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Page last updated at 12:50 GMT, Tuesday, 30 March 2010 13:50 UK

Cardiff City hope for Malaysian investment boost

Datuk Chan Tien Ghe and Peter Ridsdale
Cardiff's Peter Ridsdale and Malaysian businessman Datuk Chan Tien Ghee

A Malaysian consortium bidding to save Cardiff City plan to hold more talks over completing a £6m investment.

Consortium chief Dato Chan Tien Ghee is to watch Saturday's South Wales derby with rivals Swansea before stepping up talks with the Cardiff board.

The proposed financial injection comes as Cardiff dismiss reports that their players have not been paid.

The debt-ridden club have been warned by the High Court to pay their £1.9m tax bill by 5 May or face extinction.

The Championship club paid the March salary of their staff and players on Tuesday amid speculation that Cardiff had not paid their estimated £1m wage bill this month.

Ghee, a Malaysian property tycoon, is one of five directors that are the "varying sources" that are understood to have helped pay the salary and his funds from Asia cleared on Tuesday - the day before the end of the month.

Ghee, who became a Cardiff director in December, will fly into Wales later this week to continue negotiations with chairman Peter Ridsdale and the Bluebirds board about the consortium's bigger cash injection.

The Malaysian group made an initial £500,000 investment over the festive period into the club, who have an overall estimated £15m debt, and are in talks to make further cash available so their overall financial commitment will be £6m.

Cardiff City

The fresh investment is hoped to stabilise the uncertainty around the Welsh club by clearing Cardiff's outstanding debts to Her Majesty's Revenue and Customs and other financial commitments.

Cardiff have to pay their HMRC bill of £1.9m before 5 May or face a High Court winding-up order - but before the Malaysian funds can be injected into the club, Cardiff must call an extraordinary general meeting to clear the deal.

The Bluebirds were given a 56-day stay of execution on 10 March when facing their third winding-up order at the High Court as the taxman demands payment of its debt.

The adjournment was granted after Cardiff claimed that a £6m investment from an "Asian businessman" was imminent.

And Cardiff said in a statement earlier this month that "both parties are working towards this further investment being concluded by the end of April this year" subject to "conditions" to stabilise Cardiff's finances.

The club's future looks set to hang in the balance until the 11th hour as the end of April is just a week before Cardiff return to the High Court as the club has been told it must pay the tax settlement in "full."



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see also
New Cardiff investment 'by April'
19 Mar 10 |  Cardiff
Cardiff fans' administration fear
18 Mar 10 |  Cardiff
Cardiff given tax bill deadline
10 Mar 10 |  Cardiff
Cardiff see off winding up order
16 Dec 09 |  Cardiff
BBC Sport Wales coverage
03 Oct 11 |  Wales


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