It is being reported that Peter Ridsdale will receive his final payment in mid-October finally taking him off the gravy train that he rode for as long as possible at Cardiff City. Ridsdale will prefer to remind the public how he removed Sam Hammam, created a play-off challenging side, took City to a F.A. Cup Final and oversaw the arrivals of the Malaysians.
However Cardiff fans know it came at a very heavy cost which nearly saw the club collapse. Fans will also remain bitter over how Ridsdale treated them badly and seemed to mislead them which ultimately brought about demos earlier this year to vent their feelings.
T.G. and key investor Vincent Tan are supposed to have driven a hard bargain and, in the process, hopefully delivered a more secure and forward looking Cardiff City and show that they’re here for a while, not just a one season tilt.
Ridsdale was entitled to nearly £1M to leave the club (I’ve no idea how he managed such an outrageous amount on top of everything else he plundered) but the Malaysians are reported as having him settle for £500k but also made it a condition that he sold his shares to them.
PR’s shares were also controversial. Buying them at 15.69p, a price nobody else could get near, he also had a stadium completion bonus which were converted into shares at an incredible 11.11p giving him over 4.5M shares, 10.1% of the stock.
However, TG and VT are believed to be buying them at 5p. Their larger stake in a club they kept in business and have turned around dramatically makes for fantastic news.
For as long as I’ve been alive, Cardiff City have talked about a new start, a dream, transparency, keeping the faith and the end of its problems … and then of course, we get the reality and crisis until a rescue or takeover is mounted and we’re promised the very same things.
However, Cardiff City Football Club, despite having to resolve its jumbo-sized debts courtesy of the regimes of Sam Hammam and Peter Ridsdale who both spent unwisely with other people’s money, do finally seem to be on the verge of something exciting and which could have the necessary stability behind it.
Time will tell if this is another phoney chapter or the greatest era yet in modern times with the club as today’s EGM needed just 15 minutes to formally approve the investment of T.G. and Vincent Tan while formally saying goodbye (and informally saying good riddance!) to Peter Ridsdale, Keith Harris and Alan Flitcroft.
THE SPECIALS sing Dawning of a New Era in homage to T.G. and Cardiff City of course!
In came a new Board with T.G. as Chairman, Vincent Tan is onside too along with Steve Borley, Alan Whitely and Paul Guy. Gerthin Jenkins was confirmed at new Chief Executive and we have a new Finance Director too.
In what will be seen as a marker and statement of intent, T.G. said how proud he was to head the club and that it will be 2 nations united (Malaysia and Wales) but that he is aiming for a Top Two place as he couldn't put himself through the play-offs again. He promised an exciting future but emphasised how the club must control its finances.
Time will tell if these fine words are backed up by investment for a major promotion assault but for now, let's just be thankful Ridsdale has gone and the club can look forward. That'll do for me!
Nothing ever runs smoothly at Cardiff City, it’s always a soap opera, so fans shouldn’t really have been surprised but found themselves shocked at today’s news that the players had not been paid. This in a week when the fourth placed Bluebirds play two critical home games against Leicester City (Tuesday) and Swansea City (Saturday) which is hardly a morale booster.
According to reports, Finance Director Alan Flitcroft dashed to the club’s training facility to inform manager Dave Jones that the squad will be paid in a couple of days. It all lends credence to HMRC’s claims that the club were trading insolvent and had run out of funds.
However, at that same hearing, the club stressed that a Malaysian investment was close and it looks like T.G. is riding to the rescue. He is quoted today as saying that, ““They will be paid and, even if it’s a day or two late, it is only due to international transfer of funds.”
The big name players on thousands of pounds per week can probably cope adequately with this and not even notice a blip but you wonder if it impacts on squad members. Either way, it’s a talking point and distraction that they could do without.
The signs are highly encouraging from T.G. that he will come good, the messages from within the club remain upbeat too but times and experiences should really have taught all City fans to believe it when we see it … and it ain’t a done deal yet.
