davieG Posted 14 March 2008 Posted 14 March 2008 As I understand it Sam Hammam takes over Cardiff City for peanuts expressing his love for them; appears to invest millions in them; sells up at a profit and then asks for all his money back that he didn't invest but just loaned to them in the first place. Now Milan Madaric wouldn't do that to Leicester City would he? Cardiff City face loan case wait Cardiff City football club faces a wait for the outcome of a High Court hearing which could decide the club's future. Swiss-based financiers Langston Corporation have brought legal action against the Championship club, demanding repayment of £31m in loans. The club's barrister named, for the first time, its former chairman Sam Hammam as the man behind Langston. The judge reserved his ruling as the High Court hearing ended on Thursday. A decision is expected next week. The judge is to decide whether Cardiff City has a strong enough defence to go to trial or rule in Langston's favour without the need for a full trial. Langston want the court to make a summary judgement that would see Cardiff City facing a bill to repay £24m of the £31m immediately. However, the club's lawyers have argued that the dispute should go forward to a full trial. It claims the loan is not repayable until 2016 and it could face an uncertain future if it lost the case. 'Administration realistic' Following the two-day hearing, Mr Justice Briggs said he would take time to consider his ruling. At the start of the hearing, Langston's counsel, Michael Driscoll QC had said: "It is common ground that the claimant loaned £24m to the club in 2004 and is yet to be repaid. "The club says that nothing is to be repaid at this time, and the question is whether there is enough in what the club says to justify this case going to trial. "The claimant says that there is nothing in what the club has said." The club said that a variation to the loan agreement in 2006 means the loan is not repayable until 2016. However, Langston claimed in court that so many changes had been made to the contract that this agreement no longer stood. Next month, Cardiff City face Barnsley in the FA Cup semi-final at Wembley Stadium. Chairman Peter Ridsdale, who succeeded Mr Hammam, has said administration would be a realistic scenario if the club lost the case. This could lead to an automatic points deduction and affect plans for a new stadium on the outskirts of Cardiff.
hairy Posted 14 March 2008 Posted 14 March 2008 This should be a warning to QPR as Ecclestone and chums have only 'lent' the money to them.
The People's Hero Posted 14 March 2008 Posted 14 March 2008 This has got 'tromboning' written all over it.
morris1234 Posted 14 March 2008 Posted 14 March 2008 its already been mentioned but i hope cardiff lose this battle so they lose 10 points, it would put us in a much better position!
purpleronnie Posted 14 March 2008 Posted 14 March 2008 Sam Hammam is a star always standing up for fans etc...
davieG Posted 14 March 2008 Author Posted 14 March 2008 its already been mentioned but i hope cardiff lose this battle so they lose 10 points, it would put us in a much better position! Fine but the topic is not about that! Try here http://www.foxestalk.co.uk/forums/index.php?showtopic=48050 for that!
DB11 Posted 14 March 2008 Posted 14 March 2008 He didn't do it to Pompey so no, I don't think he's doing it to us. Unless he gets pissed off, makes no profit as we get relegated and then decides to cut his losses and tries to reclaim money back?
Father Ted Posted 15 March 2008 Posted 15 March 2008 As I understand it Sam Hammam takes over Cardiff City for peanuts expressing his love for them; appears to invest millions in them; sells up at a profit and then asks for all his money back that he didn't invest but just loaned to them in the first place.Now Milan Madaric wouldn't do that to Leicester City would he? Wasn't Sam Hammam the one that ruined Wimbledon??
Jay Posted 15 March 2008 Posted 15 March 2008 Wasn't Sam Hammam the one that ruined Wimbledon?? NO Wimbledon had some of their best days under Hammam most of the problems developed when he sold them to some Norwegians who decided to bring in the crazy Egil Olsen as manager who wore those crazy wellington boot things they had no real interest in the club and started to let it die until Winkleman moved them 100miles north
Father Ted Posted 15 March 2008 Posted 15 March 2008 NO Wimbledon had some of their best days under Hammam most of the problems developed when he sold them to some Norwegians who decided to bring in the crazy Egil Olsen as manager who wore those crazy wellington boot things they had no real interest in the club and started to let it die until Winkleman moved them 100miles north Thanks for clearing that up.
act smiley Posted 16 March 2008 Posted 16 March 2008 Thing is though, like with Cardiff they had some good days on the pitch with Hammam in charge, he didn't exactly do things that well for them off the pitch - he sold off Plough Lane and pocketed the money from it, for example.
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