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Page last updated at 10:06 GMT, Thursday, 28 January 2010

Angry Cardiff City fans demand cash crisis meeting

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

Cardiff City supporters have called for an extraordinary general meeting so the club can explain why they will not be using fans' money to buy new players.

Fans had expected an estimated £3m raised by advance season ticket sales to be used to finance transfers.

But Cardiff's decision not to buy players is because of a cash crisis.

"They have made a big mistake by over-budgeting. An EGM is what we need now," demanded Paul Corkrey, chair of Cardiff City Supporters Trust.

More than 10,000 fans invested in deals for season tickets for 2010/11, cash that manager Dave Jones said he expected to be used to buy new players.

And if Cardiff won promotion to the Premier League the fans were promised that money would be paid back to them in a scheme called "Golden Ticket".

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

Corkrey reacted angrily to a statement from the club on Wednesday saying the club would not now be investing in players before the January transfer window as they look to concentrate on paying off debts.

A lot of fans feel cheated

Paul Corkery

Corkrey added: "We should have an EGM of shareholders to see if the shareholders are behind this statement because... I don't believe they are.

"It's totally their [the club's] fault. They need to prove to the fans that they can run this football club properly for 12 months without any [outside] investment.

"Because that is how you are supposed to run a business, not on hoping you are going to win the lottery.

"A lot of fans will feel cheated. They had to spend this money before Christmas. Times are hard.

"Don't tell lies. Don't force people to buy things under false pretences.

"The statement [not buying new players] really upset a lot of fans because we are shareholders in the football club and the vast majority of shareholders are not behind this."

The club's statement said the move to the new stadium ultimately incurred costs that were not anticipated and in an attempt to sort out cash flow problems new investment had been sought.

But despite chairman Peter Ridsdale being in touch with a number of potential backers, that investment has not materialised and the club had to resort to other ways of fund raising.

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

606: DEBATE

"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 crisis ends transfer hope
27 Jan 10 |  Cardiff
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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