Saturday, March 20, 2010
T.G. unveils his vision for Splott
There were encouraging whispers following Steve Borley's visit to Malaysia last week and they have been followed up with what appear to have been highly successful talks in Cardiff yesterday as T.G. flew in from the Far East to meet with Mike Hall representing P.M.G. (City's laregest secured creditor who are owed almost £10M) and subsequently the Board of the club.
It is believed T.G., apparently backed by the seriously wealthy Vincent Tan, have offered 9p a share for a controlling interest in the club and a £6M investment pagkage initially. That offer is a far cry from the 45p price quoted by Peter Ridsdale when talks between the parties started last year. Clearly, the Malaysians have been shrewd, bided their time and waited for the right opportunity - quite rare to see some business sense taking place around our club!
Talks went so well that the club and T.G. issued a joint positive statement late last night while T.G. also spoke on the phone to Matt Gabb of the London-based 1927 Club for fans telling him, "subject to a few conditions, I'm in".
All encouraging then although the final deal is not expected to be confirmed until next month and there is no Plan B for the club. It is deal or bust and the next 10 days are absolutely critical with a large wage bill on the horizon.
What also remains unclear is whether Peter Ridsdale is to remain on the scene. Fans would be disappointed, upset even, if he continues to play a role at the club. Whiel rumours abound that the Malaysians do not want Ridsdale at Sunday's home game with Watford, his rented property in Cowbridge has a new 'for rent' sign outside and a severance package was to be offered, Peter Ridsdale made sure he met T.G. on arrival in the U.K., he took hiom to meet Cardiff City council leader Rodney Berman (haven't a clue why) and he seems to have been fully involved in the meetings that have taken place.
CARDIFF CITY STATEMENT
Fri 19 Mar 2010
Cardiff City Football Club
The Board of Directors of Cardiff City Football Club and Dato' Chan Tien Ghee (Tg) are pleased to confirm that discussions over the last few days have continued in a positive and productive manner with a view to a further planned investment in the football club.
Both parties are working towards this further investment being concluded by the end of April this year. Investment will be subject to the satisfaction by the Club of a number of conditions which are designed not only to stabilise the finances of the football club but also to ensure that the club is structured appropriately to build on the progress that has already been made.
TG said: "I am extremely hopeful that with goodwill on all sides we will be able to conclude matters quickly and for the benefit of the Club and I look forward to playing my part in the future success of Cardiff City."
Crucial days regarding the future of Cardiff City seem to be almost a weekly, if not daily, event at present.On the day, T.G. arrives from Malaysia for talks which can make or break the club as there appears to be no other option, the Supporters Club and Supporters Trust have issued a joint statement clearly designed and timed to cause maximum impact and which reveals a lot of details privately discussed for some time.
Cardiff City fans have craved for some transparency and basic realities for a long time and there it is. Hopefully, that will make it very clear to all parties about the gravity of the situation at the club.
The difficulties that have arisen cannot be laid directly and entirely at PMG's door, I think the statement should have acknowledged that as it can come across as an attack on them, but they have undoubtedly influenced events and direction of the club to help get the stadium project going in the club (they were instrumental in pushing Hammam aside) which has materially been to their advantage.
Clearly, by applying shocking interest rates on their loans (way above base rate) plus all the other deals regards land, they continue to take advantage as well without any benefit to the club.
It now lies with them to do influence the club's entire future. It is about time they put something back as they sure have taken a hell of a lot.
