Date: 4th August 2010 at 1:55pm
Written by:

Cardiff City have made a significant step forward in clearing our outstanding debts and hopefully towards the lifting of the restrictive transfer embargo currently in place over the club.

Yesterday, funds were made available by TG and his fellow investors in the Far East, further underlining their commitment and plans for the club. The funds were required to clear longstanding debts to former and current players over bonueses they were due – including sign-on fees.

Happily, these debts have been cleared, which will hopefully go a long way to lifting the Bluebirds dressing room. The late paymnent of wages (now fully paid) and the non-payment of bonus monies was sure to have a detrimental effect on squad harmony and happiness. The PFA had been called in to litigate and will be satisfied with the resolution and payments.

However, these were not the only debts currently holding the embargo in place. Money owed to Charlton Athletic (Hudson) and Sunderland (Chopra) are major contributors, while we are known to have further debts to Motherwell and third-party creditors over ‘football matters’.

The outstanding HMRC tax bill remains unpaid, and whilst the club have made a series of propositions, no agreement has yet been made.