Ridsdale Meeting Report
Tue Dec 01, 2009 8:38 am
Thanks to Adam Davies for the following report. Please do not copy and paste this report!
Tonight Cardiff City Chairman Peter Ridsdale attended a Q&A session with fans at the Municipal Club in Cathays. He was quizzed on a number of subjects ranging from the club's debts to Dave Jones's position as manager by around 200 mostly irate supporters who wanted answers. This is what he had to say:
Langston
Ridsdale has been in daily contact with Sam Hammam and he believes a deal to pay off the debt will be signed this week. A verbal agreement has been reached with Langston and a contract has been drawn up which will see the Langston debt reduced to £10m, due to be paid off by the end of 2010. Payments will be made in “affordable” monthly installments commencing from January. If the debt is not paid off by the end of 2010 it will increase by £1m per annum until 2016.
Ridsdale is convinced that Hammam will sign the deal, as taking the club to court will result in him receiving no payment until 2016. A disagreement over the wording of two phrases in the contract which weren't to the club's liking is the reason it is yet to be signed. If Hammam signs, the club will pay off the debt by generating money from new investment or normal bank borrowing and not from player sales.
Hammam indicated he would like to return to the club's board but, in a brief conversation, Ridsdale declined and told him that there was currently no feeling amongst the board to suggest that he would be welcomed back.
Ridsdale added that once the Langston debt has been reduced the club will have positive net assets of between £20m-£30m.
Inland Revenue
The debt to HMRC is an historical one which has been around since Ridsdale first joined the club.
The winding-up order was suspended when the club recently arranged a payment plan with HMRC to pay the debt back in installments. The case went to court for the suspension of the order to be rubber stamped. As a payment plan is in place there will be no transfer embargo in January.
Malaysian Investment
Dato Chan Tien Ghee (TG) is now on the club's board and is in daily contact with Ridsdale. He has so far invested a significant sum – Ridsdale wasn't specific but said it was in “the millions” - with more investment to follow this week. TG's investment has been in the form of new shares, although he has not yet received a share certificate acknowledgment from the club. If the due diligence process is a success then TG will take a more significant interest, with potential majority control.
The group of interested Malaysian investors introduced to the club by TG have been sent details of the clubs finances as part of the due diligence process and are aware of the issues with HMRC, although TG himself hasn't asked to see any documents. The investment is going ahead under the proviso that Langston deal will be signed.
Of the potential investors Ridsdale has only met TG and Vincent Tan, head of the Berjaya Corporation - who Ridsdale claims is currently worth around $9billion – but insists that all investors will have to be transparent and make themselves known as part of the fit and proper persons test.
Ridsdale believes the reasons for potential investment are sponsorship and academy opportunities in the Far East, as well as an interest in the British football system and a keenness to be associated with a British football club. He believes Championship clubs to be a better investment than Premiership clubs due to the potential to increase the value and its relatively cheap entry level.
The club are not currently talking to any American investors.
Finances
It was put to Ridsdale that the club's debt currently stands at around £40m – made up of the Langston debt, the money owed to the Inland Revenue, stadium related costs, and money borrowed from PMG, Steve Borley and Michael Isaac. He denied this was the case and insisted the current debt total is somewhere between £21m and £24m, and is being paid off all the time.
The club owes £9m to PMG and will owe £10m to Langston once the deal to reduce the debt has been signed. The debts to HMRC, Michael Isaac and Steve Borley are being paid in monthly installments and money borrowed from Kim Walker has been paid off.
When asked where the money from player sales and the FA Cup run had gone Ridsdale said that at Ninian Park the club operated at a loss of around £7m a season to enable it to compete in the Championship. To guarantee the club's survival and subsidise the wage bill it was necessary to sell a player every season.
The current wage bill of playing staff and management is £11m including bonuses and whereas the basic turnover at Ninian Park was £8m-£9m, it is £16m at the CCS. Ridsdale claimed that a normal year at the CCS will now be cash positive and with the move to the CCS the club no longer has to sell players simply to survive. Player sales will now be used to generate the funds to bring in new playing staff.
The club made £2.8m from the FA Cup run. As a result of reaching the final it had to pay £500k in bonuses and received no gate receipts or television money from the final. The club actually made more money from the quarter-final at Middlesbrough than from the semi-final due to the cost of playing at Wembley.
Dave Jones
Ridsdale admitted to being “absolutely appalled” with the club's current league position but insisted that it was easy to sack a manager and hard to change one. The day he believes the club will benefit from a change of manager then he will act but currently he does not believe that to be the case.
He was furious with Dave Jones and the management team after the Ipswich game and said the performance was unacceptable. Overall he thinks progress has been made under Dave Jones and despite our recent failings this is the best football the fans have had for 20-odd years.