Despite being granted a 56-day stay of execution in the High Court last week, it appears that Cardiff City Football Club's future is once again on a knife edge. We have been reliably informed that administration is virtually inevitable before the end of March if significant new investment in the club has not materialised by then. We understand the Bluebirds' cash reserves are practically exhausted, there is little money available to pay this month's wage bill and debts are now estimated at almost £40 million. The situation is clearly perilous, although we are led to believe there may be light at the end of the tunnel thanks to a written offer of investment from a Malaysian consortium. The group's front-man, Dato Chan Tien Ghee, is said to be arriving in the UK on Thursday for a series of meetings with Bluebirds' officials, during which the club's fate will effectively be sealed. The men who appear to hold the key to the football club's future are Cardiff-based property developers Paul Guy and Mike Hall. Their company, PMG, is the club's biggest shareholder and also its largest secured creditor. Consequently, they are certain to be central to any takeover negotiations. During recent years, PMG has benefited from a series of lucrative land deals connected to the Cardiff City Stadium project. Not only has the company become the sole owner of the successful Capital Retail Park, but it was also chosen to develop and build the Glamorgan Records Office, which stands adjacent to the new stadium. In addition, PMG recently purchased another large plot of land on the stadium site, upon which a hotel will eventually be developed. It is clear that PMG has been doing very nicely from its relationship with Cardiff City, but the current state of the football club's finances suggests the benefits of this association have not been entirely mutual. It should be acknowledged that Paul Guy and Mike Hall were largely instrumental in getting the new stadium project off the ground. They advised on all stadium development issues, while PMG advanced the club £9 million of the funding required to build it. The loan was secured against future income from the Premier Club seating area and attracts interest estimated at £500,000 pa. In December 2006, while he and his colleagues were in the process of taking control of Cardiff City, Mike Hall claimed the new investors were local people who were interested in the football club's long-term future. He also described former-owner Sam Hammam as being motivated by "total greed and self-interest." We sincerely hope that Messrs Guy and Hall will not put themselves in a position whereby they will be open to similar accusations from Bluebirds' supporters during the coming weeks. We therefore call upon them to set aside their personal interests and do what is right for Cardiff City Football Club in the critical days ahead.
Last week, Cardiff City Football Club appeared to be at death’s door with no way out.Could it possibly be true that salvation may be close?
Rumours appear to be gathering pace that the Malaysians are ready to make their move and oversee some sweeping changes.
The rumor mill has it that following successful talks with Steve Borley in Malaysia last week, real action and intent will roll out this week and will feature;
Data Chan Tien Ghee (T.G.) will fly into U.K. to spend at least 3 days finalising a deal later this week.
Vincent Tan, a multi-millionaire, will be backing T.G. which is exciting news.
They will invest significant money by the end of the week, £6M has been the widely touted figure.
They believe promotion is still acheieveable this season and will be backing Dave Jones.
However they are not back Peter Ridsdale and want his departure as soon as possible.Whether still in situ or not by the weekend, The Malaysians do not wish him to be at Sunday’s home game with Watford – a real show of change.
Steve Borley will be asked to run the club until the end of the season which he has agreed which has to include talks with creditors, concluding agreements and payments over winding up orders and more.
What’s uncertain from these rumours are whether the Malaysians are backing the short-term only or here for the ride but fears that the club could hit the floors within days and not meet its next wage bill could certainly be overcome by this news.
Potentially, this is all good news, every bit of it very welcome.Please let it be true and not more agony for Bluebird followers worldwide.
However the would be investor/new owner told the South Wales Echo, "“Anybody who Googles my name can see what I am about." Oh yeah??? Where???
Steele was apparently in Cardiff yesterday for a day of talks with Peter Ridsdale and may be at the Leciester City F.A. Cup game later.
However he continued his unusual theme of doing his talkiing through the newspapers upset by internet questions about his motives, whether he has the wealth and his ability.
Got to confess, I don't like the way he has conducted himself, my gut feeling is that he is a chancer (sorry, can't help thinking that) and the only thing we really do know about him is that he made a rather bizarre, farcical some would say, attempt to take on Southampton last year and flew out almost quicker than he arrived. Southampton fans and their Trust were left deeply unimpressed and this is bound to resonate.
However it is fair to say that there are plenty of City fans understandably willing to wait and see what happens next and how this develops, reserving all judgements until then.
Fact is however, if Steele had not run to the papers talking about himself and kept it all confidential, then nobody would be talking about him.
He was in a feisty mood responding to internet and messageboard criticisms, some of which have come from me so my neck and gut feel is on the block! ;>)
“I seem to be getting abuse from a few Cardiff City fans. Why? They don’t know me and don’t know much about me. They ask do I have the money? If I have, where did I get the money? And there are detrimental comments from people who don’t know what’s going on."
“That disappoints me. I was angered by some of the comments made by people who simply don’t know me and don’t seem to want to give me a chance. I have sold an awful lot of cars over many years and I am into property investment and development. It’s not a secret, but I did get a bit wound up after looking on the internet.”
