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Page last updated at 16:05 GMT, Thursday, 10 June 2010 17:05 UK

Cardiff City pay off 1.9m tax debt

Cardiff City supporters
On the field, the Bluebirds reached the Championship play-off final

Cardiff City say they have paid off a £1.9m debt to HM Revenue and Customs, ending High Court action that threatened the club's existence.

The move comes in the wake of the Bluebirds' recent takeover by a Malaysian-based consortium.

Cardiff lost out in the 2009-10 Championship play-off final while the High Court action was underway.

They succeeded in staving off a winding up order, but remaining total debts are estimated at between £15m-£30m.

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, which owns around 30% of the club's shares.

Their £6m investment prompted a boardroom shake-up that saw consortium front man Dato Chan Tien Ghee named as successor to chairman Peter Ridsdale, whose ends five-year reign came to an end.

At the same time Cardiff shareholders agreed to appoint Paul Guy, U-Juin Tan and Michael Isaac as non executive directors to the board alongside Steve Borley and Alan Whiteley. Meanwhile Alan Flitcroft and Keith Harris followed Ridsdale in stepping down as directors.

A judge had warned that if the full £1.9m was not paid, the club was likely to be wound up.

But HMRC instead asked for an adjournment to give Cardiff City more time to settle the debt, which has now been paid.



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see also
Cardiff's 6m investment approved
27 May 10 |  Cardiff
Cardiff given more time over tax
05 May 10 |  South east
Cardiff facing final tax deadline
05 May 10 |  South east
Ridsdale to step down at Cardiff
30 Apr 10 |  Cardiff
New Cardiff investment 'by April'
19 Mar 10 |  Cardiff
Hundreds join Cardiff fans' march
06 Mar 10 |  Wales
Cardiff win land sale green light
24 Feb 10 |  Cardiff
Cardiff winding-up order delayed
10 Feb 10 |  Cardiff
Cardiff fans hold finance protest
30 Jan 10 |  Wales


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