New Statement from the club.

CARDIFF & PMG AGREEMENT REACHED

As previously announced the club is working hard to address the long term historical creditor issues.

As a result of these endeavours Cardiff City Football Club and PMG are pleased to be able announce that they have reached agreement on their debt. As a result of a series of meetings and given the undertakings and plans by the Malaysian investors, PMG have agreed to convert a significant amount of their debt into shares while also agreeing a new payment plan which will improve the balance sheet.
As part of the agreement Mike Hall will join the Board and will work with the Malaysian investors to address the key historical issues facing the club, namely Langston. PMG fully endorse the stance taken by the Board in appointing forensic accountants investigating Sam Hammam and his business dealing whilst Chairman of Cardiff City Football Club.

I just wish the so called forensic detectives would investigate Ridsdale too unless the current board are afraid that they may well find some hidden financial dirt on themselves ??

http://www.cardiffcityfc.co.uk/page/NewsDetail/0,,10335~2371221,00.html - CARDIFF & PMG AGREEMENT REACHED

Why? Ridsdale is history. He's been dealt with.

They're investigating Hammam/Langston because they're still imapcting on the club.

Cracking news about PMG! As much debt converted into shares the better.

I just wish the so called forensic detectives would investigate Ridsdale too unless the current board are afraid that they may well find some hidden financial dirt on themselves ??

Ridsdale holds a massive debt over the club, does he?

http://www.cardiffcityfc.co.uk/page/NewsDetail/0,,10335~2371221,00.html - CARDIFF & PMG AGREEMENT REACHED

Why? Ridsdale is history. He's been dealt with.

They're investigating Hammam/Langston because they're still imapcting on the club.

Cracking news about PMG! As much debt converted into shares the better.

And more importantly, PMG aligned vs Langston based upon that statement.

I see there is the now standard kick at SH looks like we have an ongoing campaign to discredit him.

But fair play to the Malaysians and PMG you have to say it looks like they are in for the long haul and more importantly that they can work together. That has to be in the best interests of the club.

I just wish the so called forensic detectives would investigate Ridsdale too unless the current board are afraid that they may well find some hidden financial dirt on themselves ??

Ridsdale holds a massive debt over the club, does he?

none that I know of ...... I wanna know what he did with the millions he took out !!! He's a better magician than Paul Daniels

question, where does this deal with pmg leave us regarding the premier seating [who will get the money]

Happy days I wonder how the Sam lovers will react??

Great news

Shares mean they want long term success and not our money back now

Things continue to look up

Happy days

Yet more alluding to Sam Hammam. It seems painfully obvious that they've uncovered something none too healthy. Now it's PMG that have joined the clamour to get to the bottom of whatever it is they're strongly hinting at. Personally, I wasn't pro or anti Hammam and like many Cardiff fans, met him several times and although I never had the time to get to know him well like a lot of the fans, found him to a pleasant enough old man. I think he's bitten off more than he can chew with the Malaysians though, and is bang in trouble. Let's hope he walks away with some kind of settlement and it doesn't become a case for the police

Last edited by CityGent on Fri Jun 03, 2011 1:17 pm, edited 1 time in total.

question, where does this deal with pmg leave us regarding the premier seating [who will get the money]

well they get more shares and Mike Hall on the board ....... far as I know the seating money still goes to them until we hear otherwise I guess ? Personally Id be happy to see them ( PMG ) put their hands into their pockets and do what VT is doing for CCFC !

question, where does this deal with pmg leave us regarding the premier seating [who will get the money]

well they get more shares and Mike Hall on the board ....... far as I know the seating money still goes to them until we hear otherwise I guess ? Personally Id be happy to see them ( PMG ) put their hands into their pockets and do what VT is doing for CCFC !

They have by convertimg the money owed in to shares i.e. a permanent investment in to the club as opposed to a loan...

cant see pmg putting money into the club as history has proved but seriously what of that money from premier seating we must be losing alot of revenue on match days

pmg must think the future is bright otherwise they'd surely just be trying to get their money back rather than converting to shares, this sounds like very positive news coming out of the club again

onwards and upwards

Yet more alluding to Sam Hammam. It seems painfully obvious that they've uncovered something none too healthy. Now it's PMG that have joined the clamour to get to the bottom of whatever it is they're strongly hinting at. Personally, I wasn't pro or anti Hammam and like many Cardiff fans, met him several times and although I never had the time to get to know him well like a lot of the fans, found him to a pleasant enough old man. I think he's bitten off more than he can chew with the Malaysians though, and is bang in trouble. Let's hope he walks away with some kind of settlement and it doesn't become a case for the police

It is obviously in the interests of all other equity and debt holders if it transpires that the Langston debt can be brought into question.