Steele repeated he has the money to buy the club but, for the first time, suggested he will not rush into any deal.
Meantime, Cardiff City claim to still be talking to Malaysians and Amercians, the transfer window shuts firm in 9 days (Peter's parade of new players seems as far away as ever) and the tax winding up order is due to be heard in 18 days.
There's a ticking time bomb and the fuse is getting shorter!!
With Cardiff City's present and future the subject of continuing debate and even doubt, all eyes this week have been on our beloved Chairman, Peter Ridsdale.
It's had to be all eyes as for once in his life, Publicity Pete has gone silent so our ears aren't needed. Just as well, as a promise or assurance from him has as much value as a Kajagoogoo cd.
£500,000 a year and we're in a mess
but that's still half a million reasons for Ridsdale to stay
Ridsdale's latest assurances are that the tax bill will be paid, new players will still be signed this month and he looks forward to parading them. However the quality of any new signings remains to be seen. Whether it means others will depart will be monitored but how the club deal with their problems is now the biggest concern.
It seems apparent that, like it or not, we're in 'shit or bust' scenario. Paul Guy and co will surely not allow administration to happen but they're clearly not prepared to invest either so everything hinges on a takeover by the Malaysians or anyone else ... unless we somehow get promoted to the Premiership and sort it out through on field success.
The Malaysians are due to meet a delegation of fans in London next week and hold all the aces as the club appears to be on its knees. Clearly, whatever price was discussed a few weeks ago has long gone out of the window and there are rumours (unproven I stress) that City are now trying to cut a deal at almost half the price. This may prove good news as the less reward that the current regime walk away with, the more any new owners will have to invest in the club and dealing with the crippling burdens of its debts. However the Malaysians are smart businessmen and can call the shots, we will have to see how this develops. They're in a position to prolong the agony for the current Board.
Back to Ridsdale and a twist is that supporters have been issued with a rallying call to back him as he is on the verge of quitting. We should be so lucky, many ill argue. How many more times is he going to pull this melodramatic stunt say others as we've been here before.
The Riddler, quite rightly too, has come in for flak and is the focus of anger. The only person he has met this week is totally respected supporter and Supporters Club Chairman Vince Alm who asked to see him. However the content of what was discussed is confidential as Ridsdale put an embargo on Alm reporting details to fans.
That was compounded, to some degree, by Alm yesterday calling on fans to back Ridsdale suggesting the Malysian takeover may not happen at all without Ridders and the club would freefall without him. It's another card we've seen played before as we used to get the same messages in the era of Sam Hammam when his tenure was in crisis. More perplexing is why send such a message when few, if any, fans have called for him to get out now. Most of all, are hard-bitten Malysian businessmen so fickle and sensitive that one man means make or break as does what the supporters think of him? Really???
For my money, there is no reason to suspect Cardiff City's will be better off or worse off with or without Peter Ridsdale around although supporters or opponents will come up with factors.
The relaity is that there is no more a guarantee that we'll be ok with him than there is we'll collapse without him. What is for sure is that the club, and Ridsdale, have conspired to get us into this situation which is why the Trust calling for an A.G.M. is 100% valid.
I personally believe Peter Ridsdale has a duty to see his job through and undo the carnage that he, as a figurehead and a key decision maker for this club, has been a significant contributor towards. That's not to be ungrateful for the job he has done. On and off the pitch, he has achieved plenty and left a legacy ... if we can push on. However once these problems are resolved, whether for better or worse, he needs to get away from this club.
In my mind, it's not a case of supporting Peter Ridsdale. My support goes to Cardiff City Football Club. In that respect, then it's important he sticks around for a while longer.
The internal inquest into the Xmas Disaster that was CardiffCity has gone into overdrive today.
Losing a home game to Leicester City as the club had not got around to commissioning the boiler for undersoil heating was embarrassing enough and made The Bluebirds a laughing stock but that pales into insignificance with the post-Christmas results.
