Club statement released- re: Langston and PMG

Sounds fecking wonderful. No Sam and Dato Chan and Vincent Tan still backing the club. Lovely to hear!

Spot on Brilliant

Get a proper football man in to guide TG & VT

i hope this statement puts paid to the Pmg knockers as well.
Once again they have renegotiated the debt for the sake of the club

seems a strange statement to make steve unless you know the bargaining behind the re-negotiations ?
and can personally state that they have not taken another part of the club or a possible income as collatoral or part payment in reward for the said loans ??

this is not knocking you or them but my view on that particular statement only

they went over last week to meet the malaysians and it looks like they were more than happy to back their push for the premiership

Ruthless businessmen. the reason they are so successful.

No wonder Sam was letting them apparently 'stay with him in lebanon' probably trying as best he could to keep them onside knowing what you've just said

What for spending money on the club's behalf that it couldn't afford and borrowing it against himself to make some money down the line when wealthier investors cam on baord?

before i type anything im not going to pretend i fully understand the loan notes or the 1st-2nd-3rd or alleged 4th agreements that went with them, but that said here go's, again this is not aimed at the poster but my view and my view only.

What for spending money on the club's behalf - on players ?? i presume
that it couldn't afford and borrowing - then we wouldnt have had the players the money brought in or moved the way we did
to make some money down the line - has the loan amount been reduced not increased

we could argue about it all day, the facts im sure will come out in full sooner or later and we can pick the bones out of it then and people who did actually predict the right things can say "i told you so" i believe at the time he did what he had to for this club, rightly or wrongly, with nobody to stop or question his choices.

if the malaysians dont want him onboard thats fair enough, im not worried about that, i think fair play is in order at least.

i must be reading the wrong statement on the main site i cant see any of the words you lot are posting. or your using poetic licence and reading between the lines in which case it should be stated that its your opinion not fact.

im very very happy the malaysians are here and it seems here to stay for the duration anyway,
but even the anti-sam fans surely have to feel for a man who without argument changed the course of this club,
and is now in danger of being ripped off through red tape or a loophole, by the investigative accountants

one of my biggest arguments about the debt is the way it was run up and i have stated this a number of times.
a director of the football club negotiated a contract for a player of 1.5k per week. the player was happy to sign for that but sam came along and described the deal as small minded and put that deal up to 8k a week over 3 years.
now thats a total of 1 million and that was not the only case.
My argument is if that sam made that decision off his own back why should the club be liable for the debt that mismanagement created.

What for spending money on the club's behalf that it couldn't afford and borrowing it against himself to make some money down the line when wealthier investors cam on baord?

before i type anything im not going to pretend i fully understand the loan notes or the 1st-2nd-3rd or alleged 4th agreements that went with them, but that said here go's, again this is not aimed at the poster but my view and my view only.

What for spending money on the club's behalf - on players ?? i presume
that it couldn't afford and borrowing - then we wouldnt have had the players the money brought in or moved the way we did
to make some money down the line - has the loan amount been reduced not increased

we could argue about it all day, the facts im sure will come out in full sooner or later and we can pick the bones out of it then and people who did actually predict the right things can say "i told you so" i believe at the time he did what he had to for this club, rightly or wrongly, with nobody to stop or question his choices.

if the malaysians dont want him onboard thats fair enough, im not worried about that, i think fair play is in order at least.

nah its fine mate. I'm always open for discussion. I think the point I was trying to make (which I left off of the post) is that we paid over the odds in regards to both transfer fees and wages. When, as many others who post on here agree (both pro and anti-sam) other teams have got promoted on far smaller budgets or with far less expenditure than what we have incurred.

