certain time frame or to certain people. He would be wise to accept such an offer as the shares could rocket, with the club under the stewardship of VT. Don't be surprised to see SH back as an honourary president

20% of shares in a club that loses money is essentially worthless.

He will not accept shares in a business that is clearly not viable.

Should have payed the 10million langston wanted before the season started now the club will pay through its nose

We as fans have not got a clue what Tan intends to do, why didn't he pay the 10mill?? he must have or thinks he has a good reason not to. I'm sure Tan has got all his wealth because he gives millions away

Tan knows what hes doing. Sam will have to wait until 2016 for his money and then he will settle out of court.

I dare say that SH will be offered an equity deal. He will probably be offered something like 20% more in value of shares to the cash he is currently owed, with stipulations that the shares cannot be sold within a certain time frame or to certain people. He would be wise to accept such an offer as the shares could rocket, with the club under the stewardship of VT. Don't be surprised to see SH back as an honourary president

20% of shares in a club that loses money is essentially worthless.

He will not accept shares in a business that is clearly not viable.

Most clubs lose money, we may lose a little less now. We are surely a more attractive prospect to new investors or to Sam.

The share issue is a viable option. Shouldn't you be getting ready for the Southampton match this afternoon?

Just stuff we already knew, anyway.

So it starts.

Tan obviously knows what he's doing.

Big Fish eat little fish.

^^^^^^^^^^THIS^^^^^^^^^^

Vincent Tan is a 'calculating' businessman and will ultimately tie Sam (erm, I mean Langston, of course ) up in knots if need be, although I do believe he has something up his sleeve in the short-term

One thing that does make me laugh is the old "an inside source said..."

Probably the idiot who informed the world wide web that Annis was renewing his season ticket!!