' CARDIFF CITY COULD FACE COURT OVER DEBT '

Sunday 1st February 2015

BBC SPORT- ' CARDIFF CITY COULD FACE COURT OVER DEBT '

Cardiff City refuse to pay nearly £6m to creditors Langston

Cardiff City could face a legal battle for withholding nearly £6m to creditors Langston.

The club are demanding details on the exact identity of the corporation before handing over £5.75m, which was due last Friday.

Club president and former owner Sam Hammam has been widely seen as Langston's representative.

Chairman Mehmet Dalman said: "It is bad governance not knowing who is the owner of a debt we are trying to honour."
He added: "Right now I want to know who it is."

Dalman said former owner Hammam had told the club he was "not" a representative of Langston.

The original debt of £24m was in the form of loan notes issued by The Langston Corporation when Hammam was at the helm of the club.

In 2013 Cardiff and Langston announced "an amicable resolution" to the longstanding debt issue.

Hammam became life president of the club as part of the settlement and his representative Michael Filiou also took a seat on the board of directors.

"Michael Filiou represents Langston on the board, but he cannot tell us who he represents," said Dalman.

Smoking it out, great stuff......

SmokIng it out, great stuff......

Yep no smoke without fire? Obviously tan not happy at something and happy to play chicken with langstone?

SmokIng it out, great stuff......

Yep no smoke without fire? Obviously tan not happy at something and happy to play chicken with langstone?

I think Tan knows who they are.

SmokIng it out, great stuff......

Yep no smoke without fire? Obviously tan not happy at something and happy to play chicken with langstone?

I think Tan knows who they are.

Yes you are probably right and as his reasons for his action, because easier to continue paying than argue over agreed package?

SmokIng it out, great stuff......

Yep no smoke without fire? Obviously tan not happy at something and happy to play chicken with langstone?

I think Tan knows who they are.

Yes you are probably right and as his reasons for his action, because easier to continue paying than argue over agreed package?

His actions.....lets just say the money is still owed but it will be going somewhere else.

SmokIng it out, great stuff......

Yep no smoke without fire? Obviously tan not happy at something and happy to play chicken with langstone?

I think Tan knows who they are.

Yes "they" ?

Ok. So there we go.

Im led to believe that 15million was paid in one go in july 2013
with an agreed payment of 250k per quarter there after totaling 24 payments = 6 million
the first payment there for would have been due in october 2013 as quarterly payments have been paid 4 times this leaves 5 million owing but if tan has just stopped paying he can be no more than 250k owing at this time
there fore 5.75million could not be owed by last friday
I base my statement that 4 quarterly payments have been made on reading that so far tan has only paid 16 million back so far

Im led to believe that 15million was paid in one go in july 2013
with an agreed payment of 250k per quarter there after totaling 24 payments = 6 million
the first payment there for would have been due in october 2013 as quarterly payments have been paid 4 times this leaves 5 million owing but if tan has just stopped paying he can be no more than 250k owing at this time
there fore 5.75million could not be owed by last friday
I base my statement that 4 quarterly payments have been made on reading that so far tan has only paid 16 million back so far

Would depend on the terms of the agreement. Could be if a payment is missed the full amount becomes due. Its quite an usual clause in a repayment contract.

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Im led to believe that 15million was paid in one go in july 2013
with an agreed payment of 250k per quarter there after totaling 24 payments = 6 million
the first payment there for would have been due in october 2013 as quarterly payments have been paid 4 times this leaves 5 million owing but if tan has just stopped paying he can be no more than 250k owing at this time
there fore 5.75million could not be owed by last friday
I base my statement that 4 quarterly payments have been made on reading that so far tan has only paid 16 million back so far

Would depend on the terms of the agreement. Could be if a payment is missed the full amount becomes due. Its quite an usual clause in a repayment contract.[/quote]


Nothing straight forward with Langston? No point in second guessing anything as far as they are concerned, as dolman said even their board member doesn't or won't say who runs company?

Nothing straight forward with Langston? No point in second guessing anything as far as they are concerned, as dolman said even their board member doesn't or won't say who runs company?

You got that right.

Lawyers and accountants can turn profit to loss, and hide company officials behind dummy holdings ETC.

Time will tell, but whatever happens a football club is its fans, and you lot aren't going to go anywhere.