interestrateripoff Posted January 11, 2014 Share Posted January 11, 2014 http://www.bbc.co.uk/news/uk-wales-25696891 Cardiff City lost £30 million in the season they were promoted to the Premier League, latest accounts reveal.The club's overall debt has risen to a £118m, with just over half, £66m, owed to owner Vincent Tan. But Cardiff chairman Mehmet Dalman said the club was on course to becoming debt free. "We inherited a lot of debt and are in the process of paying off a lot of that debt," he told BBC Radio Wales Sport. Mr Dalman said Malaysian billionaire owner Mr Tan had put up to £150m into the club since 2010. Debt was being converted into shares and once the club was debt free, Mr Dalman said Cardiff City would continue to build and would be in a position to sign better players. So to live the dream it appears Cardiff have over extended themselves and rely on debt to function. Bolton where in the news recently with their debts which are even bigger. It seems at some point we are going to see a crisis in football with how these clubs are being run. Interesting spin that you have a lot of debt and you can pay it off by increasing the figure. They should get this guy in as Chancellor. Quote Link to comment Share on other sites More sharing options...
long time lurking Posted January 11, 2014 Share Posted January 11, 2014 Small numbers when talking about football (see man u ),especialy when the owner is a billionaire , IIRC the television rights are worth somewhere in the region of £60 million a year for a premiership club All they need to do is stay in it which looks like a bit of an uphill struggle at this point in time Quote Link to comment Share on other sites More sharing options...
long time lurking Posted January 12, 2014 Share Posted January 12, 2014 (edited) I think buying players with an 8 in there birth date is the real game changer Edited January 12, 2014 by long time lurking Quote Link to comment Share on other sites More sharing options...
Executive Sadman Posted January 12, 2014 Share Posted January 12, 2014 Isnt this just private equity 101? Load up with debt. Strip assets. Sell on to QE bloated buyer. Repeat till financing costs cant go lower. Economy then collapses. Quote Link to comment Share on other sites More sharing options...
Frank Hovis Posted January 12, 2014 Share Posted January 12, 2014 I think the idea to rename them the 'Cardiff Dragons' is a great idea and could transform their commercial fortunes. Ditto 'Hull Tigers'. These teams have no history anyway. And I think they're really good names. Honestly. They have loads of history; just because a team hasn't been on Sky Super Sunday for the last ten years doesn't mean they don't have history. Cardiff won the FA Cup. Tan is like somebody out of a Viz cartoon, partly the way he dresses but mainly his actions: Let's call them dragons! Let's make them wear red! Let's only sign players with a birthdate containing the letter 8! I find him tremendously entertaining, but am thankful that I don't support Cardiff. Quote Link to comment Share on other sites More sharing options...
long time lurking Posted January 12, 2014 Share Posted January 12, 2014 They have loads of history; just because a team hasn't been on Sky Super Sunday for the last ten years doesn't mean they don't have history. Cardiff won the FA Cup. Tan is like somebody out of a Viz cartoon, partly the way he dresses but mainly his actions: Let's call them dragons! Let's make them wear red! Let's only sign players with a birthdate containing the letter 8! I find him tremendously entertaining, but am thankful that I don't support Cardiff. You forgot about sacking the coach/scout and replacing him with his sons mate who was on work experience at the club as a painter, but yes a viz cartoon character sums him up nicely Quote Link to comment Share on other sites More sharing options...
R K Posted January 12, 2014 Share Posted January 12, 2014 http://www.bbc.co.uk...-wales-25696891 So to live the dream it appears Cardiff have over extended themselves and rely on debt to function. Bolton where in the news recently with their debts which are even bigger. It seems at some point we are going to see a crisis in football with how these clubs are being run. Interesting spin that you have a lot of debt and you can pay it off by increasing the figure. They should get this guy in as Chancellor. It doesn't say that. It's interesting that whenever you see the word 'debt' that's what you imagine though. Quote Link to comment Share on other sites More sharing options...
R K Posted January 12, 2014 Share Posted January 12, 2014 Small numbers when talking about football (see man u ),especialy when the owner is a billionaire , IIRC the television rights are worth somewhere in the region of £60 million a year for a premiership club All they need to do is stay in it which looks like a bit of an uphill struggle at this point in time United debt is now down to around £276m (last accounts) and the club is generating > £80m p.a. free cash. So it'll either be debt free within around 3 years or could spend around £200m on new players or some combination of the two. Quote Link to comment Share on other sites More sharing options...
long time lurking Posted January 12, 2014 Share Posted January 12, 2014 United debt is now down to around £276m (last accounts) and the club is generating > £80m p.a. free cash. So it'll either be debt free within around 3 years or could spend around £200m on new players or some combination of the two. Thats come down quick ,wasn`t it close to 800 not that long ago Quote Link to comment Share on other sites More sharing options...
R K Posted January 12, 2014 Share Posted January 12, 2014 Thats come down quick ,wasn`t it close to 800 not that long ago At its peak yep. It's fallen very quickly last few years due to commercial revenues rising rapidly and (partly) due to sale of Ronaldo and part-equity flotation. Clearly the objective was to under-spend on net players during this phase, which is why it's fairly obvious that they have significant funds for player acquisitions over the coming few years. When you consider that player contracts are amortised over 4-5 years usually you can see the headline spending numbers could be very large indeed. Ronaldo was much closer in the summer than most people realise. Quote Link to comment Share on other sites More sharing options...
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