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Page last updated at 19:43 GMT, Wednesday, 25 November 2009

Cardiff cash halts winding-up bid

Datuk Chan Tien Ghee watches Cardiff play with chairman Peter Ridsdale
Datuk Chan Tien Ghee watches Cardiff play with chairman Peter Ridsdale

Cardiff City have announced Malaysian businessman Datuk Chan Tien Ghee has joined the club's board and that he has already started to invest his money.

It comes on the day that the Bluebirds appeared before London's High Court to face a winding-up order brought by Her Majesty's Revenue & Customs.

But the case was put off for 70 days to allow the club to pay the undisclosed debt.

"I'm delighted," Cardiff chairman Peter Ridsdale told BBC Wales.

"It's confirmation from the Inland Revenue that we've now reached an agreement on any monies that were outstanding from the past.

"We've started paying it back, we have an agreed payment plan and they confirmed to us that they would go to court and withdraw any likely action and I'm told today they suspended that action exactly as agreed."

The Inland Revenue debt is not the only debt the club is trying to clear.

The club has a long-standing £15m debt owed to former owner Sam Hammam's Langston Corporation.

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Langston took Cardiff to the High Court in March 2008 to repay their debt immediately but the club's barristers, who named Hammam as the man behind Langston, successfully argued that the monies owed are not repayable until 2016.

Langston could still pursue a full hearing, but a High Court injunction prevents them taking further legal action until January.

But Ridsdale hopes the debt will be paid next month after revealing they have reached an "outline agreement" - and the Bluebirds chairman awaits the lawyers go-ahead.

And he says Wednesday's announcement of Tien Ghee's "TG" investment will put the club in a good position for the future.

"It's very, very good news," said Ridsdale. "We fully expect that the club will see an opportunity for investment of funds, not only on a personal level but also through some of his contacts in the Far East.

"We have already received some money and more money is on its way from the banks in the Far East.

"We are in a period when we expect whatever we have received to be enhanced in the future through various options which will include looking at sponsorship opportunities, but will also include direct investment."

And Ridsdale has refused to rule out the possibility of Tien Ghee taking full control of the club in the future.

"I don't think anybody would be putting in the sort of funds we are expecting over the next few weeks unless they see it as a good investment opportunity," he added.

"If it turns out to be as good as we both believe it will be then who knows where it may lead.

"The club is in good hands today and it will continue to be in good hands in the future."

Tien Ghee told Cardiff's official website: "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."



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see also
New investor poised for Cardiff
01 Nov 09 |  Cardiff
Cardiff boss hopeful on debt deal
29 Oct 09 |  Cardiff


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