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I'm sure some people will be angered by this post but I'm not trying stir up shit here. I just don't know. I don't know where to find a definitive figure despite searching online. In fact, I'm not sure if there is a definitive figure as I know it's a complex issue. But does anyone know what Cardiff City FC's debt stands at overall? Thanks in advance.🙂
When the latest accounts were published in March it was reported to approximately £138 million.Quote:
Originally Posted by Super Nintendo Chalmers
That can't be?Quote:
Originally Posted by The Lone Gunman
Vincent told us we'd be debt free in five years, that was about 8 years ago
I remember a fractious meeting at the CCS back in 2012, during which a small number of us dared to oppose the rebrand.Quote:
Originally Posted by Joe Gillis
After that meeting, two prominent fans, one of whom posts on here, stood in front of the BBC cameras, slagged us off and told the world the club would be ‘debt-free within days’ if Vincent Tan got his way and the club was rebranded.
That went well.
Nooooo!!! :facepalm:
Seven pager coming up!
Was that the interview where one of our 'Superfans' compared Treats with Skittles? A true Alan Partridge moment.Quote:
Originally Posted by The Lone Gunman
Who’s gonna be interested in buying a backwater club like ours with that kind of debt hanging over it?
Did Vincent Tan ever say we'd be debt free within days?Quote:
Originally Posted by The Lone Gunman
I remember a target of a few years which obviously hasn't happened but can't recall ever being promised being debt free within days?
Vincent Tan hadn’t said anything at all about the club at that stage. The ‘debt-free within days’ line was being peddled by prominent club officials and the fanbase’s rebrand cheerleaders.Quote:
Originally Posted by Hilts
Their claim was that Tan was going to settle the Langston debt, pay off the other remaining debts and convert all the money owed to him into equity provided the rebrand went ahead.
A few of us called bullshit at the time and were met with abuse and threats of violence for our troubles.
It was in 2016 he said that we would be debt free in 5 years. What the Board have said recently is that, because the club debt is owed entirely to VT and MD and not any commercial institutions the club is “in effect” debt free. UnconvincingQuote:
Originally Posted by Joe Gillis
Ah that's reassuring...Quote:
Originally Posted by Enoch Mort
Yep, neither would walk away without wanting (some level of) repayment.Quote:
Originally Posted by Enoch Mort
They'd try to include that in the asking price, which would deter anybody who may have shown some fleeting interest.
So, in effect, the club has a significant level of debt, which could prove to be the reason it won't be sold for a long, long time.
For owners, debt has its benefits - it provides a stream of interest and pushes you up the queue of creditors if the club goes tits up. No way are Vinny and Mehmet converting their debt to equity while spiraling towards L1.
Different question, how insolvent is the club (without Vinny)?
Yeah but once the club is sold they'll be buying a debt free club? Obviously nobody is going to clear his debts but the longer he hangs on the more he's going to lose.Quote:
Originally Posted by Crisp White Lines
Unless he plans to speculate to accumulate and get us promoted back to the Championship?
Vinnie is 73 now, no spring chicken. I do wonder what plans are in place when he eventually shuffles off, what are his family likely to do? Shut up shop?
Makes the £20 million Sam h racked up seem like a few ice creams in comparison…..Quote:
Originally Posted by The Lone Gunman
Shit loads, with not that much assets.Quote:
Originally Posted by Super Nintendo Chalmers
Debt isn't comparable to san and Vinnie.
A 100,000 debt I would owe would be different to a 100,000 debt the duke of Westminster would owe.
He will end up giving it away as he won’t ever see us promoted to the PL…..he just got very lucky with Warnock in 2018 and he was happy to invest the first time ( think we had the highest wage bill then? Which usually gets you up) The sooner the better really as it’s only going to be another £10 million down the plug hole every season…….Quote:
Originally Posted by Crisp White Lines
he's said in interviews before that his family aren't happy about how much money he's sunk into the club over the years , so presumably if he still owns us when he passes on there could be a very different attitude by whoever inherited us ( they could be better or worse - potentially a lot worse)Quote:
Originally Posted by splott parker
although we don't pay any interest on any of the debt to Tan - I think Stokes' owners were doing something similar - they wrote off a massive chunk of their debts a year or so agoQuote:
Originally Posted by The Lone Gunman
Thanks for the figures. It is difficult to see a silver lining for this club at the moment isn't it 😔
How much of this is owed to Tan? Whatever happened to debt to equity?Quote:
Originally Posted by The Lone Gunman
It got so big is couldn’t be given to equityQuote:
Originally Posted by NYCBlue