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Page last updated at 16:19 GMT, Wednesday, 27 January 2010

Cardiff City cash crisis ends transfer hopes

Chairman Peter Ridsdale has been trying to find investors for the club
Chairman Peter Ridsdale has been trying to find investors for the club

Cardiff City have said they will not be signing any players before the transfer window closes as they bid to ease their ongoing financial problems.

The club had raised around £3m from a season-ticket initiative to buy players in the January window, but it will no longer be used for that purpose.

They will also be selling off "assets" which refers to land and holdings rather than the playing squad.

A statement said: "The financial health of the club is the ultimate priority."

The Bluebirds face a second winding up order 10 February if they fail to pay an outstanding tax bill of £2.7m owed to Her Majesty's Revenue and Customs.

Chairman Peter Ridsdale made assurances earlier this month that the club was "trading as normal" and there was "no immediate threat" to the future of the club.

Ridsdale also insisted the money from the sales of 10,000 advance season tickets would not be spent on paying their outstanding tax bill.

Asked on 8 January if the ticket money would be used to pay the debt, he said: "No, there is money to pay for that."

Ridsdale also said of manager Dave Jones' transfer targets: "Dave has asked for four players to come in - three have been lined up and will come in before the end of the month."

And Jones said on Tuesday: "Our season depends on what we do this week, whether we get injured players back or bring people in," he said.

"I think everyone is hoping it goes the way that we want it to go.

"I haven't given up hope of signing players as that's what I'm being told. The board know what we want because I've told them enough times.

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"If something happens this week then it will be fantastic but if it doesn't then we'll have to soldier on and get the best out of them as we're doing at this moment in time."

But a Cardiff City statement released on Wednesday said: "The move to the new stadium ultimately incurred costs that we had not anticipated and whilst the long term health of the Club is stronger than it has ever been we have suffered some short term cash flow problems."

"In an attempt to negate these issues we sought new investment and during the autumn of 2009 commitments were given regarding investment which if they had been delivered would have solved our cash issues.

"To date these commitments have not been fulfilled so we have had to resort to other avenues of fund raising.

"We are currently in the process of raising funds from the sale of assets, which with other cash, will help to secure our future.

"With regard to the season ticket offer pre Christmas, this offer to reimburse the ticket price if promoted this season remains a strong one.

"Nevertheless we had anticipated that if we launched these tickets early and had received new investment pre Christmas or in January this year as promised, we would have been able to invest in new players in the January transfer window.

"In the absence of the new investment this will not be possible. We have to ensure that other overheads and financial issues are properly addressed.

"Whilst we apologise for this, we do not apologise for ensuring that the viability and financial health of the club is the ultimate priority."



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see also
Cardiff 'lost out' on new players
27 Jan 10 |  Cardiff
Cardiff to face winding up order
08 Jan 10 |  Cardiff
BBC Sport Wales coverage
03 Oct 11 |  Wales


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