So Cardiff have an off-shore loan provider too - if it was any other club and any other Peter Ridsdale I'd be asking why the f*ck Mawhinney still hasn't done something about this sort of chuicanery but hey, its Cardiff so sod 'em :-)
Update on Clubs in Crisis Who could possibly have imagined that the link-up between Sam Hammam and Peter Ridsdale at Cardiff City would have brought problems? The fallout from Hammam's departure as chairman is casting a considerable shadow over City's future, with the club facing a court action in March over /24 million of unsecured "loan notes" owed to investor Langston, for whom Hammam is now acting as "mediator". Defeat in court is likely to land the club in administration. The loans date from Hammam's period in charge; back in 2005, he claimed the club had secured vital funding through loan notes issued to "non-UK resident investors" (Langston has offices in Switzerland and Panama). Then, Hammam cited the apparent fact that they would not need to be repaid until 2011 as proof of the lenders' "long-term commitment" to the club (as documented in WSC 221), commitment that seems to have since waned. Cardiff, now under Ridsdale's stewardship, are saying they had an agreement to pay them off by 2016. Administration would result in control of the club being relinquished to the largest secured creditor, PMG, owned by City director Paul Guy, which has lent the club around /iom. Langston disputes this arrangement, its solicitors Hextalls saying in November: "[Langston] has lost confidence in the board of directors, who should relinquish control of the club to Langston." Hammam insists that he has no interest in Langston beyond his mediator role. Progress can at least be claimed on the new stadium development across the road from Ninian Park: City are set to take up occupancy in summer 2009, although, with funding for it dependent on associated retail development and in the light of the endless soap opera in the boardroom, bets might best be hedged. Recent shenanigans have at least finally sparked an organised response from fans - moves to establish a supporters' trust have gathered pace and a launch is expected within the next couple of months. _______________________________________________ the Leeds List is an unmoderated mailing list and the list administrators accept no liability for the personal views and opinions of contributors. Leedslist mailing list [email protected] http://list.zetnet.co.uk/mailman/listinfo/leedslist DELETE THE FOOTERS WHEN REPLYING YOU LAZY SODS!!!! DELETE THE FOOTERS WHEN REPLYING YOU LAZY SODS!!!!
