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Cardiff Update

CotswoldRed

By CotswoldRed
in Football Chat

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Posted
Posted

You really need the holding company accounts, Cardiff City Football Club (Holdings) Limited, to see the true picture of group debt though. It won't be pretty anyway. If it was a horse it would be shot.

Here we go..

CCHoldings.pdf

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Port Said Red

Port Said Red

Posted
Posted

Here we go..

CCHoldings.pdf

Decrease in cash £29M !!

And some of the other figures are balanced out by the valuation of the stadium as an asset, but surely the stadium can only be valued that highly by an organisation using it in a similar manner? This is unlikely with the Mill Stad being close by and there not being another sporting club likely to need a stadium of this size. The valuation for most prospective buyers would only be for the land, minus the cost of knocking the stadium down again, and building something more useful on it.

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Bcfc3660

Bcfc3660

Posted
Posted

Im not even going to pretend that i undertstand any of what is in that pdf. Im a dog handler/trainer in the Army for gods sake! Can anyone explain to me in simpleton terms what it means?

(apart from Bardiff is ****ed!) .

I must be the only dunce on here.

I'll get my coat.

:bored:

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RedM

RedM

Posted
Posted

Am I right in thinking they also have no season ticket money to come in this summer as they already sold them and spent the money?

From memory, just before Christmas they encouraged their fans to buy season tickets for this coming season. The club promised that if they were promoted the fans would get a full refund and therefore watch premiership football for free. They were I believe quoting that over 10,000 fans took up the offer. The club was promising at the time that the money was going to be spent by the manager in the January transfer window to strengthen the squad. Although they nearly succeeded (thank you Blackpool!!!) the tax man had all the money (I think).

So the fans had paid out, saw no new players arrive, and no Premiership football either (shame :D).

I guess all but a handful of fans who intended to have ST's snapped them up at the time, therefore as you thought there can't be much more money trickling in at the moment. OK they might sell a few shirts, but I guess many are disillusioned and don't trust the club, in that I find myself agreeing.

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BCFC_Dan

BCFC_Dan

Posted
Posted

What's more, they're actually PAYING Ridsdale to be a director.

We've got a highly respected financial genius putting his own money up to improve our club in every way possible whilst they're paying a notorious incompetent to run theirs into the ground.

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Bristol Rob

Bristol Rob

Posted
Posted

What's more, they're actually PAYING Ridsdale to be a director.

We've got a highly respected financial genius putting his own money up to improve our club in every way possible whilst they're paying a notorious incompetent to run theirs into the ground.

I thought Risdale with Chief Exec and not a board member, thus the salaried position. The same as Colin Sextone is for us?

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BCFC_Dan

BCFC_Dan

Posted
Posted

I don't know. In the accounts it says "W H Sports Limited provided consultancy services, in relation to Mr R P Ridsdales role as director, totalling £325,000" but, yes, perhaps his role has been more like that of Colin Sexstone. Either way, I think I'd rather have our Col than Ridsdale.

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Bristol Rob

Bristol Rob

Posted
Posted

I don't know. In the accounts it says "W H Sports Limited provided consultancy services, in relation to Mr R P Ridsdales role as director, totalling £325,000" but, yes, perhaps his role has been more like that of Colin Sexstone. Either way, I think I'd rather have our Col than Ridsdale.

Absolutely. I'm amazed that Risdale got another job in football after Leeds, but almost immediately he found employment at Barnsley and took them into administration. To get a 3rd stab at Cardiff was mental.

I wonder if Rovers are in the market for a Chief Exec?

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Rudolf Hucker

Rudolf Hucker

Posted
Posted

The following extract is from the "Independent auditor's report to the shareholders of Cardiff City Football Club (Holdings) Limited

Emphasis of Matter - Going concern

"In forming our opinion, we have considered the inadequacy of the disclosures made in Note 1. to the financial statements and the Directors' report indicating that the financial statements have been prepared on the going concern basis. This assumes that as in prior years, the company will continue to generate sufficient funds from the issuance of new debt or equity and/or the controlled realisation of certain assets to support thr group's trading activities and enable the group to service third party debt in accordance with agreed repayment schedules. These conditions indicate the existence of material uncertanties which may cast doubt upon the company's ability to continue as a going concern. In view of the significance of this, we consider that this disclosure should be brought to your attention."

I am no financial accounting expert but, when the auditors make such a statement to shareholders it appears to be their equivalent of "Houston, we have a problem ..."

I think it could all end in tears for CCFC

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paulie walnuts

paulie walnuts

Posted
Posted

when what thay should of said is "this is all part of getting the club on a sound financial footing" and they'd still be in business now.

I can't believe Chester City died over a paltry 30k!

That's truly disgusting. You mean to tell me the combined squads of Liverpool & Everton couldn't have a whip-around to raise (to them) a measly 30k? And what about Michael Owen? He grew up just a few miles from CCFC, with all his multi-millions, he couldn't cover the debt in exchange for becomming a board member, or have a sponsorship deal with his horse racing business?

