Cardiff City are finally moving in the right direction off the field but you can't wave a magic wand to fix fans' distrust
WEDNESDAY 2 MAR 2016
BY SCOTTJOHNSON
In recent years the Bluebirds have resembled the Titanic heading towards an iceberg but there is light at the end of the tunnel, especially on the financial side
Cardiff City has started to resemble the Titanic, fast approaching a rather ominous-looking iceberg.
Rather than chart a course to avoid it, they continued to plow full steam ahead.
But against all odds, right at the death, it looks like they have managed to steer clear of danger.
There may still be choppy waters ahead, but at least there will be a ship to sail.
The iceberg in this particular metaphor was financial ruin and possible extinction.
With debts spiralling out of control, Sam Hammam’s never-ending financial burden and tumbling attendances, a rather toxic mix was formulating.
Fortunately, 2016 has been a prosperous year for the club thus far.
First and foremost, the lingering Langston debt has been cleared. I know we’ve been here before, but this time it’s signed, sealed and delivered.
That is a considerable weight off the shoulders of the club and has been a major obstacle since the days of Dave Jones and Peter Ridsdale.
Whether that will now result in further funds generated from stadium naming rights, as has often been mooted in the past, remains to be seen.
Vincent Tan's remarkable visit to Cardiff City
Vincent Tan's remarkable pep talk
Tan's defence of Slade
Tan converts £68m of debt to equity
But it does appear to have encouraged Vincent Tan to finally convert his debt to equity, which is another major boost for the club.
Both the settling of the loan notes and debt conversion were fundamental aspects of the £100m rebrand package that was presented when the club changed their colours to red.
So while some may be overjoyed by recent developments, others may feel this is merely the eventual realisation of a past promise.
It remains to be seen whether another key aspect of the rebrand package, a new training ground, will also follow.
A promise to convert £68m of debt to equity, writing off a further £10m and pledging to clear the rest, in £8m increments, by 2021 was undoubtedly quite a statement.
Again, we’ve been here before and the proof is in the pudding, but this should ensure the future of the club when it was starting to look like it was heading towards the same fate as Bolton Wanderers, who remain on the verge of bankruptcy.
It was also encouraging to see Tan offer public support for Russell Slade, who has been something of a whipping boy for the club’s various recent failings.
You do not have the required permissions to view the files attached to this post.