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 – email@example.com
Thu 21st May 2015 | Money & Finance
The economic importance of FC Barcelona to the city of Barcelona has been analysed by Deloitte. A report by the business advisory firm revealed the club generated 759 million euros in the 2013/14...
Thu 14th May 2015 | Money & Finance
Manchester United today announced an 11.7% rise in commercial revenues in its financial results for the 2015 fiscal third quarter and nine months ended 31 March 2015. However, a lack of Champions...
Fri 8th May 2015 | Money & Finance
This year’s four UEFA Champions League semi-finalists are four of the richest clubs on the planet generating in excess of €1.8 billion between them. Barcelona, Bayern Munich, Juventus and...