If anybody on here had a £million plus in the bank, and City needed 30k to stay in existence.....

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cityboy

cityboy

Posted
Posted

Do Cardiff actually own their stadium? I thought it was Cardiff council? If so, then including it in their balance sheet is even more dodgy.

Also, £3.3m in interest payables alone? Wow - that's unsustainable given their levels of income without even considering any of their other costs. They better pray Mr. Malaysian decides to bail them out as I can't see any other way they don't go into administration sooner rather than later.

Edit: even more interesting is section 21:

M&A Solicitors charged Cardiff £256,938 for the year - one of the partners being on Cardiff's board of directors (D Whitely).

WH Sports charged Cardiff £325,000 for the year - the shareholder being Peter Ridsdale.

PMG Estates (main shareholder P Guy, also on the Cardiff board) charged them £125,055 in fees, as well as £371,721 in interest on am £11.3m loan, of which ~£9.8m remains owing.

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surreyred

surreyred

Posted
Posted

I think the one point everyone is missing in this that no matter how bad the fiqures actually are, and how much money is owed, or how badley the club has been run. No Westminster goverment will want the political fall out of an English court taking down the largest Welsh Club.

Why do you think the courts keep knocking this one back, where any other club would have been put into adminstration. They are hoping the club will sort it out eventually and they won't have to make a potentially difficult policital decision.

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Southport Red

Southport Red

Posted
Posted

I think the one point everyone is missing in this that no matter how bad the fiqures actually are, and how much money is owed, or how badley the club has been run. No Westminster goverment will want the political fall out of an English court taking down the largest Welsh Club.

Why do you think the courts keep knocking this one back, where any other club would have been put into adminstration. They are hoping the club will sort it out eventually and they won't have to make a potentially difficult policital decision.

Would have been very true a few months ago but I don't think the Conservatives feel they need (or at least expect to get) that many votes from the Cardiff area. By the same token, it would deliver them a lot of votes from Swansea :)

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Geoff65

Geoff65

Posted
Posted

I thought Risdale with Chief Exec and not a board member, thus the salaried position. The same as Colin Sextone is for us?

He had two jobs, Chief Executive, for which he got paid for and chairman which again he got paid for and in addition to the Chief Executive's salary.

They had two stadium managers and replicated roles all over the place.

Some info

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LeBlueRouge

LeBlueRouge

Posted
Posted

Do Cardiff actually own their stadium? I thought it was Cardiff council? If so, then including it in their balance sheet is even more dodgy.

Also, £3.3m in interest payables alone? Wow - that's unsustainable given their levels of income without even considering any of their other costs. They better pray Mr. Malaysian decides to bail them out as I can't see any other way they don't go into administration sooner rather than later.

Edit: even more interesting is section 21:

M&A Solicitors charged Cardiff £256,938 for the year - one of the partners being on Cardiff's board of directors (D Whitely).

WH Sports charged Cardiff £325,000 for the year - the shareholder being Peter Ridsdale.

PMG Estates (main shareholder P Guy, also on the Cardiff board) charged them £125,055 in fees, as well as £371,721 in interest on am £11.3m loan, of which ~£9.8m remains owing.

Great bit of investigation there cityboy.

All sounds very bent and fishy.

How Risdale can get away with it after what he done at Leeds is just amazing.

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Busterrimes

Busterrimes

Posted
Posted

Great bit of investigation there cityboy.

All sounds very bent and fishy.

How Risdale can get away with it after what he done at Leeds is just amazing.

I'm not sure there is anything illegal there as I'm sure Mr Risdale will say that WH Sports provided Consultacy work or maybe Debt management advice to CCFC. Although not illegal it isn't very ethical when the club owes so much.

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Port Said Red

Port Said Red

Posted
Posted

Quote from the Lonegunmans piece..... "Included in the list of creditors is a firm called Sports Asset Management, who apparently gave the club a loan of £2,500,000 at some stage during the 2008/09 campaign. The interest payable on this loan is quoted as being an astonishing £1,250,000. As at 31 May 2009, the entire debt of £3,750,000 remained to be paid."

??? Did they open their door to Luigi and Paulie who made them an offer they couldn't refuse?

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Rudolf Hucker

Rudolf Hucker

Posted
Posted

Quote from the Lonegunmans piece..... "Included in the list of creditors is a firm called Sports Asset Management, who apparently gave the club a loan of £2,500,000 at some stage during the 2008/09 campaign. The interest payable on this loan is quoted as being an astonishing £1,250,000. As at 31 May 2009, the entire debt of £3,750,000 remained to be paid."

??? Did they open their door to Luigi and Paulie who made them an offer they couldn't refuse?

The acronym for Sports Asset Management is SAM. Could Mr Hamman be the benefactor (and beneficiary) I wonder?

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downendcity

downendcity

Posted
Posted

In their current situation, I reckon Cardiff need a new club song, and have found just the one.

"Give me just a little more time" , sung by - wait for it - Chairman of the Board!

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