Quick enquiry
  • Sondico

Cardiff continue to tackle debt issues with board appointment

Cardiff City Football Club has appointed Mike Hall to its board as the npower Championship side looks to deal with its debts.

Hall’s appointment comes along with the news that City has agreed a plan with creditors PMG which will see a chunk of debt converted to shares in the club and a new payment plan.  PMG has also backed the Cardiff's decision to employ forensic accountants to investigate former chairman Sam Hammam’s business whilst in charge.

A statement on the club’s official site said:  "Cardiff City Football Club and PMG are pleased to be able announce that they have reached agreement on their debt.   PMG fully endorse the stance taken by the board in appointing forensic accountants investigating Sam Hammam and his business dealing whilst chairman of Cardiff City Football Club.

"In order to put the record straight we can also reassure the supporters of the club that as part of these negotiations, Mr Sam Hammam representatives will not return in a capacity as director of football or something similar.

"The circumstances behind the original loan and the application of the funds remain difficult to establish to the satisfaction of the board and as a result the club has engaged third party forensic accountants to further investigate the issue of validating the legitimacy of the loans and expenditure incurred when the club was under the full management control of Mr Sam Hammam."

Hamman controlled Cardiff City between 2000-2006.

 

Scott Hobro

Web design by Brick technology Ltd.