Playing squad and recruitment
When questioned about the continual poor performances of Mark Hudson, Ridsdale suggested that Hudson was the best player on the pitch against Ipswich.
Warren Feeney and Tony Capaldi were loaned out to get some game time as Dave Jones saw them having a lack of first team opportunities in the coming weeks.
The club has not budgeted for the sale of Adam Matthews. Ridsdale confirmed that there are a number of clubs who would love to have Matthews playing for them but no club has yet indicated that they would like to make an offer for him.
Ridsdale agreed that the need to find cover for Jay Bothroyd in January was obvious and the midfield is weak and in need of strengthening in the wake of Stephen McPhail's cancer diagnosis and Joe Ledley “playing like he's somewhere else”.
He suggested that the quality of player available on loan was not of a high enough calibre to improve the squad, although he was at Old Trafford last week in talks over recruiting a loan player in January.
Once the Langston deal is signed it will free up funds for player recruitment as there will be no threat of a court case to budget for. Ridsdale believes that players will be signed in January but it will be financially tight.
Joe Ledley
Ledley has not yet accepted a substantial contract offer which would make him the highest paid player at the club after Michael Chopra. The reason Ledley wasn't sold in the 2008 summer transfer window was because the sale of Aaron Ramsey had raised the funds needed to balance the books. This was despite Stoke offering £6m shortly before the deadline and Ledley indicating that he would like to join them.
Asked if the club had budgeted for the sale of Ledley or Ross McCormack in addition to Roger Johnson this summer, Ridsdale insisted that no specific player had been budgeted for. He indicated that, out of the three, Johnson was the one he was most reluctant to sell, but was the only one the club received an offer for.
Season ticket price freeze
According to Ridsdale not many supporters have yet taken up the offer of the five year season ticket price freeze. Current ambassadors will have a price freeze for 2010-11 if they decide to renew their season tickets from January. If the club is relegated the price freeze will not be applicable and season ticket prices will be dropped in relation to the level the club are playing at.
Ridsdale's wages
Ridsdale insisted that he was earning every penny of his £350k base salary, a significant £150k less than the previous chairman. He has only received two bonuses during his time at the club. The chairman's wages are dictated by a renumeration committee formed by non-executive directors Keith Harris and Alan Whiteley who base the wages on what chairmen at other clubs are earning.
Keith Harris
Keith Harris is currently looking to secure funds to pay off the Langston debt. As a non-executive director he is on a small salary but Ridsdale couldn't confirm whether Harris had taken it. Harris was not involved in brokering the Malaysian deal due to him joining the club after Ridsdale had already built a rapport with the investors.
Bubble trips
Ridsdale reiterated that bubble trips are determined by the Police and forced on the club due to historical events. He would love to see an end to them, but it seems unlikely in the near future in light of the damage done by City supporters to the Liberty Stadium.
The House of Sport
There has been an extension on the completion date for the House of Sport from the end of this year to the end of 2010. The House of Sport has to be built by the club as part of the deal with Cardiff Council which gave the club the land for the CCS.
The club receives no income from the retail unit on the land as it was sold off on the day the club signed the deal with the Council. The money from the sale was put into a bank account by the Council to pay for the stadium. The House of Sport is being funded by selling off the club's land banks of value, including land that has planning permission as a coach park and a hotel sight, which is estimated to earn £1m-£2m profit.
Premier Club seats
Ridsdale admitted that Premier Club seats had in hindsight been a “cock-up”. A company called Bastion was charged with setting up the Premier Club by the previous Premier Club manager. Premier club is to be relaunched in January offering better value for money.
777 Ball sponsorship fiasco
The company was approved by the Football League and all the relevant bodies before the deal was agreed and the sponsor worn on shirts. In hindsight Ridsdale believes it worked out for the best with a more lucrative sponsorship deal with SBOBET signed two weeks later.
Club shirts
Shirts are sold at two outlets: the CCS shop and St. Davids 2. The club cannot ask retailers to fix a price for the shirts, therefore they've decided not to sell to other retailers as they could undercut the club's prices.
Ridsdale's future
When Ridsdale first arrived at the club he thought the job was impossible and at numerous times over the past few years he's thought about walking away. He ultimately decided to stick it out to prove a point after his failings at Leeds. He loves Cardiff City Football Club, but when his job is done and the debts have been cleared and the club are in the Premiership, he will look at stepping down.
Ridsdale finished the meeting by agreeing to invite Dave Jones to the next Q&A session with fans.