I feel another PMG bashing session is on the way I fear.

Who bailed this club out after sam and then ridsdale rinsed it for every penny? Who footed the wage bill out of their own pockets And who was involved in the negotiations to bring the Malaysians on board? PMG!!!!!!!

Hammam behaved inexcusably during his final meeting even demanding hundresds of thousands of pounds for his brother!

And we are his baby!!!! They've got him by the bollocks. He'll be lucky to walk away with £5m.

couple of questions for everyone, whats mike halls area of expertise? how will he be able to help the current board solve the langston problem? wasn't he forced to leave the board before because of a clash of interests?

good point about pmg theve stuck around while others have legged it and demanded there money back now there showing there interrest by converting debt to shares

Looks like the Malaysians can smell blood re Langston

question, where does this deal with pmg leave us regarding the premier seating [who will get the money]

I'm no accountant but the reference to balance sheet suggests to me it's replacing a % of the debt with shares, although it does make reference to a new payment plan which I will leave to accountants to explain.

But for me it's good news all around

i may be wide of the mark, but ive always thought that Sam loaned us a few Million of his money, and we pay back 15-20 Million.....and Sam is Langston.

Am I reading that as the Malaysians are suspicious of Sams business dealings whilst at the club..........?

Big statement this is!

To think less than a week ago there were loads on this board complaining
that the Malaysians were not acting decisively or quickly enough

I wrote a long post about how we should be trusting them but cant find
it now. Gutted, cos im not usually right lol

Big statement this is!

To think less than a week ago there were loads on this board complaining
that the Malaysians were not acting decisively or quickly enough

I wrote a long post about how we should be trusting them but cant find
it now. Gutted, cos im not usually right lol

Dave

I Look forward to the out come


viewtopic.php?f=2&t=47993 My Final words on the matter, Lets hope people like you are man enough to then admit you were wrong when it does not go the way you want it to

Looks like more good news.

As much as PMG are eggers i have always had more faith in them than i did in Sam or Ridsdale. Their motives have always appeared clearer, ie they are business men looking to turn a profit , rather than Hammam/Ridsdale with all of their spin and constant attempts to curry favour with the fans.

couple of questions for everyone, whats mike halls area of expertise? how will he be able to help the current board solve the langston problem? wasn't he forced to leave the board before because of a clash of interests?

As a board member of PMG a highly successful development firm I think he probably has enough business acumen, egg chaser or not.

Morr importantly He has all of Sams skeletons and the key to the cupboard....!

This is dynamite news PMG allying themselves to the Malaysians and certainly looks to me like they are targeting Sam Hammam. Its looking increasingly like they expect to find something in via these Forensic Accountants.

As part of the agreement Mike Hall will join the Board and will work with the Malaysian investors to address the key historical issues facing the club, namely Langston. PMG fully endorse the stance taken by the Board in appointing forensic accountants investigating Sam Hammam and his business dealing whilst Chairman of Cardiff City Football Club.

This is a very damning statement. The gloves are off methinks.

Yet more alluding to Sam Hammam. It seems painfully obvious that they've uncovered something none too healthy. Now it's PMG that have joined the clamour to get to the bottom of whatever it is they're strongly hinting at. Personally, I wasn't pro or anti Hammam and like many Cardiff fans, met him several times and although I never had the time to get to know him well like a lot of the fans, found him to a pleasant enough old man. I think he's bitten off more than he can chew with the Malaysians though, and is bang in trouble. Let's hope he walks away with some kind of settlement and it doesn't become a case for the police

Spot on matey, my thoughts exactly. The factions at the club are publicly uniting against SH and Langston. This new statement is further evidence of very much re-inforcing an us and them situation. No way back for Sam!
I have the feeling that the malaysians strategy is now changing, from a quick promotion, to a more slower steady progress. IMO, they are not expecting promotion and the riches that it brings any time soon, so are now paving the way to settle with Langston for the lowest amount that they can possibly achieve, which may need the work of the forensic accountants to uncover possible criminal activity not just poor business sense, as we have all always criticised SH for.
I hope SH does not do something silly like defending the indefensible, I hope all this can be settled privately by the club and SH, and those that remember SH for the good things he did, keeps it that way.

question, where does this deal with pmg leave us regarding the premier seating [who will get the money]

well they get more shares and Mike Hall on the board ....... far as I know the seating money still goes to them until we hear otherwise I guess ? Personally Id be happy to see them ( PMG ) put their hands into their pockets and do what VT is doing for CCFC !

They've just purchased shares in affect. So that's exactly what they have done!