Defeat at home to bottom of the table Plymouth who hadn’t scored in 6 games, all in front of Cardiff’s biggest home Boxing Day crowd for 40 years, was unacceptable but could be dismissed as a fluke and ‘one of those games’ after City missed half a dozen golden opportunities but were denied by defensive and goalkeeping heroics too.
However yesterday’s capitulation at Peterborough, who themselves became bottom club, is inexcusable and leaves the club, its manager and players with no hiding place.To lose a 4 goal half-time lead defies belief but as the blog as shown in the past 2 days, City and Dave Jones have a history of collapses and losing late goals that shows no sign of being arrested.
One unbelievable aspect has been Dave Jones’ decision to publicly lambast Jay Bothroyd and it is understood the pair were due to meet up today – 24 hours before Jones sees the rest of his battered squad.Maybe there is more to this than meets the eye because how a striker, who was withdrawn with City still 2 goals to the clear, can be blamed for failings at the back is beyond me but he has been singled.
Jay scored a wonderful first half goal band did appear to be one of many players who thought the job was done at the interval and stopped their performance level but many will feel that others were far worse.However Jones was uninterested in how bad Jay’s injury could be, commenting that, “"I haven't spoken to him, don't want to speak to him, don't want to speak to any of them at the moment. I haven't asked him and don't want to ask him because he's one of those players who decided to do it his way and his way isn't good enough.”
As for the rest of the shambles, Jones has hinted he may now wheel and deal with some personnel by saying, “One or two, if we can do it, we'll change them.We need to get players in because the players, in the second half, didn't do what we expected of them.But maybe one or two of them just decided that they think it's a bit easy and one or two, if we can do it, we'll change them."
Cardiff’s cashflow problems appear to be no better than ever with the Malaysians continuing to stall on any investment, some even believing their future involvement in the club is in jeopardy.No wonder City are therefore appealing to fans once again to invest in season tickets with the club pledging to use those funds for new recruitment in January.They are aiming to raise £3M in season ticket sales by Friday with their interest free, price freeze for 5 years and full refund if City are promoted this season deal.
I’ve renewed mine and I truly hope it brings strengthening so the team can have a good crack in the second half of the season but it does sound like desperation, doesn’t it?
CARDIFFCITY chairman Peter Ridsdale met with supporters at a packed Municipal Clun in City Road, Cardiff last night and declared, to quote Dad’s Army, “there’s no need for panic”.He’s also suggested a golden future may be close.
Publicity Pete or the Station Controller?
- A man of the people! -
I was unable to attend due to work and I’ve been to enough of these events to realise the chairman is polished, an accomplished performer and would be an outstanding politician as he says plenty but you learn little or nothing new. For someone who promises transparency, he falls well short of full disclosure but deserves credit for holding these sessions. I’m unaware of any other Championship chairman who does.
However these seem to be the key points:
On DAVE JONES (who is coming under pressure again recently)
Ridsdale offered a vote of confidence and intends to back him with money to buy players in January (wonder who is going then!)
On SAM HAMMAM (or LANGSTON)
Peter is confident a deal will be finalised by the end of the week.He said exactly the same thing a fortnight ago however so we’ll see.
A deal, rumoured to agree to pay Langston £10M, at £1M per year in monthly payments (that’s more than £83,000 per month!) is rumoured to be on the table although City are hoping to pay it in full by the end of next year.It is believed Hammam would also get £5M if City are successful in selling stadium naming rights and a similar amount if Premiership football is achieved in a certain time.
Hammam also enquired about rejoining the board as a director which was instantly refused as it should be.
OTHER DEBTORS
Ridders also outlined PMG (Paul Guy and this team) are owed £9M, more than £2M in extra costs for the new stadium and £1MN each to directors Steve Borley and Michael Isaacs.Ridsdale refused to reveal the debts to HMRC tax office which ended in court last week but remours have it at around £1.25N.
Put it all together and that means debts of at least £24M.
THAT TAX MATTER
He was unhappy with The Echo for revealing it and their sensationalised reporting of it but it is in the public domain.It does appear the club are resolving it but other than cause embarrassment and, I’d imagine, other debtors knocking hard on the door for their money back, it’s s situation the club created.
