General meeting highlights

30 July 2011 10:16
Cardiff City held a general meeting on Thursday July 29th. Here is a quick summary (in the order the topics were covered): The conversion of debts into shares under the new agreement is in addition to those which were described in last year's agreement. That's good news as it means a significant improvement in the club's debt levels.The speculation regarding the recent Channel 4 documentary which linked CCFC to a dodgy Far East wheeler-dealer was dismissed by the Chairman. He said it was nothing to worry about but thanked Channel 4 for giving us a mention.The purchase of the lamps required to improve the pitch has been approved by the board and work is underway to buy them.The forensic accounting investigation into Sam Hammam's reign and the Langston affair is ongoing.The 2006 Langston agreement is the one which is currently in place according to club officials (ie: £15 million with interest set at 7%pa and up to £9 million for stadium naming rights). Suggestions that the club was liable for penalty and interest payments in relation to the revised 2009 agreement were dismissed outright by the Finance Director.The club is hoping to publish the 2011 accounts by December.The Trading Standards people are satisfied with the club's role in the Golden Ticket affair. Therefore, only the former Chairman will be facing court action.Vincent Tan paid £350,000 for the Malaysia sponsorship deal.The Ray Ranson loan was renegotiated in June 2010. This is a complicated deal involving security on furture transfer fees. More details of that to follow.The Alan Shearer saga surfaced only because certain members of the press got hold of it. The Chief Executive stated that Shearer was simply one of a number of candidates who were interviewed and considered for the job. Several other well-known names didn't make the press.The Craig Bellamy deal last season was not funded by Vincent Tan as has been claimed in the local press. His wages were funded through the business and paid by the club like every other player.City didn't accept an invitation to take part in the Welsh Cup this season because a variety of issues needed clarification before the club could commit and they weren't clarified in time.The club is highly unlikely to persue the option of signing David Goodwillie.The Craig Bellamy situation is very different to how things were last year, but his return wasn't ruled out.The Chief Executive expects more players to arrive but they must come within the club's playing budget and wage structure.The Chairman spoke in very positive terms about the commitment of the board and Malaysian investors. He said the club needs to lay down firm building blocks while remaining competitive within this division. He described the club as still being in a period of pain due to various legacies from previous regimes, but stated the institution is now a sturdy ship run by people who are very determined to take it forward.He concluded the meeting by saying: "The fans and the club must continue to work together, so let's not falter. Let's have another bash at it this season."A full report will follow on my blog in due course. http://thelonegunmanblog.blogspot.com/  

Source: FOOTYMAD