So why have the accounts not been filed?

It seems that the embargo has been imposed at least partly because the accounts due at the start of December have not been filed on time.

Dalman has stressed that they will not be filing the accounts but gives no reason why.

Surely if filing them would lead to the embargo being lifted then it would be a simple case of sending them in but the club are refusing to do so even knowing the consequences of non filing.

What are they hiding?

If they are not hiding anything why are they refusing to reveal them?

And if they are hiding anything how bad could it be and how do they think they can get away with it?

You have got this all wrong, the accounts have been concluded and a copy of them deposited with the football league in December, ( league rules) they now have to be audited by an accountancy firm before they are submitted to the inland revenue/companies house, anyone who has been in business, will know that this is nothing out of the norm. Dalmen did not say that they have not been filed, with the football league, if they had not then how would the league now that we have broke the rules, what he did say is that he will not be showing them to the media I mean to say no company in their right mind are going to show accounts before they have been audited and filed with the inland revenue and companies house, showing an un-audited copy to the football league is another matter. No conspiracy here

They have 9 months following their year end to file the accounts with companies house.

Cardiff's year end is June.

I'm pretty sure they will have been audited already (presumably that's a football league stipulation).

As to why they aren't filing them at companies house, who knows. They usually leave it late before filing, but maybe they don't want to generate more negative press.