THE MALYSIANS
Ridders is genuinely excited about this development revealing that Dato Chan Tien Ghee has already invested an amount.He refused to reveal how much but hinted it is millions with more to follow this week.T.G. has been rumoured for some time to be a ‘front man’ for his boss, Vincent Tan, listed as one of the Top 10 richest Malasyians and worth a cool US $9 billion.Peter has confirmed meeting the main man, this does open the door to exciting times ahead but we’ll see.
Due diligence is currently underway with the Malaysians prepared to buy a chunk of the club or launch a full blown takeover but clearly providing the monies to deal with the debts.
RIDSDALE HIMSELF
Well he does like to do that and congratulate himself, doesn’t he?
He told the crowd he earned £350,000 a year, had a £500,000 bonus when the stadium was completed and, like L’Oreal, he’s worth it.
SEASON TICKETS
Ridders is disappointed by the take up of frozen prices for 5 years for supporters who renew before the end of this year for next season.It is believed just over 3,000 fans have done that – I’ve bought my 3, what a hero I am! :>)
LASTLY THE TEAM
The club were unable to bring in the quality they needed before the closing of the loan window last week and were better off waiting to make permanent signings in January for the quality of players we need.I just hope we’re still in contention by then as we’re currently slipping away fast.
However, a caveat, he is hopeful this will happen and is not guaranteeing it.“It will be tight but I’m very hopeful” he told them.
He said the side had lost all creation without Steven McPhail (although we did start the season on fire without him) , how last weekend’s performance against Ipswuich was completely unacceptable and in a barb aimed at one player, he declared that, “Joe Ledley is playing like he is somewhere else already.”Maybe he is … or soon will be anyway!
If Cardiff City were a rollercoaster, Health and Safety would condemn it for being too dangerous and if they were a soap opera, the scripts would be rejected for being too outrageous and the writers would be taking drug tests. Nothing, however, is ever normal or straightforward at this club and they always leave us open-mouthed.
This time last week, after internet rumours with good reasoning, Peter Ridsdale denied that the club were on the verge of a major crisis although it had the usual cashflow problems, he was hopeful that Sam Hammam would agree and sign off a legal deal by the end of the week and then investement was just around the corner, we found out most of the answers today.
Out of the blue came an announcement that the club had fought off a HMRC tax office winding up order in the courts with a 70 day stay of execution to clear its debt of an undisclosed amount ... is it coincidence that ties in with the end of the January transfer window when City can sell its assets? I truly hope so.
Sam Hammam has been stalling, as usual, on the agreement but remains in consultation with the club.
Then, barely 1 hour after this, the club announced that Malaysian businessman Dato' Chan Tien Ghee (TG), after weeks (months even) of discussion as joined the Board of Directors of both Cardiff City Football Club (Holdings) Limited and also Cardiff City Football Club Limited as a Director. At this stage, it is unclear whether he has invested any funds at all but it would appear that he will attract further investment (oh we hope!) from the Far East.
(In fact, I have heard whispers of the name of a potential further Malaysian backer who has access to major resources - time will tell).
Is it only Cardiff City where one minute we hear they're close to collapse and then are being led to believe that the golden future is finally arriving? Incredible.
On the HRMC order, the club issued a statement: It has been inaccurately reported that Cardiff City Football Club face a winding-up order from Her Majesty's Revenue and Customs, following a court hearing today, Wednesday, November 25.
Today's court action had the affect of withdrawing the threat of a winding-up order rather than imposing it.
For the avoidance of doubt, Cardiff City Football Club have a payment schedule in place with HMRC, and there is no prospect of the club being wound up. This payment schedule was agreed with HMRC some time ahead of today's court hearing.
Cardiff City Football Club have every confidence in their future financial stability and fully expect to be in a position to make further investment in its playing squad in the January transfer window.
On the appointment of TG, the club announced:
Dato' Chan Tien Ghee is Managing Director of Central Malaysian Properties Sdn Bhd, a major Malaysian Property Company currently managing the renowned Lido Boulevard Waterfront Development in Johor, Southern Malaysia.
