Wednesday, February 10, 2010

Cardiff have 28 day reprieve

When Portsmouth and Cardiff City fought out the 2008 F.A. Cup Final at Wembley with Dave Jones declaring "someone needs shooting if Cardiff don't kick on from that boost", who would have believed that both clubs would be in High Court today, 21 months on, fighting winding up orders.

The reasons why are similar - both outfits chasing the dream gambled with monies they didn't have in the hope it would produce rewards but their financial mismanagement and policy of madness caught up with them.

Portsmouth have 7 days to find a crippling £11.5M owed to the taxman and their future is in the gravest doubt.

Cardiff were given a 28 day reprieve having paid £1.2M of their original debt. They have need to find another £1.4M which should come from sale of land, the Chelsea F.A. Cup tie bringing in another £0.5M and the colub trying to get owed transfer monies early, director investments etc.
They should see the season out - although this is far from guaranteed at present - but whether they can maintain a play-off challenge is now in serious doubt given a threadbare squad they just cannot add to.

The question is where do we go from here?

It seems the club's only hope is major new investment and it doesn't seem as if any will arrive anytime soon, surviving the season and having a firesale of players leading to a poor, weak side next season or, hope against hope, that City can get to the Premier Division somehow.

New investment seems to be as far away as ever. The Malaysians may still be around, many are now doubting their intentions. Everyone else has gone away or was never here.

All today means is that we've barely jumped and nearly fell at the first fence of the Grand National. Whether City get get over the other 27 hurdles is what remains to be seen.

I am genuinely fearful. Today's news didn't change that in the slightest.

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