CCFC and PMG reach debt agreement

09 June 2011 01:12
After the announcement last week that Cardiff City were focussed on reaching an agreement with Sam Hammam and Langston another positive statement has come from the club. A deal has been reached with PMG to convert a large amount of the money owed to Paul Guy's company into shares in CCFC. A statement on the official website last Friday read: Cardiff City Football Club and PMG are pleased to be able announce that they have reached agreement on their debt. As a result of a series of meetings and given the undertakings and plans by the Malaysian investors, PMG have agreed to convert a significant amount of their debt into shares while also agreeing a new payment plan which will improve the balance sheet. As part of the agreement Mike Hall will join the Board and will work with the Malaysian investors to address the key historical issues facing the club, namely Langston. PMG fully endorse the stance taken by the Board in appointing forensic accountants investigating Sam Hammam and his business dealing whilst Chairman of Cardiff City Football Club.