Whilst people obviously focus on VT and his ownership, it cannot be overlooked in any takeover bid that roughly 30% of the debt is owed to Memhet Dolman’s offshore company.

Tormen Finance Inc
Single active beneficial owner - Mehmet Dolman
Correspondence address - British Virgin Islands
Registered as an overseas entity - 1st November 2022

Mehmet has Directorships of Cardiff City Football Club (Holdings) Limited & Cardiff City Football Club Limited plus 8 others

23/24 Annual Report
The other major debt due is £40.3m due to directors and connected parties. £37.3m was due to Tormen Finance Inc – Tormen put new finance of £11m into the club during the year and interest on this loan was charged at 6%.