CLUB STATEMENT: 12/02/16
Club News
12th February
Cardiff City Football Club is pleased to announce the following financial information, as confirmed on 11th February 2016 by Tan Sri Vincent Tan.
During the 2014/15 financial year, Tan Sri Vincent Tan waived £13 million of the debt owed to him by the Club and further converted £3 million of debt into equity in accordance with the Financial Fair Play regulations.
In total, therefore, for the year ended 31st May 2015, £16 million of Club debt was cleared.
The 2014/15 accounts also show that the Club and the Group traded profitably.
For the financial year 2015/16, Tan Sri Vincent Tan will convert an additional £68 million from debt into equity and waive a further £10m of the debt owed to him.
The remaining debt, amounting to approximately £40 million following the above waiver and debt to equity conversion, will be converted from debt into equity over the next five years at the current maximum permitted Financial Fair Play regulated figure of £8 million per year.
The 2014/15 audited Financial Statements will be filed at Companies House on Monday, 15th February 2016.
On behalf of Cardiff City Football Club, Chief Executive Officer, Ken Choo said of the above statement: “We’d like to thank Tan Sri Vincent for his generosity and for visiting us personally to make this significant announcement.
“Cardiff City Football Club can look forward with a renewed level of optimism and financial stability, as a result of his kind gesture.”
During the 2014/15 financial year, Tan Sri Vincent Tan waived £13 million of the debt owed to him by the Club and further converted £3 million of debt into equity in accordance with the Financial Fair Play regulations.
In total, therefore, for the year ended 31st May 2015, £16 million of Club debt was cleared.
The 2014/15 accounts also show that the Club and the Group traded profitably.
For the financial year 2015/16, Tan Sri Vincent Tan will convert an additional £68 million from debt into equity and waive a further £10m of the debt owed to him.
The remaining debt, amounting to approximately £40 million following the above waiver and debt to equity conversion, will be converted from debt into equity over the next five years at the current maximum permitted Financial Fair Play regulated figure of £8 million per year.
The 2014/15 audited Financial Statements will be filed at Companies House on Monday, 15th February 2016.
On behalf of Cardiff City Football Club, Chief Executive Officer, Ken Choo said of the above statement: “We’d like to thank Tan Sri Vincent for his generosity and for visiting us personally to make this significant announcement.
“Cardiff City Football Club can look forward with a renewed level of optimism and financial stability, as a result of his kind gesture.”