By Adam Davies
Tonight Cardiff City Chairman Peter Ridsdale attended a Q&A session with fans at the Municipal Club in Cathays. He was quizzed on a number of subjects ranging from the club's debts to Dave Jones's position as manager by around 200 mostly irate supporters who wanted answers. This is what he had to say:
Langston
Ridsdale has been in daily contact with Sam Hammam and he believes a deal to pay off the debt will be signed this week. A verbal agreement has been reached with Langston and a contract has been drawn up which will see the Langston debt reduced to £10m, due to be paid off by the end of 2010. Payments will be made in “affordable” monthly installments commencing from January. If the debt is not paid off by the end of 2010 it will increase by £1m per annum until 2016.
Ridsdale is convinced that Hammam will sign the deal, as taking the club to court will result in him receiving no payment until 2016. A disagreement over the wording of two phrases in the contract which weren't to the club's liking is the reason it is yet to be signed. If Hammam signs, the club will pay off the debt by generating money from new investment or normal bank borrowing and not from player sales.
Hammam indicated he would like to return to the club's board but, in a brief conversation, Ridsdale declined and told him that there was currently no feeling amongst the board to suggest that he would be welcomed back.
Ridsdale added that once the Langston debt has been reduced the club will have positive net assets of between £20m-£30m.
Inland Revenue
The debt to HMRC is an historical one which has been around since Ridsdale first joined the club.
The winding-up order was suspended when the club recently arranged a payment plan with HMRC to pay the debt back in installments. The case went to court for the suspension of the order to be rubber stamped. As a payment plan is in place there will be no transfer embargo in January.
Malaysian Investment
Dato Chan Tien Ghee (TG) is now on the club's board and is in daily contact with Ridsdale. He has so far invested a significant sum – Ridsdale wasn't specific but said it was in “the millions” - with more investment to follow this week. TG's investment has been in the form of new shares, although he has not yet received a share certificate acknowledgment from the club. If the due diligence process is a success then TG will take a more significant interest, with potential majority control.
The group of interested Malaysian investors introduced to the club by TG have been sent details of the clubs finances as part of the due diligence process and are aware of the issues with HMRC, although TG himself hasn't asked to see any documents. The investment is going ahead under the proviso that Langston deal will be signed.
Of the potential investors Ridsdale has only met TG and Vincent Tan, head of the Berjaya Corporation - who Ridsdale claims is currently worth around $9billion – but insists that all investors will have to be transparent and make themselves known as part of the fit and proper persons test.
Ridsdale believes the reasons for potential investment are sponsorship and academy opportunities in the Far East, as well as an interest in the British football system and a keenness to be associated with a British football club. He believes Championship clubs to be a better investment than Premiership clubs due to the potential to increase the value and its relatively cheap entry level.
The club are not currently talking to any American investors.
Finances
It was put to Ridsdale that the club's debt currently stands at around £40m – made up of the Langston debt, the money owed to the Inland Revenue, stadium related costs, and money borrowed from PMG, Steve Borley and Michael Isaac. He denied this was the case and insisted the current debt total is somewhere between £21m and £24m, and is being paid off all the time.
The club owes £9m to PMG and will owe £10m to Langston once the deal to reduce the debt has been signed. The debts to HMRC, Michael Isaac and Steve Borley are being paid in monthly installments and money borrowed from Kim Walker has been paid off.
When asked where the money from player sales and the FA Cup run had gone Ridsdale said that at Ninian Park the club operated at a loss of around £7m a season to enable it to compete in the Championship. To guarantee the club's survival and subsidise the wage bill it was necessary to sell a player every season.
The current wage bill of playing staff and management is £11m including bonuses and whereas the basic turnover at Ninian Park was £8m-£9m, it is £16m at the CCS. Ridsdale claimed that a normal year at the CCS will now be cash positive and with the move to the CCS the club no longer has to sell players simply to survive. Player sales will now be used to generate the funds to bring in new playing staff.
The club made £2.8m from the FA Cup run. As a result of reaching the final it had to pay £500k in bonuses and received no gate receipts or television money from the final. The club actually made more money from the quarter-final at Middlesbrough than from the semi-final due to the cost of playing at Wembley.
Dave Jones
Ridsdale admitted to being “absolutely appalled” with the club's current league position but insisted that it was easy to sack a manager and hard to change one. The day he believes the club will benefit from a change of manager then he will act but currently he does not believe that to be the case.
He was furious with Dave Jones and the management team after the Ipswich game and said the performance was unacceptable. Overall he thinks progress has been made under Dave Jones and despite our recent failings this is the best football the fans have had for 20-odd years.
Playing squad and recruitment
When questioned about the continual poor performances of Mark Hudson, Ridsdale suggested that Hudson was the best player on the pitch against Ipswich.
