Tan on course for 98% control after agreeing share purchase

09 October 2013 11:10
Deals agreed to buy out Borley, Guy and Hall.

Amongst all the uncertainty flying around today owner Vincent Tan has revealed tonight that by next month he will own 98% of Cardiff City FC.

He has agreed a deal, and already paid a 10% deposit, for the shares owned by Steve Borley's company and those owned by Paul Guy and Mike Hall.

Tan issued a statement via Wales On Line which starts by talking about the bonus row. It reads:

“It’s not right that private details concerning our senior squad retention of status bonus were run in (London-based) newspapers,” said Tan in a statement which was asked to be published in its entirety.“And what frustrates me more are veiled suggestions that our bonus schedule at Cardiff City is in any way substandard compared to similar clubs of our level. That I can guarantee is not the case at all. This is clearly a case of someone trying to create mischief.“I consider our retention of status bonus to be fair, although I won’t divulge actual numbers in public and in print, as doing so would be unethical and could also breach Premier League rules.“But supporters should know that our players are by no means treated unfairly or given a poor deal, far from it in fact. The figures suggested in one of the articles was the base minimum on our performance scale, which would obviously rise in line with our final league standing.“I don’t want there to be any perceptions of unrest behind the scenes, as we all know the job of Premier League survival is hard enough for a newly promoted club without added distractions and off-field issues.“Yes, things change at football clubs, much like they do in all organisations and businesses, but we carry on and do the best we can for the good of the club, which God willing for Cardiff City is to remain a Premier League club for as long as possible. That’s our goal.“By nature I am a generous person. I personally initiated the Thanks a Million donation, which in August of this year we donated £1m to local charities and I have pledged that so long as I am the majority shareholder and so long as the club is in the Premier League, then this donation of a minimum of £1m will continue each year.“On the field I respect and admire the skills our players have – and more than anyone, following the level of financial and personal investment made at the club want to see them at their absolute best, week in, week out.“I have already invested a substantial £125m and will invest an additional £15m this season because of unbudgeted costs connected to new player signings, a total investment of £140m. I have personally donated a great deal of money to Cardiff City and have already signed a Share Purchase Agreement and paid 10% deposit to buy out minority shareholders including Paul Guy, Steve Borley, Mike Hall and others, which on completion, next month, in November would see me own approximately 98% of this club.“I’m the majority shareholder, but also a supporter of this great club – and alongside fellow supporters look forward to the rest of the season ahead. Like all supporters I also want to see Cardiff City finish as high in the table as possible, which would offer great satisfaction and rewards for all.”

So if Tan can rebrand the club while owning just a part of it. Just what will he do when he owns just about all of it?

Steve Borley revealed this evening via Twitter that he has been asked to remain on the board.


Source: Cardiff City Online