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Cardiff City's 6m Malaysian investment approved

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Chief executive Gethin Jenkins hails new Cardiff City era

Cardiff City shareholders took 15 minutes to rubber-stamp the £6m Malaysian investment to help stabilise the debt-ridden Championship club.

Consortium leader Dato Chan Tien Ghee has been named as successor to chairman Peter Ridsdale, who ends his controversial five-year reign.

The Malaysian investors have accrued approximately 30% of the shares.

Cardiff have estimated debts of £30m and face their fifth winding-up order to settle a £1.9m tax bill on 16 June.

As well as approving Chan's appointment as chairman in Thursday's Extraordinary General Meeting, the Cardiff shareholders also agreed to appoint Paul Guy, U-Juin Tan and Michael Isaac as non executive directors on the board of directors alongside Steve Borley and Alan Whiteley.

Alan Flitcroft and Keith Harris follow Ridsdale in stepping down as directors.

Ridsdale's 'successful' Cardiff legacy

Gethin Jenkins, recruited from the Newport Gwent Dragons rugby region, was also confirmed as chief executive to run the club on a day-to-day basis, while Doug Lee takes over as finance director.

The Bluebirds missed out on lucrative Premier League promotion and a £90m jackpot on Saturday when they squandered the lead twice to lose 3-2 to Blackpool in the Championship play-off final at Wembley.

Top-flight promotion would have helped Cardiff pay their financial liabilities but the new investors have vowed to continue to back boss Dave Jones' push for promotion.

Chan has vowed that the new board will "try very hard and do whatever is necessary" to ensure Jones' men are promotion chasers again next season.

Chan also reassured fans that manager Jones will be at the Welsh club at the start of next season as Cardiff seek stability on-the-pitch with such uncertainty off it.

Billionaire businessman Tan Sri Vincent Tan Chee Yioun, a Malaysian property magnate who is worth a reported £800m, is the power behind Cardiff's new regime.

606: DEBATE
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Cardiff fans feared losing Jones if the club's new controllers began a cost-cutting exercise of selling all of their star players like Jay Bothroyd, Michael Chopra and Joe Ledley.

But the club insist they will be back Jones as the boss insisted his squad required further investment and strengthening.

"The new board takes over at an important milestone in the history of the club, with the facilities, infrastructure, a dedicated backroom staff and a team that has a great opportunity and belief to challenge for promotion," said Chan in a statement on the Cardiff website.

"We are looking forward to working together, utilising the passion, belief and involvement of every existing and new supporter of Cardiff City to bring long term recognition and success on a local, national and international platform."

Chief executive Jenkins added: "It is our continuing aim to attain Premier League football for Cardiff City and the wider Cardiff community, while building a strong and sustainable business platform that can see the team and the club develop."



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see also
Cardiff set to offer Ledley deal
26 May 10 |  Cardiff
Jones commits future to Cardiff
25 May 10 |  Cardiff
Cardiff hope on Far Eastern Promise
23 May 10 |  Cardiff
Cardiff cash must flow - McPhail
23 May 10 |  Cardiff
New Cardiff backer's plea to fans
22 May 10 |  Cardiff
Blackpool 3-2 Cardiff
22 May 10 |  Championship
Earnshaw fears for Cardiff future
25 May 10 |  Cardiff
Jones 'best man for Cardiff job'
24 May 10 |  Cardiff
Rugby's Jenkins joins Bluebirds
12 May 10 |  Cardiff
Cardiff facing final tax deadline
05 May 10 |  South east
Ridsdale to step down at Cardiff
30 Apr 10 |  Cardiff
BBC Sport Wales coverage
03 Oct 11 |  Wales


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