Cardiff City Settle Longstanding Debt Issue
Wed 24th Jul 2013 | Money & Finance
The owners of Cardiff City have reached an agreement with Langston Corporation to settle the club’s longstanding debt problems.
An arrangement to settle the debt owed to Langston Corporation, believed to be in the region of £24m, was formally reached on Monday 22nd.
Speaking of the news Tan Sri Vincent Tan said on the club’s official website, “I am grateful and indebted to Sam Hammam, Michael Isaac and Michael Filiou for their part in this resolution, which brings to a close a lengthy period of uncertainty.
“This settlement allows us to look to a new era of financial stability, which should be celebrated by all connected to Cardiff City. I am delighted, primarily for the supporters of this great club that we can put this matter firmly behind us and plan for our future with confidence.”
Sam Hammam, former chairman of Cardiff City and spokesman for Langston Corporation, said, “This resolution will rightly be regarded as a proud and historic occasion for all associated with Cardiff City Football Club.
“Now that an amicable agreement has been reached, thanks in most part to the vision of Tan Sri Vincent Tan and the important role of Michael Isaac and Michael Filiou, the club can now focus on the exciting Premier League season ahead, while building for the future with optimism."
Sam Hammam, for his part in the resolution, will take up the honorary title of Life President at the club with Michael Filiou joining the Board of Cardiff City Football Club.
Posted by: Aaron Gourley
To subscribe to our range of football newsletters including news, products and jobs CLICK HERE.
If you have any football business related news stories you’d like to share then please contact us – firstname.lastname@example.org
Thu 9th Mar 2017 | Money & Finance
Rate relief for football in the community: An open goal for Government in 2017 Football clubs, large and small, will not benefit from any substantive ‘give-aways’ following the Chancellors...
Thu 2nd Mar 2017 | Money & Finance
Leicester City today announced its financial results for the year ending 31 May, 2016 – a period of continued growth and unprecedented success for the Football Club. An historic, captivating...
Wed 1st Mar 2017 | Money & Finance
Liverpool FC has filed its annual accounts for the year to May 31, 2016 reporting that revenues are continuing to grow, creating further financial stability for the club. Overall revenue increased to...