Warren Feeney and Tony Capaldi were loaned out to get some game time as Dave Jones saw them having a lack of first team opportunities in the coming weeks.
The club has not budgeted for the sale of Adam Matthews. Ridsdale confirmed that there are a number of clubs who would love to have Matthews playing for them but no club has yet indicated that they would like to make an offer for him.
Ridsdale agreed that the need to find cover for Jay Bothroyd in January was obvious and the midfield is weak and in need of strengthening in the wake of Stephen McPhail's cancer diagnosis and Joe Ledley “playing like he's somewhere else”.
He suggested that the quality of player available on loan was not of a high enough calibre to improve the squad, although he was at Old Trafford last week in talks over recruiting a loan player in January.
Once the Langston deal is signed it will free up funds for player recruitment as there will be no threat of a court case to budget for. Ridsdale believes that players will be signed in January but it will be financially tight.
Joe Ledley
Ledley has not yet accepted a substantial contract offer which would make him the highest paid player at the club after Michael Chopra. The reason Ledley wasn't sold in the 2008 summer transfer window was because the sale of Aaron Ramsey had raised the funds needed to balance the books. This was despite Stoke offering £6m shortly before the deadline and Ledley indicating that he would like to join them.
Asked if the club had budgeted for the sale of Ledley or Ross McCormack in addition to Roger Johnson this summer, Ridsdale insisted that no specific player had been budgeted for. He indicated that, out of the three, Johnson was the one he was most reluctant to sell, but was the only one the club received an offer for.
Season ticket price freeze
According to Ridsdale not many supporters have yet taken up the offer of the five year season ticket price freeze. Current ambassadors will have a price freeze for 2010-11 if they decide to renew their season tickets from January. If the club is relegated the price freeze will not be applicable and season ticket prices will be dropped in relation to the level the club are playing at.
Ridsdale's wages
Ridsdale insisted that he was earning every penny of his £350k base salary, a significant £150k less than the previous chairman. He has only received two bonuses during his time at the club. The chairman's wages are dictated by a renumeration committee formed by non-executive directors Keith Harris and Alan Whiteley who base the wages on what chairmen at other clubs are earning.
Keith Harris
Keith Harris is currently looking to secure funds to pay off the Langston debt. As a non-executive director he is on a small salary but Ridsdale couldn't confirm whether Harris had taken it. Harris was not involved in brokering the Malaysian deal due to him joining the club after Ridsdale had already built a rapport with the investors.
Bubble trips
Ridsdale reiterated that bubble trips are determined by the Police and forced on the club due to historical events. He would love to see an end to them, but it seems unlikely in the near future in light of the damage done by City supporters to the Liberty Stadium.
The House of Sport
There has been an extension on the completion date for the House of Sport from the end of this year to the end of 2010. The House of Sport has to be built by the club as part of the deal with Cardiff Council which gave the club the land for the CCS.
The club receives no income from the retail unit on the land as it was sold off on the day the club signed the deal with the Council. The money from the sale was put into a bank account by the Council to pay for the stadium. The House of Sport is being funded by selling off the club's land banks of value, including land that has planning permission as a coach park and a hotel sight, which is estimated to earn £1m-£2m profit.
Premier Club seats
Ridsdale admitted that Premier Club seats had in hindsight been a “cock-up”. A company called Bastion was charged with setting up the Premier Club by the previous Premier Club manager. Premier club is to be relaunched in January offering better value for money.
777 Ball sponsorship fiasco
The company was approved by the Football League and all the relevant bodies before the deal was agreed and the sponsor worn on shirts. In hindsight Ridsdale believes it worked out for the best with a more lucrative sponsorship deal with SBOBET signed two weeks later.
Club shirts
Shirts are sold at two outlets: the CCS shop and St. Davids 2. The club cannot ask retailers to fix a price for the shirts, therefore they've decided not to sell to other retailers as they could undercut the club's prices.
Ridsdale's future
When Ridsdale first arrived at the club he thought the job was impossible and at numerous times over the past few years he's thought about walking away. He ultimately decided to stick it out to prove a point after his failings at Leeds. He loves Cardiff City Football Club, but when his job is done and the debts have been cleared and the club are in the Premiership, he will look at stepping down.
Ridsdale finished the meeting by agreeing to invite Dave Jones to the next Q&A session with fans.
By Adam Davies
Re: STICKY: Ridsdale Meeting Report
Tue Dec 01, 2009 8:45 am
Thankyou Adam for writing up the report.
Pictures will follow later today.
Pictures will follow later today.
Re: STICKY: Ridsdale Meeting Report
Tue Dec 01, 2009 8:53 am
Great Report!
Thank you Adam and Annis.