Love it. Stick that up your pipe all the Sam lovers

i must be reading the wrong statement on the main site i cant see any of the words you lot are posting. or your using poetic licence and reading between the lines in which case it should be stated that its your opinion not fact.

im very very happy the malaysians are here and it seems here to stay for the duration anyway,
but even the anti-sam fans surely have to feel for a man who without argument changed the course of this club,
and is now in danger of being ripped off through red tape or a loophole, by the investigative accountants

one of my biggest arguments about the debt is the way it was run up and i have stated this a number of times.
a director of the football club negotiated a contract for a player of 1.5k per week. the player was happy to sign for that but sam came along and described the deal as small minded and put that deal up to 8k a week over 3 years.
now thats a total of 1 million and that was not the only case.
My argument is if that sam made that decision off his own back why should the club be liable for the debt that mismanagement created.

Spot on

it looks like they were more than happy to back their push for the premiership

steve i know your up with a lot of the early breaking news and when posting make more sence of the debarcal that is langstons/notes/finance and it may seem as im coming across as argumentitive but im only trying to establish where this is coming from,
im not asking for names or owt but is this news established and i missed it?
is it something you have been privi too
or is it, as it looks quoted, you thoughts?

I have to be honest I'm disappointed that SH will not be returning I think we all owe him a debt of gratitude for starting us on the road to the position we are today, however when you read the owners saying they have been unable to progress to a conclusion because of the stance taken by SH then clearly there is not the basis to create let alone maintain a working relationship.

It does appear VT & TG are serious about drawing a line under this whole Langston debt, and thats a huge bonus, but they will not be repaying a single penny more than they have to. I see a long drawn out process here and only one winner but at least it will be dealt with.

The mention of PMG is also good news as it appears VT & TG have the agreement in place they wanted and in fairness to PMG they have agreed to it as well which does indicate they are not likely to be chasing immediate payment. This whole statement says to me that the process that TG promised a year ago, Langston excepted, has been completed and to the satisfaction of VT & TG perhaps this is why they are now talking about investing on the playing squad.

Everything about this statement tells me these guys are in this for the long haul and I see another exciting season ahead of us with a new manager, maybe new coaches, new players which will really freshen up what had become a bit stale.

Thank you VT & TG and also thank you to SH for setting us on the road it's onwards and upwards for the bluebirds from here.

a director of the football club negotiated a contract for a player of 1.5k per week. the player was happy to sign for that but sam came along and described the deal as small minded and put that deal up to 8k a week over 3 years.
now thats a total of 1 million and that was not the only case.
My argument is if that sam made that decision off his own back why should the club be liable for the debt that mismanagement created.

was that the prior deal ??

suerlly he should have been stopped, even so what ever he did he did as cardiff city

at the end of the day i could go blue in the face discussing it.
im happy if the malaysians pay off the creditors and take full control of the club .

the fact that creditors are being made happy to hang on is good news
what worries me is past dealings where we find out WHY they were happy to hang on

Right so can we stop talking about bringing SH back to run the "football" side of things. He's not a football man he's a money man who isn't great at sums. He nearly took us out of business which whilst that has been a common trait amongst City chairman over the years its not one I wish to go back to.

"Forensic accountants" spells bye bye Langston I think Then can we move on? its not 2001 anymore.

I think a forensic examination of the accounts is well over due. Why have they waited this long, surely if I was throwing millions at a club then I'd want to know everything from day one, not 18 months later.

That examination is being read only in one way though by the people posting here. Perhaps it will show things up in other ways. If things were that clear cut then they wouldn't need to do it, now would they. I don't think anyone from any side can read in to anything yet until that examination is complete. People who normally rely heavily on the "wait and see the facts" are already jumping the gun here and forming all sorts of conclusions. The accountants haven't even arrived yet. Also when they say historical, are they going to look in to the accounts right up to now so that no one can point any fingers, either way, after it's done? Or are they just going to be selective about which parts they investigate?

One other thing. Some have posted that the PMG debt has been successfully negotiated. Where in that statement does it say that? The way I read it, it just states that they're working towards it. I mean I'm working towards shagging Cheryl Cole but I've not clinched that deal yet.

looks like langstons have a hope in hell of gettiing anything like the millions they claim is owed,looks like they will have to go to court to get their money.in which case the full details of who lent the money terms and agreement would have to be produced ,if any such agreement exists and who sanctioned such a deal ,think they will have a tough fight on their hands in a british court.

