Leaders
Dallmeier

Business Directory

Browse the Directory

Sign Up to the Directory

Levy
FC Business Twitter
FC business Linked in
FC Business facebook
FC Business Youtube

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.

 

RETURN TO LATEST NEWS SECTION

SUBSCRIBE TO THE FCBUSINESS RSS FEED

If you have any football business related news stories you’d like to share then please contact us – agourley@fcbusiness.co.uk

Add to: Google Google | Yahoo Yahoo | Live Live | del.icio.us del.icio | Digg Digg |

Related Articles

Watford FC: An Unlikely Financial Success Story?

Wed 26th Apr 2017 | Money & Finance

The business model carried out by the owners of Watford FC is unlikely to be adopted by too many sectors outside of football, but by hiring and firing a conveyor belt of managers, they have managed to...

Newcastle United & West Ham Face Tax Investigation

Wed 26th Apr 2017 | Money & Finance

Newcastle United and West Ham United have been targeted by HMRC for alleged Tax and National Insurance fraud. Officers are understood to have raided the offices at St James’s Park and the London...

Premier League Revenues Grow But Losses Return

Thu 20th Apr 2017 | Money & Finance

Premier League clubs’ revenues increased to a new record of £3.6bn in 2015/16, according to Deloitte, the business advisory firm. Analysis of the financial results of Premier League clubs...

7 Tips From The Best Online Football Merchandise Stores

Thu 13th Apr 2017 | Money & Finance

CEO, Lewis Holland and the team at DiscountIF team have been studying various merchandise stores of football clubs in the UK. This article was originally posted here. We’ve compiled a short list...