Tan closing in on Langston deal

18 July 2013 02:05
Speaking today VT says "We are days away, it is in Sam's hands."

The long term debt owed to Sam Hammam and Langston has been the stumbling block that has prevented Vincent Tan from turning the money he has loaned the club into equity meaning Cardiff City are still in massive debt.

But if Tan changes that debt to equity then the club sees it's debt levels drop and would make the club far stronger financially.

Speaking today as he was given an Honorary Doctorate from the University of South Wales Tan said:

"We are talking to Sam Hammam to try and resolve the Langston issue. I'd like to regard him as my friend from our dealings.

"We are days away from an agreement and then we can convert all the loans to equity.

"That will make us much more secure and hopefully debt free, which is good.

"We are days away, it is in Sam's hands."

City's debts are thought to be around £83m but a chunk of that is to Langston and a bigger chunk to Tan himself. If Langston is settled and Tan converts his debt to shares then City's debt levels will plummet.

This could be very good news for the future of CCFC.

Source: Cardiff City Online