Dato' Chan's appointment reflects the continuing confidence that we have in the opportunity that exists for Cardiff City Football Club within Asia which will see us extend youth development, attract further sponsorship, broaden our supporter base and through Dato' Chan, his contacts and his partners, provide investment directly within the Group.
Commenting on Dato' Chan Tien Ghee's (TG's) appointment, Cardiff City Football Club Chairman and Chief Executive Peter Ridsdale said: 'The fact that TG has accepted this appointment demonstrates the confidence that exists that Cardiff City Football Club can, with the right level of additional investment, whether directly or through the broader global commercial opportunities, become an established top-flight football club."
Commenting on his appointment, Dato' Chan Tien Ghee said: "I am very proud and privileged to be joining the Board of Cardiff City at this time. Now that the infrastructure is in place, I believe that together with the existing Board I can help to provide Cardiff City with the additional resources it requires to achieve the ambition of attaining Premier League Football and of making Cardiff City a recognised household name across the Asian continent."
Talking on the Cardiff City phone-in tonight, Peter showed why he is regarded as a master politician by being bullish about the future whilst dismissing the day in court.
As much as he would wish to disguise it, today was a highly embarrassing episode which showed a complete lack of financial and corporate management. I can only hope, as Ridsdale claims, that the club have made a payment and agreed a solution with HRMC but when I questionned him why the courts issued a 70 day extension if, as he claims, it all all resolved, he answered, "I don't know".
Do I think it's as simple as Ridsdale has tried to make out? Not for a single minute.
However let's end on a positive note, the arrival of T.G. may be a positive sign. Some City fans are already getting intoxicated believing it is the making of our club and all our problems will be over. Personally, I'll believe it when I see it. After all, if I had a pound every time I heard the likes of Hammam and Ridsdale make a comment that didn't stand up to scutiny or subsequent events and actions, I could have cleared all the club's debts myself!
Malaysian businessman and property magnate Dato Chan Tien Ghee - known to all at the club at T.G. - has returned to Kuala Lumpur after a visit, watching two Cardiff City matches and three days of talks with Bluebirds supremo Peter Ridsdale whose is unusually tight-lipped at presenting telling South Wales Echo only that the talks "went well, that's all there is to say at the moment".
He could certainly not possibly have picked a better time to visit and is reported to have been thrilled watching City demolish Derby 6-1 last Tuesday when he went on to meet the players and he was also in London at the weekend watching them trounce Watford 4-0.
Ridders and the club are desperate for financial shake up and restructure, there are even rumours of a possible cashflow problem after more money had to be poured into the new stadium development, last season's play-off failure, the failure to get stadium naming rights and other anticipated commerical opportunites to expected levels in the recession and even not being able to sell Ross McCormack or Joe Ledley in the recent transfer window for differing reasons.
Therefore any investment is to be welcomed and will be actively persued, T.G. certainly seems as if he can offer potential. Two visits by Risdale to the Far East and now T.G.'s visit here suggests things are developing nicely but time will tell what, if anything, it all means.
CARDIFF CITY chairman Peter Ridsdale provides his take on today's announcement of a "strategic marketing alliance" (you what?) with Malaysian group Football Focus Asia.
CARDIFF CITY have been trying to attact interest and investment from overseas for some time without great success but they have today announced an agreementin principle to form a "strategic marketing alliance" with Malaysian group Football Focus Asia.
Quite what that means, or turns out to be, is anybody's guess although Chairman Peter Ridsdale is bullish declaring, ""We think it's a massive coup for Cardiff City Football Club"
The Bluebirds are clearly hoping it will prove to be an enormous cash boost with Malaysians providing the finance to wipe out £24M debts owed to key creditors Langston and PMG but that it could also lead to shirt and stadium sponsorhip.
It is believed Cardiff have already agreed to tour the area next pre-season with the inevitable commercial buzz words about global brandings, increasing the fan base commercial and unique opportunity.
This has been work in progress for several months starting when head figure TG and his son visited Ninian Park and were believed to have been swayed by the occasion. Last week, Ridsdale and Alan Whiteley visited the Far East to progress talks which resulted in today's announcement.