Thats the Sam returning debates over then!!

Should be....bet it's not though!!

Right so can we stop talking about bringing SH back to run the "football" side of things. He's not a football man he's a money man who isn't great at sums. He nearly took us out of business which whilst that has been a common trait amongst City chairman over the years its not one I wish to go back to.

"Forensic accountants" spells bye bye Langston I think Then can we move on? its not 2001 anymore.

What do you mean "we"? You've only got 2 posts. You've not had a conversation about anything yet.

One other thing. Some have posted that the PMG debt has been successfully negotiated. Where in that statement does it say that? The way I read it, it just states that they're working towards it. I mean I'm working towards shagging Cheryl Cole but I've not clinched that deal yet.

thank you
someone else seeing nothing other than a quote of "working towards it"

That examination is being read only in one way though by the people posting here.

"The circumstances behind the original loan and the application of the funds remain difficult to establish to the satisfaction of the Board and as a result the Club has engaged third party forensic accountants to further investigate the issue of validating the legitimacy of the loans and expenditure incurred when the Club was under the full management control of Mr Sam Hammam."

In other words

"We don't know precisely how the loan was made in the first place. We don't believe it was legit, hence looking to prove that. We're also looking very, very closely at every single expenditure made under Hammam's reign to ensure all were absolutely kosher".

There's only one way to read the statement; namely they are going over every single thing Sam did with a fine toothcomb. May well be to tell him to whistle for his money, or to get him to accept a very lowballed offer. Either way, they aren't doing it to increase monies to be paid.

What would be interesting would be if some financial irregularities had occured. You'd have to wonder if League action could occur as a consequence.

The Malaysians are going to take Hammam to the cleaners.

I would feel sorry for him, but then I remember he brought Ridsdale to our club and the fact that MK Dons exist and all pity goes out the window.

Right so can we stop talking about bringing SH back to run the "football" side of things. He's not a football man he's a money man who isn't great at sums. He nearly took us out of business which whilst that has been a common trait amongst City chairman over the years its not one I wish to go back to.

"Forensic accountants" spells bye bye Langston I think Then can we move on? its not 2001 anymore.

What do you mean "we"? You've only got 2 posts. You've not had a conversation about anything yet.

Ah Ok then as I've only got 2 posts and you evidently know exactly whats going on.... lets have Sam back on the strength of some moody loan notes and let him finish the job. Cardiff Blues will own our stadfium within 2 years and we'll be back in the lower reaches. Can't wait

i hope this statement puts paid to the Pmg knockers as well.
Once again they have renegotiated the debt for the sake of the club

Steve, with respect, it said 'significant progress' was being made and NOT sorted....

i hope this statement puts paid to the Pmg knockers as well.
Once again they have renegotiated the debt for the sake of the club

Steve, with respect, it said 'significant progress' was being made and NOT sorted....

It's says "Significant progress has been made in reaching agreement with the historical creditirs, including PMG"

I read agreement as sorted in exactly the way VT & TG wanted

i hope this statement puts paid to the Pmg knockers as well.
Once again they have renegotiated the debt for the sake of the club

Steve, with respect, it said 'significant progress' was being made and NOT sorted....

sven

i knew it had been sorted out last week but it was not my place to say anything as i was told in confidence
i hope that clears that up

Tan Sri Vincent Tan and Chairman Dato Chan have also confirmed that they will continue to support the Club with the stated aim of once again challenging for promotion.

sounds good to me

I Second that, ITS WHAT WE ALL WANTED TO HEAR

"Forensic accountants" Birminghams new owners done that.
They found nothing.

Good strong statement

Good to hear such a robust and definitive statement to somewhat blunt the gloom

TG and VT are very wealthy men. People don't make that amount of money without learning a trick or two!