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Cardiff City given permission for land sale

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Peter Ridsdale hails land sale agreement

Cardiff City FC won the blessing of shareholders at an extraordinary general meeting on Wednesday to sell land in order to help save the club.

The Bluebirds are back in the High Court on 10 March facing a winding-up order over money owed to Her Majesty's Revenue & Customs.

Around £1.75m is outstanding after the club paid off £1m earlier this month.

The sale of land at the Cardiff City Stadium, which will be used for a House of Sport complex, is worth £450,000.

"It was important to get the land sale approved because it's part and parcel of our future funding," said Cardiff chairman Peter Ridsdale.

Cardiff City fans protesting against chairman Peter Ridsdale
Cardiff City supporters held a protest outside the stadium last month

Part of the original stadium deal stipulated that the club's construction partner will complete a public indoor sports facility known as the House of Sport on site, with work beginning within three months.

The club has requested a peppercorn rent on the House of Sport, and will provide offices in the complex for Cardiff Council's sports development staff.

The sale had to be put to the club's shareholders because the owner of the club's construction partner CMB Engineering is Bluebirds director Steve Borley.

Though the sale was the only item on the agenda, shareholders were able to ask questions of chairman Peter Ridsdale and the board about the general running of the club and its finance.

Cardiff City Supporters Trust also had members at the mid-morning meeting.

Interview: Cardiff City manager Dave Jones

They are unhappy with Ridsdale's apology last month for misleading fans over transfer funds.

He accepted the club had led fans to believe around £3m raised from 10,000 advance season tickets would buy new players, when in fact it will now settle debts.

"I hope they [shareholders] will feel better informed when they left us than when they arrived," said Ridsdale.

Cardiff Council has already granted permission to sell another piece of land owned by the Bluebirds for a hotel complex after varying conditions on it.

The land is worth around £1.8m but the club has to pay a portion of it back to the Council.

It has been proposed that those payments would start after five years, but will start immediately if Cardiff achieve promotion to the Premier League.



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see also
Chopra fined after drink arrest
24 Feb 10 |  Tyne
Cardiff winding-up order delayed
10 Feb 10 |  Cardiff
Cardiff fans hold finance protest
30 Jan 10 |  Wales
Supporters will get EGM - Borley
29 Jan 10 |  Cardiff
Supporters reject Cardiff apology
29 Jan 10 |  Cardiff
BBC Sport Wales coverage
03 Oct 11 |  Wales


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