INTERESTING COMMENTS ON THE LATEST ACCOUNT FILED
Fri Feb 25, 2011 10:30 pm
Cardiff City Football Club Limited
Directors’ report
Year ended 31 May 2010
The directors have pleasure in presenting their report and the audited financial statements of the company for the
year ended 31 May2010
Principal activities and business review
The pnncipal activity of the company dunng the year continued to be that of a professional football league club
Business review
Cardiff City Football Club started off the 2009/10 season in our new home, Cardiff City Stadium, with a 4-0 league win against Scunthorpe, eventually finishing 4th in the Football League, our highest position since 1971 After defeating Leicester in the play-off semi-finals we progressed through to the Championship play-off final at Wembley, unfortunately losing 3-2 to Blackpool
The team progressed as far as the 3rd Round in the Carling Cup, losing 1-0 to Aston Villa at Villa Park In the FA Cup we progressed as far as the 5th round beating Bnstol City and Leicester in the third and fourth rounds respectively and eventually being defeated by Chelsea 4-1 at Stamford Bndge
Turning to transfer activity, dunng the summer 2009 closed season, Roger Johnson and Paul Parry were sold for a total of over £4 1 million The club then invested a total of just under £49 million signing Michael Chopra, Mark Hudson, Anthony Genard, Paul Quinn and Solomon Taiwo in the same penod
The winter and spnng of the 2009/10 season was a time of mixed fortunes for the club, but despite this the new stadium and the hope of premiership football saw the sale of 17,000 season tickets for the 2010/11 season - a club record
Future developments
Since May 2010 the Club has put the disappointment of losing the play off final to Blackpool behind us and come forward with a plan to finally achieve promotion into the Premiership
Following new investment, in the summer of 2010 the club was able to lift a transfer embargo which it had been under since September 2009 The club then made a concerted effort to retain its starting eleven from the previous season, and then add to that squad rather than sell those first choice eleven players Unfortunately Joe Ledley, who was out of contract, left to join Celtic dunng that penod, despite the club’s best efforts to retain him
Additional recruitment was undertaken pnncipally through the use of loan players The highest profile was the loan signing of Wales Captain Craig Bellamy from Manchester City and he was joined on loan by Danny Dnnkwater from Manchester United, Seyi Olofinjana from Hull City, Andy Keogh from Wolves, and Jason Koumas from Wigan The club also signed Tom Heaton, Lee Naylor and Chns Riggott, as free agents All of the player investment was achieved without the payment of transfer fees, and, with the exception of Craig Bellamy were the associated commercial opportunities should match the related cost, the squad strengthening was achieved whilst maintaining the player salary cost at the same level as the 2009/10 season
The club is currently in the automatic promotion slots at the top of the Championship and looking to make a strong push during the remainder of the season to maintain this position
Financial position
At the end of May 2010, the group received new investment with the issue of new shares in the group’s parent company for over £6 1 million of cash, pnncipally to Malaysian businessmen, but also to some of the existing shareholders At the same time or shortly thereafter, over £2 5 million of amounts owed by the group, were converted into new equity This new investment allowed the group to settle its histonc tax debt, which resulted in the related winding up petition being dismissed
The new investment was intended to stabilize the group’s position in the short term, allowing the development of a coherent and sustainable business strategy, which has been formulated by the new board and its management team
Directors’ report
Year ended 31 May 2010
The directors have pleasure in presenting their report and the audited financial statements of the company for the
year ended 31 May2010
Principal activities and business review
The pnncipal activity of the company dunng the year continued to be that of a professional football league club
Business review
Cardiff City Football Club started off the 2009/10 season in our new home, Cardiff City Stadium, with a 4-0 league win against Scunthorpe, eventually finishing 4th in the Football League, our highest position since 1971 After defeating Leicester in the play-off semi-finals we progressed through to the Championship play-off final at Wembley, unfortunately losing 3-2 to Blackpool
The team progressed as far as the 3rd Round in the Carling Cup, losing 1-0 to Aston Villa at Villa Park In the FA Cup we progressed as far as the 5th round beating Bnstol City and Leicester in the third and fourth rounds respectively and eventually being defeated by Chelsea 4-1 at Stamford Bndge
Turning to transfer activity, dunng the summer 2009 closed season, Roger Johnson and Paul Parry were sold for a total of over £4 1 million The club then invested a total of just under £49 million signing Michael Chopra, Mark Hudson, Anthony Genard, Paul Quinn and Solomon Taiwo in the same penod
The winter and spnng of the 2009/10 season was a time of mixed fortunes for the club, but despite this the new stadium and the hope of premiership football saw the sale of 17,000 season tickets for the 2010/11 season - a club record
Future developments
Since May 2010 the Club has put the disappointment of losing the play off final to Blackpool behind us and come forward with a plan to finally achieve promotion into the Premiership
Following new investment, in the summer of 2010 the club was able to lift a transfer embargo which it had been under since September 2009 The club then made a concerted effort to retain its starting eleven from the previous season, and then add to that squad rather than sell those first choice eleven players Unfortunately Joe Ledley, who was out of contract, left to join Celtic dunng that penod, despite the club’s best efforts to retain him
Additional recruitment was undertaken pnncipally through the use of loan players The highest profile was the loan signing of Wales Captain Craig Bellamy from Manchester City and he was joined on loan by Danny Dnnkwater from Manchester United, Seyi Olofinjana from Hull City, Andy Keogh from Wolves, and Jason Koumas from Wigan The club also signed Tom Heaton, Lee Naylor and Chns Riggott, as free agents All of the player investment was achieved without the payment of transfer fees, and, with the exception of Craig Bellamy were the associated commercial opportunities should match the related cost, the squad strengthening was achieved whilst maintaining the player salary cost at the same level as the 2009/10 season
The club is currently in the automatic promotion slots at the top of the Championship and looking to make a strong push during the remainder of the season to maintain this position
Financial position
At the end of May 2010, the group received new investment with the issue of new shares in the group’s parent company for over £6 1 million of cash, pnncipally to Malaysian businessmen, but also to some of the existing shareholders At the same time or shortly thereafter, over £2 5 million of amounts owed by the group, were converted into new equity This new investment allowed the group to settle its histonc tax debt, which resulted in the related winding up petition being dismissed
The new investment was intended to stabilize the group’s position in the short term, allowing the development of a coherent and sustainable business strategy, which has been formulated by the new board and its management team