Debt free in 5 years

[Joe Gillis]

What happened to that?
Didn't Tan almost cast that in stone?

[The Hooded Claw]

Re: Debt free in 5 years

I think Coronavirus happened.

[goats]

Re: Debt free in 5 years

I think Coronavirus happened.

Most other teams seem to have survived. Tan one of the richest in our league too

[TWGL1]

Re: Debt free in 5 years

Most other teams seem to have survived. Tan one of the richest in our league too

Most other clubs are “surviving” you mean …. Have a look at @swissramble on Twitter if you want to see other clubs finances compared to ours , can see a few more going into administration within the next year or two.

[Rjk]

Re: Debt free in 5 years

Most other teams seem to have survived. Tan one of the richest in our league too

given the recent transfer window there seem to be a lot of clubs tightening their belts at the moment.

[jon1959]

Re: Debt free in 5 years

Tan made the 'debt free in 5 years' commitment in February 2016.

https://www.itv.com/news/wales/update/2016-02-11/vincent-tan-ill-write-off-cardiff-debt-and-issue-shares/

Keith Morgan gave a pretty thorough update commentary in early 2017 following a meeting with Dalman that was reported by WOL, explaining some of the hurdles to making good on that commitment:

https://www.walesonline.co.uk/sport/football/football-news/cardiff-city-accounts-explained-expert-12703275

Tan has written off a lot of debt and made several big debt to equity conversions. The exact figures have been discussed on here many times.

A few years back (pre Covid) Dalman seemed to have altered the script to question why Tan would follow through with his commitment, rather than explaining why it couldn't be done in the original timescale.

Then Covid happened.

[life on mars]

Re: Debt free in 5 years

We are better off in liquidation

[Joe Gillis]

Re: Debt free in 5 years

I think Coronavirus happened.

Oh OK, thanks for that:thumbup:

[RichardM]

Re: Debt free in 5 years

We are better off in liquidation

Do you have any understanding of we what liquidation means for a limited company?

[jon1959]

Re: Debt free in 5 years

We are better off in liquidation

:facepalm:

[Q]

Re: Debt free in 5 years

We are better off in liquidation

Hopefully a poor joke.

[Rjk]

Re: Debt free in 5 years

presumably converting debt to equity is a lot less appealing to do in a company that is reducing in value

[Enoch Mort]

Re: Debt free in 5 years

The 5th anniversary for the conversion of debt to equity was Feb 2021. The last meeting with Mehmet Dalman prior to the one on Saturday was a Zoom meeting in Jan 2021. He was asked this question then and he confirmed that, due to the financial impact of Covid, the plan to complete the debt to equity conversion had been deferred. No date for completion was given.

[Rjk]

Re: Debt free in 5 years

also, doesn't the Michael Isaac legal action relate to issuing new shares? might the outcome of this be delaying any further increase in equity?

[goats]

Re: Debt free in 5 years

We are better off in liquidation

Apparently we are the only capital city in Europe without a team in its respective top league, maybe soon it will be without a club at all….