From the Telegraph

<h1>Cardiff face going bust within days </h1>
<span class="storyby">By Darren Witcoop</span>
<div style="float: left"><span class="filed">Last Updated: <span style="color: #000">1:19am GMT</span>03/12/2007</span></div>


</p><p class="small"></p><p class="story">Cardiff City, who face being forced into administration by the end of the week, have called an emergency board meeting.</p>[*]<span class="listory">Football fans' forum</span> [*]<span class="listory">Telegraph TV: Premier and Football League highlights</span> <p class="story">The Championship strugglers are facing mounting losses with the impending &pound;35 million court case against the club.</p><div class="mpuad"><div class="adtxt">advertisement</div><div style="display: none"></div><div style="display: none"></div></div><p class="story">Lawyers have been called in for tomorrow's board meeting to assess the club's chances of survival.</p><p class="story">But the outlook is bleak, and the Bluebirds could go out of business unless a settlement can be reached before the hearing next week.</p><p class="story">It is believed former owner Sam Hammam is behind mystery firm Langston, who are suing the club for immediate repayment of loan notes.</p><p class="story">Cash-strapped Cardiff - whose legal costs have soared to &pound;500,000 - admit they owe the money, but insist repayment is not due until 2016.</p><p class="story">However, there is an increasing prospect that the debt-ridden Welsh side will now be forced into administration - meaning an immediate 10-point deduction and the likely sale of the club's best players. </p><p class="story">Cardiff chairman Peter Ridsdale said: &quot;I can confirm that the board will be meeting this week ahead of the scheduled court case. If it would solve the problem, I'd go tomorrow. But this isn't about me.&quot;</p><p class="story">Cardiff play Charlton at home tomorrow looking for their first win in three matches. Two weeks ago manager Dave Jones was given a vote of confidence by Ridsdale but Cardiff are just two places above the relegation zone.</p>

 

You've gotta admit, Ridsdale is nowt else but consistent nt

 

something should seriously be done to prevent P riddys involvement in clubs at board level

as Doyley said - folks like them should have bells hung round their knecks.

 

Hee hee hee! Love it!

</p>

Maybe we could do them a favour and chuck em a few quid for a couple of players.</p>

 

RE: Hee hee hee! Love it!

Wonder if McPhail would like to come to a team in the top half?

 

Brilliant!

Best example yet of "what goes around comes around". Can't help wondering what would have happened to McPhail and us if he had stuck it out with us.

Feel sorry for the Cardiff fans (like Bluebird whose opinions I respect) but the fella in charge seems to have fouled up again. Hope he moves on to be the labour party's funding director and keeps well away from footy.

 

" moves on to be the labour party's funding director"

why?

 

RE: " moves on to be the labour party's funding director"

Because he seems to have a knack of fouling up financial deals.

Joke mate, probably a bad one. As long as he gets out of football permanently.

 

But..

is it not the case that Sam Hamman is as much to blame if not more so than Ridsdale?

 

Could be

Obviously most of us have no real idea about the true facts of the situation, including me and I'm sure there are others (e.g. Bluebird) on here who know far more than I do.

I suppose you are right we all just jump on the bandwagon but with Leeds, Barnsley and now Cardiff the evidence seems to be building up that something is amiss with his football/financial dealings.

I am a businessman myself and I could never persuade a bank to finance the levels of debt (in proportion to company/club income) that football seems to be involved in. Businesses with turnovers of between £5million to £25million are getting into debt to the tune of £30, £40 and £50million. Not only that they still seem to keep splashing out on players, planning new stadiums, negotiating sky-high player contracts etc. Eventually they just go into admin, lose 10 points, wipe out all debts and come out the other side with their stadium, players etc intact and the whole cycle just repeats. The creditors lose out big time but the football people just walk away

When is this lunacy going to end?

Rant over.

 

Best thing that happened to us was McPhail buggering off

Allowed Howard much more freedom in midfield and Howard's by far the superior player.

 

I disagree. nt

 

I thought the selling of the naming rights for the stadium for £5m

should have rung a few alarm bells. He seems to swept all the debts under a very large carpet.

 

RE: I disagree. nt

We have McCann to fulfil the one footed slow caoch in midfield.

 

RE: I thought the selling of the naming rights for the stadium for £5m

Apparently its the basis of an indoor ski centre on the outskirts of Cardiff.

 

Two examples

My missus has a valuable ring handed down from great grandma. On the face of it, as an asset it would be worth a bob or two if she sold it. Trouble is she would never sell it so it is really worthless.

I know several cricket clubs that own their own grounds in prime residential areas. The grounds would be worth millions, but the clubs cannot raise finance on them because doing so would mean closing down the clubs if the bank ever had to call in security.

Most football clubs would never sell their land or assets unless there was a way to do so without closing down the football club, so in actual fact such assets are often worthless.

I don't have a problem with clubs borrowing it is the level of it that concerns me and the fact that the attitude seems to be "We know it's a risk but don't worry we'll just go into admin then start again"

OK I know this is all over simplified but I can't be bothered to research it all - just gut feeling tells me that soon it is going to have to stop before the game collapses.

 

Sorry, what does that mean? nt

 

Tou chez nt