Date: 22nd October 2006 at 5:33pm
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Sam Hammam has resigned as Chariman and Cardiff City director relinquishing his 82% stake in the club.

An official club statement revealed that Hammam is to be bought out by Keith Harris representing Seymour Pierce group, also involved in the recent takover at Aston Villa.

The move is made in order to ensure that the new stadium project can be completed and the clubs debts will be eradicated by the takeover. It does however put the club in the charge of ‘ruthless’ businessmen. Whatever Sam Hammams faults and mistakes, he did truly care about the club and his ‘family’. The consortium recognised the huge potential of Cardiff City Football Club and will provide an injection of funds.

Dave Jones has warned that every player has his price and that Cardiff City may still be required to sell players to solve short-term cash problems.

Peter Risdale has been installed as the new Chairman of Cardiff City.He made an impact when recruited to oversee Cardiff’s restructuring and is a big player behind the scenes at Ninian Park. Sam Hammam has been offered an ‘honorary’ life president position at the club.