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Off-pitch boost for Bluebirds
11 Dec 2009 - 15:06:55
Cardiff City have revealed that the threat of legal action over loans taken out by the club have now been lifted following a settlement with the Langston Corporation.
The Swiss-based investment fund had taken the Bluebirds to the High Court in 2008 over a dispute centring on £15million worth of loan notes taken out in 2004.
The court had ruled in Cardiff's favour that the loan amounts did not have to be repaid with immediate effect but a stalemate had ensued.
"On behalf of Cardiff City Football Club, I would like to thank the Langston Corporation for their co-operation in this matter and Mr Sam Hammam for helping to facilitate this agreement," said chairman Peter Ridsdale.
A statement from the Championship club added: "This agreement, signed by both parties, therefore removes the threat of any further legal proceedings in the foreseeable future."