VINCENT TAN CLAIMS AGREEMENT WITH SAM HAMMAM

Cardiff City owner Vincent Tan claims Langston agreement with Sam Hammam just 'days away'

Cardiff's billionaire owner is confident a deal to settle the Langston debt that has cast a shadow over the club in recent years is closer than ever

Cardiff City owner Vincent Tan today claimed he is close to agreeing a deal with former Bluebirds chief Sam Hammam over the long-standing Langston debt, insisting he will then carry out his promise to convert the huge amount of money he is owed by the club into equity.

The Bluebirds have been desperate to finally settle the Langston debt, believed to be around £24m of Cardiff’s total figure of £83m.

A £5m bonus is also due to Langston because the debt was not settled by the time the Bluebirds reached the Premier League.

If a deal can be struck, Tan has promised to convert the money he is owed by the club in loans ( more than £37m at the end of the 2012 financial year ) into shares - significantly enhancing the financial stability of the Bluebirds as they embark on their debut Premier League season.

A series of talks have been held in recent months, with Hammam believed to have been offered a role at the club that could see him return to the board or given an honorary presidency.

Speaking as he was given an honorary doctorate at the University of South Wales , Tan said: "We are talking to Sam Hammam to try and resolve the Langston issue. I'd like to regard him as my friend from our dealings.

"We are days away from an agreement and then we can convert all the loans to equity.

"That will make us much more secure and hopefully debt free, which is good."

Asked to confirm the time-scale on any potential deal, he repeated: "We are days away, it is in Sam's hands."

The club recorded losses of £13,605,000 in their last set of financial accounts, published in January – bringing their overall debt to just over £83m.

Overall, Cardiff City Football Club (Holdings) Limited - the umbrella company incorporating the football club - owed £51,920,000 to creditors in the following 12 months and £31,175,000 to creditors after that period.

However within the £51m owed over the next year, £37,431,000 was largely notional – money owed to Malaysian backer Tan.

Tan has also confirmed he is looking to invest in two overseas clubs – and has already agreed a player link-up with one.

The Malaysian Billionaire was in Bosnia this week to announce a co-operation agreement with FK Sarajevo and the Bluebirds which will see “mutual player exchange” arrangements. He is also in talks with Croatian club HNK Dubrovnik.

Sweet this will make me more happy than any transfer, sort those debts out

All in all this is good news for the club, the only quote I don't like about that is the 'It's in Sam's hands' which makes VT seem like he's had to give in. Does seem a bit strange though, this past week he's bidding for a motor company? 2 European clubs and settling Langston.

Brilliant news.

All in all this is good news for the club, the only quote I don't like about that is the 'It's in Sam's hands' which makes VT seem like he's had to give in. Does seem a bit strange though, this past week he's bidding for a motor company? 2 European clubs and settling Langston.

EH?

How do you work that out? I take it to mean that an offer (yet again) has been made and Sam has to
decide (yet again) if he will accept it or not. Thats it. Nothing more to read into it than that despite
what will be posted shortly by the 'ITK' crew

All in all this is good news for the club, the only quote I don't like about that is the 'It's in Sam's hands' which makes VT seem like he's had to give in. Does seem a bit strange though, this past week he's bidding for a motor company? 2 European clubs and settling Langston.

EH?

How do you work that out? I take it to mean that an offer (yet again) has been made and Sam has to
decide (yet again) if he will accept it or not. Thats it. Nothing more to read into it than that despite
what will be posted shortly by the 'ITK' crew Hes not "Claiming Agreement has been Reached''
anyway - hes just saying they appear to be close. Shitty journalism as usual

All in all this is good news for the club, the only quote I don't like about that is the 'It's in Sam's hands' which makes VT seem like he's had to give in. Does seem a bit strange though, this past week he's bidding for a motor company? 2 European clubs and settling Langston.

I agree it looks like good news but I'm not so sure that it looks like VT has given in. It could just as easily be read that VT has made Sam an offer and this statement is part of the game/pressure to make sure he accepts that offer

Whatever the reasoning behind all this it will be nice to get this monkey off our back !! The big thing is that VT states:

"We are days away from an agreement and then we can convert all the loans to equity.

"That will make us much more secure and hopefully debt free, which is good."

I'm not sure but initially didn't he just talk about converting "some" of the debt to equity ? If my recollection is right then this is a major improvement from what we were expecting and places us in a significantly better position

If this does all happen then, apart from one obvious decision !!. VT may prove to be the best owner we ever had. I always thought that we had a shot at making the Prem but never did I think that we would be "debt-free"

All in all this is good news for the club, the only quote I don't like about that is the 'It's in Sam's hands' which makes VT seem like he's had to give in. Does seem a bit strange though, this past week he's bidding for a motor company? 2 European clubs and settling Langston.

EH?

