davieG Posted 20 December 2006 Posted 20 December 2006 From Sky Cardiff face the prospect of 'going into receivership' unless shareholders agree to a financial restructuring. The club's shareholders will be asked to approve a proposal to unlock £6million at an extraordinary general meeting at Ninian Park on January 9. Paul Guy, director of PMG - the site developers of the club's proposed new 30,000-seater stadium - is worried that major shareholder Sam Hammam could block the move and fears that could lead to liquidation. "If Sam does not vote for this proposal, it would mean the club going into receivership and then liquidation - I can't put it any simpler than that," Guy told the South Wales Echo. "We need the £6million to survive. If Sam backs the proposal then the stadium goes ahead and the club has a bright future." Cardiff chairman Peter Ridsdale also stressed the importance of voting through the proposal. "The company's shareholders will be asked to ratify the new investment proposed under the club's recently announced restructuring scheme," he told the club's official website. "The funds to enable the share subscription to proceed are in place. If such restructuring is agreed, then the club can trade into the future and the new stadium project can go ahead as planned. "The (Cardiff) council has already made the successful completion of this restructuring exercise a pre-condition to the new stadium being given the final go ahead. "PMG Estates, who've already made a £3million short-term loan facility available to the club, are due to make a further £9million loan available as a part of the new stadium funding process. "They've indicated that these monies will not be forthcoming if the planned financial and management restructuring are not voted through at the EGM." At least 76% of the existing shareholders need to agree to the proposal for it to be accepted.
Jay Posted 20 December 2006 Posted 20 December 2006 you get Peter Ridsdale involved in football and you are destined for failure!! that bloke and his carp should never have been allowed back into football after what he did to Leeds
Ric Flair Posted 20 December 2006 Posted 20 December 2006 To be honest, it amazes me how they got out of going in to Admin last season. Somehow they sorted it and looked to be doing ok. This news isn't as bad as it sounds. They will only go in to Admin if Sam Hamamn doesn't agree to this as he's the majority shareholder. By why wouldn't he agree to it? Because if he doesn't and they go under, then he'll lose a lot of money on the shares he owns. He'll not want to do that, unless he's a little mentally disturbed.
gatesheadfox Posted 20 December 2006 Posted 20 December 2006 you get Peter Ridsdale involved in football and you are destined for failure!! that bloke and his carp should never have been allowed back into football after what he did to Leeds can't say i was too upset with what he did to leeds he should go back there and do it again in my opinion.
Daggers Posted 20 December 2006 Posted 20 December 2006 Ridsdale does it again! Ridsdale Ridsdale does it again!
Brummie-FOX Posted 20 December 2006 Posted 20 December 2006 Why dd Sam Hamann leave in the first place? How many games have Cardiff actually won since Ridsdale took charge?
gatesheadfox Posted 20 December 2006 Posted 20 December 2006 Why dd Sam Hamann leave in the first place? How many games have Cardiff actually won since Ridsdale took charge? how many air miles have they/ridsdales cronies clocked up during his time i wonder. was great when he was at leeds, it was all going fanny over tit and he was flying around the country for no good reason and charging it to the club. he is a legend in my eyes
Ultra Posted 20 December 2006 Posted 20 December 2006 To be honest, it amazes me how they got out of going in to Admin last season. Somehow they sorted it and looked to be doing ok. This news isn't as bad as it sounds. They will only go in to Admin if Sam Hamamn doesn't agree to this as he's the majority shareholder. By why wouldn't he agree to it? Because if he doesn't and they go under, then he'll lose a lot of money on the shares he owns. He'll not want to do that, unless he's a little mentally disturbed. Hamamm will probably agree to the deal for the reasons stated above. But this episode highlights the danger of giving so much power to just ONE man. Is this REALLY the way we would like OUR club to be run?
Head Honcho Posted 20 December 2006 Posted 20 December 2006 To be fair Cardiff were in financial straits long before Ridsdale arrived! For years the name Sam Hammam had kept the club barely above water with some good financing, but now without his name attached to the club to the extent it once was, I feel the banks have decided to be much more cautious and you can't blame them with Ridsdale being the one signing the cheques these days.
Joe. Posted 20 December 2006 Posted 20 December 2006 They're on a slide on the pitch and it's now getting even worse for them...
Manwell Pablo Posted 20 December 2006 Posted 20 December 2006 Hamamm will probably agree to the deal for the reasons stated above. But this episode highlights the danger of giving so much power to just ONE man. Is this REALLY the way we would like OUR club to be run? Bit of a differnt situation really Ultra. Besides if it means we get to where Cardiff are now then yes please.
Head Honcho Posted 20 December 2006 Posted 20 December 2006 Hamamm will probably agree to the deal for the reasons stated above. But this episode highlights the danger of giving so much power to just ONE man. Is this REALLY the way we would like OUR club to be run? That all depends on how MM plans to finance his purchase of the club. If his purchase removes any influence the banks have on our future then it can only be for the good if on the other hand he borrows to purchase the club then when he decides to pack up and go it will be business as usual.
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