Thank you Adam and Annis.
Re: STICKY: Ridsdale Meeting Report
Tue Dec 01, 2009 8:56 am
hailesy wrote:Great Report!
Thank you Adam and Annis.
No probs, but I Dont know if we are any of the wiser
Re: STICKY: Ridsdale Meeting Report
Tue Dec 01, 2009 9:11 am
Looking forward to the DJ one though.
That could be rather interesting if it happens in the near future.
Re: STICKY: Ridsdale Meeting Report
Tue Dec 01, 2009 9:12 am
hailesy wrote::lol:
Looking forward to the DJ one though.
That could be rather interesting if it happens in the near future.
I agree that would be very interesting, I will arrange it.
Re: STICKY: Ridsdale Meeting Report
Tue Dec 01, 2009 9:18 am
Excellent report.
Funny under normal circumstances the prospect of someone worth $9billion buying the club and almost guaranteeing Premier League (& possibly CL) football would have everyone hopping around like demented rabbits.
Trouble is as Cardiff C fans we have been let down so many times that we have developed a thick skin and only believe it when we see it.
That said I hope to f**king hell that I do see it
Funny under normal circumstances the prospect of someone worth $9billion buying the club and almost guaranteeing Premier League (& possibly CL) football would have everyone hopping around like demented rabbits.
Trouble is as Cardiff C fans we have been let down so many times that we have developed a thick skin and only believe it when we see it.
That said I hope to f**king hell that I do see it
Re: STICKY: Ridsdale Meeting Report
Tue Dec 01, 2009 9:20 am
Tony Blue Williams wrote:Excellent report.
Funny under normal circumstances the prospect of someone worth $9billion buying the club and almost guaranteeing Premier League (& possibly CL) football would have everyone hopping around like demented rabbits.
Trouble is as Cardiff C fans we have been let down so many times that we have developed a thick skin and only believe it when we see it.
That said I hope to f**king hell that I do see it
Tony, Your right we should be on on cloud nine, but some how we never seem to be able to believe or enjoy any good news.
Re: STICKY: Ridsdale Meeting Report
Tue Dec 01, 2009 9:40 am
Not to be a doom and gloom merchant but good on the guy for attending but the only definitive thing that seems to have come out of him is that Bubble trips are still going to happen. All other answers are far from definitive.
Re: STICKY: Ridsdale Meeting Report
Tue Dec 01, 2009 9:47 am
Who was the clown who asked about the poor performance of Hudson.
I could name 6-7 players worse than hm. Scapegoat yet again.
I could name 6-7 players worse than hm. Scapegoat yet again.
Re: STICKY: Ridsdale Meeting Report
Tue Dec 01, 2009 9:49 am
Cheers for the report...
Re: STICKY: Ridsdale Meeting Report
Tue Dec 01, 2009 11:41 am
Great report! I still dont completely trust the Riddler though......
Re: STICKY: Ridsdale Meeting Report
Tue Dec 01, 2009 11:44 am
Dave Jones meeting will be interesting..
Get it at the brunswick and cheg let me work PLEASE! haha
Get it at the brunswick and cheg let me work PLEASE! haha
Re: STICKY: Ridsdale Meeting Report
Tue Dec 01, 2009 1:07 pm
Thank you for the good insight that went on at your meeting Adam.
Tonight Cardiff City Chairman Peter Ridsdale attended a Q&A session with fans at the Municipal Club in Cathays. He was quizzed on a number of subjects ranging from the club's debts to Dave Jones's position as manager by around 200 mostly irate supporters who wanted answers. This is what he had to say:
Langston
Ridsdale has been in daily contact with Sam Hammam and he believes a deal to pay off the debt will be signed this week. A verbal agreement has been reached with Langston and a contract has been drawn up which will see the Langston debt reduced to £10m, due to be paid off by the end of 2010. Payments will be made in “affordable” monthly installments commencing from January. If the debt is not paid off by the end of 2010 it will increase by £1m per annum until 2016.
..............
So basically an offer of early settlement over 12 months. As I thought and quoted yesterday on this forum. One matter that stands out here is that I have read that Ridsdale said this agreement had been signed off by lawyers, and was just awaiting the signature of Messer Hammam, last nights meeting revelations raise two different points , the first being that it's stated as a verbal agreement ( Well Peter had one of those with JFH didn't he?) and the second that the Club wanted a couple of changes to the contract hence why the delay. Well it certaintly can not have been " signed off by the lawyers" as previously quoted that of course being it was a correct quote from Ridsdale. Financially there seems to be a lot riding on this agreement/offer of early debt settlement. Looking from the outside is it a good offer and for who? It's a big loss for Langston either way if they agree to the offer. All really depends how much more funding they have behind them to which they may feel like they can take the gamble or on the other hand cut and run and pull back as much funding as possible and look to re- invest those funds in a better proper manner to make back the lost revenue from this new offer/agreement.
