Cardiff City FC were in court this morning seeking to gain yet another extension to pay our taxbill – oustanding since before Christmas. In a court case heard this morning, the club asked for and were granted an 8 week stay of execution to find the remainder of monies owed.
After the EGM approved sale of lands, we we able to reduce our debt burden and raise a small amount of cash with which to stave off the winding up order. An immediate payment of £500k was promised, with the remaining £1.2m due within 56 days.
With the season ticket sales completely dried up, there looks to be little income forecast for the club. This makes director Steve Borley’s trip to Malaysia all the more important as we must find money for thge tax man, a number of other un-secured creditors and pay the wage bill.
If we are unable to secure short term investment, administration seems the only option. There is surely no way HMRC or the courts would accept any further delays after previous payment plans were defaulted by the club.
Good news in that we are not in administration as of today, and remain in sixth place. However, the future of the club is decidedly unsure.
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Hmm good news I suppose – play-offs are now almost certainly out so how do we propose to continue. to me we’re insolvent as surely no-one would take on our debt?
Sad about Chester. Lets keep the faith with Peter Ridsdale. No doubt this is just a technicality, A mere formality before we parade our new players on a pitch we can’t afford to maintain in a stadium we could never afford anyway. We’re mortgaged up to the hilt. Owe several companies many tens of thousands of pounds. Have already spent the money we don’t have yet. Have monthly court proceedings pending. A transfer embargo. Thank Peter for all this transparency. I’d hate to see the result if you’d been devious, underhand or dishonest with us.
this is presumably what peter ‘transparency’ Ridsdale would call a ‘robust’ financial position
http://www.equifax.co.uk/About-us/Press_releases/2010/POOR_SCORES_FOR_CHAMPIONSHIP_LEAGUE_CLUBS.html
Insolvent = yes.