How do you work that out? I take it to mean that an offer (yet again) has been made and Sam has to
decide (yet again) if he will accept it or not. Thats it. Nothing more to read into it than that despite
what will be posted shortly by the 'ITK' crew Hes not "Claiming Agreement has been Reached''
anyway - hes just saying they appear to be close. Shitty journalism as usual

Correct


viewtopic.php?f=2&t=117484&p=1193249&hilit=+Langston#p1193249

Annis do you believe it will be done and dusted in next few days?

Annis do you believe it will be done and dusted in next few days?

They are closer down the line,more than anytime before, but Sam said nothing is set in concrete yet and that to me means, Tan or Sam could change their minds at the last minute or move the goal posts as they say.
It's in the Lawyers now, then needs both sides to sign.

All in all this is good news for the club, the only quote I don't like about that is the 'It's in Sam's hands' which makes VT seem like he's had to give in. Does seem a bit strange though, this past week he's bidding for a motor company? 2 European clubs and settling Langston.

I agree it looks like good news but I'm not so sure that it looks like VT has given in. It could just as easily be read that VT has made Sam an offer and this statement is part of the game/pressure to make sure he accepts that offer

Whatever the reasoning behind all this it will be nice to get this monkey off our back !! The big thing is that VT states:

"We are days away from an agreement and then we can convert all the loans to equity.

"That will make us much more secure and hopefully debt free, which is good."

I'm not sure but initially didn't he just talk about converting "some" of the debt to equity ? If my recollection is right then this is a major improvement from what we were expecting and places us in a significantly better position

If this does all happen then, apart from one obvious decision !!. VT may prove to be the best owner we ever had. I always thought that we had a shot at making the Prem but never did I think that we would be "debt-free"

I guess so, both men use the media well, this forum is Sam based(nothing wrong with that just some have different views to others) and the Echo etc has been used for both sides to push their views.
I hope it's true and that everything is sorted out soon, this is what we accepted the re-brand for, not the PL football alongside which helps the finances but no more worrying about if we're on the brink of existence. We can move on like Southampton done, they cleared their debts and are now signing some cracking players. They have great training facilities - like what we are aiming for. To say he was converting all equity shows that he wants to make us lucrative to another investor. Finally some good news, I hope this news comes to fruition and the deal can be done soon. Then signings can follow on this good news!

Believe it when I see it now.

Positive news though and good to see Tan reconfirm he will be turning the debt into equity

Annis, I like this quote best:

"It's in the Lawyers now, then needs both sides to sign"

It gives the impression (at least) that things are indeed moving forward and that can only be good for all involved

Cheers annis fingers crossed be buzzing when we are debt free

Annis, I like this quote best:

"It's in the Lawyers now, then needs both sides to sign"

It gives the impression (at least) that things are indeed moving forward and that can only be good for all involved

Yes they have progressed a lot in the last 2 weeks, a while back, it all hit a brick wall once again.
Being in the Lawyers ready to sign, sounds good
But now they need to both sign

Cheers annis fingers crossed be buzzing when we are debt free

Am i correct in saying that this is the first direct quote from Tan regarding the debt to equity? This is potentially massive news

Personally after Black Friday and almost getting an ulcer through the worry, since then I've let other people fret about the politics and the finances, but this will be something we can all enjoy

Sounds good, hopefully a deal can finally be agreed on soon

Sam has flown in the UK today

Sam has flown in the UK today

Let's hope he doesn't do an Ince

Lets hope its finally sorted out and we can concentrate on things on the field.

Annis, I like this quote best:

"It's in the Lawyers now, then needs both sides to sign"

It gives the impression (at least) that things are indeed moving forward and that can only be good for all involved

Yes they have progressed a lot in the last 2 weeks, a while back, it all hit a brick wall once again.
Being in the Lawyers ready to sign, sounds good
But now they need to both sign

Happy days, mate

Hope the Florida holiday was/is good, although I had to feel for Carlos not getting on as many rides as he would have liked but I guess one positive was you got to go through the 'Single Rider' queues!

What's the odds that Sam is made honorary club President, of either HNK Dubrovnik or FK Sarajevo

What's the odds that Sam is made honorary club President, of either HNK Dubrovnik or FK Sarajevo

I'd love that.

A bit like Dreyfuss on Devils Island

What's the odds that Sam is made honorary club President, of either HNK Dubrovnik or FK Sarajevo

Tan bought him 2 other clubs to run and f**k up

Annis, I like this quote best:

"It's in the Lawyers now, then needs both sides to sign"

It gives the impression (at least) that things are indeed moving forward and that can only be good for all involved

Yes they have progressed a lot in the last 2 weeks, a while back, it all hit a brick wall once again.
Being in the Lawyers ready to sign, sounds good
But now they need to both sign

Happy days, mate

Hope the Florida holiday was/is good, although I had to feel for Carlos not getting on as many rides as he would have liked but I guess one positive was you got to go through the 'Single Rider' queues!

It's been superb thanks, bought Carlos some stilts