From Cardiff City's point of view it's a good offer to Langston IF (in capital letters) IF the Malaysians are prepared to pay it off in 12 months. But why would a billionaire want/require a 12 month period to settle the debt, personally I would have thought if Langston were to accept reduction of some millions of pounds for payment over 12 months then they would probably be open to dropping another couple of million for instant repayment?
..................
Ridsdale is convinced that Hammam will sign the deal, as taking the club to court will result in him receiving no payment until 2016. A disagreement over the wording of two phrases in the contract which weren't to the club's liking is the reason it is yet to be signed. If Hammam signs, the club will pay off the debt by generating money from new investment or normal bank borrowing and not from player sales.
......................
Peter often convinces himself so the mere statement that " Ridsdale is convinced" holds for me not a lot of substance although he does have a point regards repayment for another 6 years , this again comes down to depth of wealth by Langston as well as what interest rates are set on the loan . At the end of the day, Cardiff City do owe the money and will have to repay it, just dependent on how the lender see's what more beneficial short term/long term. Strange how Ridsdale reports how if Hammam agrees how the debt will be repaid, especially as there is nothing concrete from the Malaysians or a formal offer from a bank reported. I would be very surprised that at these times a Bank would be interested in this deal. You would think that Hammam would want to see something concrete to how repayment would occur before agreeing to slash a few million off. Is it that reason why Mr Chan has appeared on the board first, to lull Hammam in to thought and excitement of Malaysian investment. He's been hoodwinked by Ridsdale/PMG before I doubt he would fall for a second "honey trap."
Final note as well, the debts not really going away either by way of Peter's methods of repayment. The Bank would certainly be of course a loan for a loan albeit with a reduction in size, and Malaysian businessmen don't just gift Football Clubs Millions of pounds, so in reality terms its a swap with a reduction from Pannama to Kula Lumpa , same loan with reduction just different horse, it's not actually clearing debt as Peter claims it in his programme notes and official website statements.
Hammam indicated he would like to return to the club's board but, in a brief conversation, Ridsdale declined and told him that there was currently no feeling amongst the board to suggest that he would be welcomed back.
......................
Ridsdale added that once the Langston debt has been reduced the club will have positive net assets of between £20m-£30m.
........................
Did anyone ask how he get's to this actual figure?
.....................................
Inland Revenue
The debt to HMRC is an historical one which has been around since Ridsdale first joined the club.
The winding-up order was suspended when the club recently arranged a payment plan with HMRC to pay the debt back in installments. The case went to court for the suspension of the order to be rubber stamped. As a payment plan is in place there will be no transfer embargo in January.
.......................................
Only going what the Court Judgement was, the Club have until 3 FEB 2010 to repay it , so that should be a short agreement that they have accepted. Wouldn't fear too much at this stage as regards Club survival as this debt will be the most important one for all parties to ensure a winding up order is not placed on the Club. Somehow by any means possible it will be repaid. All parties have far too much to lose by not raising just over a million pounds. I would doubt its as Peter say's a historical one though, more likely the Club has a bad history of paying it's tax under Peter's regime and possibly those before him. Clever phrase though Peter, helped you pass it of last night!
........................................
Malaysian Investment
Dato Chan Tien Ghee (TG) is now on the club's board and is in daily contact with Ridsdale. He has so far invested a significant sum – Ridsdale wasn't specific but said it was in “the millions” - with more investment to follow this week. TG's investment has been in the form of new shares, although he has not yet received a share certificate acknowledgment from the club. If the due diligence process is a success then TG will take a more significant interest, with potential majority control.
.........................................
Some " Ridsdalespeak" here I feel, so Millions has been invested without any due diligence? Come on now Peter , TG can't be that idiotic, or are you talking millions of Ringits which would equate to a far smaller sum in British Pounds. More investment this week but a share certificate has not been issued for his previous millions? Make of all this as you wish, very surprised that no ball park figures are mentioned at any stage, when every detail about every other deal/debt/salary is public knowledge.
..........................................................
The group of interested Malaysian investors introduced to the club by TG have been sent details of the clubs finances as part of the due diligence process and are aware of the issues with HMRC, although TG himself hasn't asked to see any documents. The investment is going ahead under the proviso that Langston deal will be signed.
...................................................
So this due diligence that TG ignored before investing " Millions" is the same due diligence that Vincent Tan waits for?
They would be aware of the HMRC debt now its been placed across the front page of your local newsmedia. Somebody posted yesterday that Ridsdales reaction to the media was due to the fact that that the Malaysians were unaware of it, I feel its highly likely that hes correct and this has caused Peter some embarrassment, hence the reaction. TG those has not as stated seen these documents, he's clearly not interested he invests " millions" without checking the books, Peter says so!.
The investment is going ahead under the proviso that the Langston deal is signed ? Is not TG's " millions" not an investment then or has that investment not really taken place? All very very murky with lots of " Ridsdalespeak" not much adds up does it?
Of the potential investors Ridsdale has only met TG and Vincent Tan, head of the Berjaya Corporation - who Ridsdale claims is currently worth around $9billion – but insists that all investors will have to be transparent and make themselves known as part of the fit and proper persons test.
..............................................
Met Vincent once by invitiation of TG for dinner. Hardly " takeover action". The word POTENTIAL is just that maybe but that word covers a large scope. I'm starting not to trust this TG, is he taking Ridsdale for a ride as well? Can't be though according to Peter he has TG's " Millions in the bank" even before due diligence that's he's not interested in!
......................................
Ridsdale believes the reasons for potential investment are sponsorship and academy opportunities in the Far East, as well as an interest in the British football system and a keenness to be associated with a British football club. He believes Championship clubs to be a better investment than Premiership clubs due to the potential to increase the value and its relatively cheap entry level.
................................
So with all the negotiations that have taken place Ridsdale doesn't actually know the actual reason why they would want to purchase a football Club but just has his own beliefs? Sponsorship for what exactly? No disrespect but how many Cardiffians visit Malaysia? go one step further even if it went "Premiership " and global what is it they wish to advertise? If it's for Sponsorship why not just Sponsor, it's not as Cardiff City are fighting Sponsors off?
Far East Academy opportunities are a pipe dream, and you certainly would not need to purchase a football club to set that up. Immigration rules state that work permits would not permit this unless the player was of international standard and then they have to meet certain conditions, the fact that Malaysia are ranked 152 by FIFA and not in the top 70 would add further restrictions too.
Yes Championship Clubs are a better investment at entry level in terms of purchase but also it makes you wonder why all the worlds billionaires are buying up Premiership Clubs if the better route is to buy Championship Clubs. The question still remains why a Malaysian billionaire wants to purchase a Championship Football Club and needs 12 months to replace the current loans of the Club. As Peter says it's a far cheaper entry level so if such a bargain to a billionaire why dilly dally around regards a Langston agreement?
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The club are not currently talking to any American investors.
Finances
It was put to Ridsdale that the club's debt currently stands at around £40m – made up of the Langston debt, the money owed to the Inland Revenue, stadium related costs, and money borrowed from PMG, Steve Borley and Michael Isaac. He denied this was the case and insisted the current debt total is somewhere between £21m and £24m, and is being paid off all the time.
The club owes £9m to PMG and will owe £10m to Langston once the deal to reduce the debt has been signed. The debts to HMRC, Michael Isaac and Steve Borley are being paid in monthly instalments and money borrowed from Kim Walker has been paid off.
When asked where the money from player sales and the FA Cup run had gone Ridsdale said that at Ninian Park the club operated at a loss of around £7m a season to enable it to compete in the Championship. To guarantee the club's survival and subsidise the wage bill it was necessary to sell a player every season.
The current wage bill of playing staff and management is £11m including bonuses and whereas the basic turnover at Ninian Park was £8m-£9m, it is £16m at the CCS. Ridsdale claimed that a normal year at the CCS will now be cash positive and with the move to the CCS the club no longer has to sell players simply to survive. Player sales will now be used to generate the funds to bring in new playing staff.
The club made £2.8m from the FA Cup run. As a result of reaching the final it had to pay £500k in bonuses and received no gate receipts or television money from the final. The club actually made more money from the quarter-final at Middlesbrough than from the semi-final due to the cost of playing at Wembley.
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Find that one hard to believe, although I estimate its how you actually budget your expenses and travel. According to the FA website and the FA prize fund the runners up this year will receive £900,000, also the winners of the semi finals will again receive £900,000 as well, so by losing this years Cup final you would be in receipt of 1.8 Million pounds. Peter did you really tell the Cardiff Fans this or has Adam reported it wrongly or are the FA talking " poppycock".?
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Dave Jones
Ridsdale admitted to being “absolutely appalled” with the club's current league position but insisted that it was easy to sack a manager and hard to change one. The day he believes the club will benefit from a change of manager then he will act but currently he does not believe that to be the case.
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Its an expensive ploy to sack a Manager when you have him retained on a very lucrative contract in favour of the Manager.
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He was furious with Dave Jones and the management team after the Ipswich game and said the performance was unacceptable. Overall he thinks progress has been made under Dave Jones and despite our recent failings this is the best football the fans have had for 20-odd years.
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Only Cardiff City fans can answer that and no doubt will do in time
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Playing squad and recruitment
When questioned about the continual poor performances of Mark Hudson, Ridsdale suggested that Hudson was the best player on the pitch against Ipswich.
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Mark Hudson is a defensive liabilty as proven by his record at Charlton. Who won the fans " man of the match" was that Mark Hudson?.
Hudson has no pace , Hudson can not pass a football, Hudson has communication issues with Goalkeeper's, positional play certainly has never been recorded as great either. For the reported purchase price and contractual figures openly spoken about , Ridsdale has certainly bought Cardiff City a " dud" so he will of course defend him as he was the one who bought him and overpaid for him and too him but thats Peter Ridsdale, money no object.
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Warren Feeney and Tony Capaldi were loaned out to get some game time as Dave Jones saw them having a lack of first team opportunities in the coming weeks.
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Nothing to do with the issue that both players were high earners and not in the starting line ups much this season. 5-7k per week per player for reserves is an expensive outlay when you have no money , but could they not have stayed now TG has invested his " millions" especially what seems to be such a thin squad with no other loanees coming in before the closure of the window.
The club has not budgeted for the sale of Adam Matthews. Ridsdale confirmed that there are a number of clubs who would love to have Matthews playing for them but no club has yet indicated that they would like to make an offer for him.
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Not for the want of trying, Matthews has been hawked of late to many Premiership Clubs by agents acting on behalf of Peter Ridsdale/Cardiff City according to many.
..................................................
Ridsdale agreed that the need to find cover for Jay Bothroyd in January was obvious and the midfield is weak and in need of strengthening in the wake of Stephen McPhail's cancer diagnosis and Joe Ledley “playing like he's somewhere else”.
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Not a very professional statement for a Chairman to say in public especially about a player who's contract is shortly to run out and is a free agent to choose another Club in 4 weeks time on a pre contract agreement for next season. The next 4 weeks are vital for the Chairman to obtain a new contract with the player, not the most suitable time to be making sarcastic comments in a public meeting, why did he single out Ledley, from reading the match reports he could have raised issue with a number of players.
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He suggested that the quality of player available on loan was not of a high enough calibre to improve the squad, although he was at Old Trafford last week in talks over recruiting a loan player in January.
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Sounds like Gibson to me for the departure of Ledley?
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Once the Langston deal is signed it will free up funds for player recruitment as there will be no threat of a court case to budget for. Ridsdale believes that players will be signed in January but it will be financially tight.
..............................................................................
How is it financially tight with TG and his already invested millions?
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Joe Ledley
Ledley has not yet accepted a substantial contract offer which would make him the highest paid player at the club after Michael Chopra. The reason Ledley wasn't sold in the 2008 summer transfer window was because the sale of Aaron Ramsey had raised the funds needed to balance the books. This was despite Stoke offering £6m shortly before the deadline and Ledley indicating that he would like to join them.
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Not the time to be making sarcastic comments about him at a public meeting then, with Ledley available to sign a pre contract with any other Club in 4 weeks time.
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Asked if the club had budgeted for the sale of Ledley or Ross McCormack in addition to Roger Johnson this summer, Ridsdale insisted that no specific player had been budgeted for. He indicated that, out of the three, Johnson was the one he was most reluctant to sell, but was the only one the club received an offer for.
Season ticket price freeze
According to Ridsdale not many supporters have yet taken up the offer of the five year season ticket price freeze. Current ambassadors will have a price freeze for 2010-11 if they decide to renew their season tickets from January. If the club is relegated the price freeze will not be applicable and season ticket prices will be dropped in relation to the level the club are playing at.
Ridsdale's wages
Ridsdale insisted that he was earning every penny of his £350k base salary, a significant £150k less than the previous chairman. He has only received two bonuses during his time at the club. The chairman's wages are dictated by a renumeration committee formed by non-executive directors Keith Harris and Alan Whiteley who base the wages on what chairmen at other clubs are earning.
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The previous Chairman waived his management fees? The previous Chairman actually funded and invested into the football club some nearly 30 million pounds? Slightly different picture to the actions of Peter Ridsdale. £350,000 plus large bonus , plus all expenses is not what I would call average for middle table Championship Football Clubs or below, saddled in debt.
Amazing to note that the 2 persons who structure his salary , one is a long established personal friend of Peter's and the other has been paid massive legal fees for some pretty basic legalities at times. It's a tough life as a Chief Ex/ Chairman sometimes when it comes to Salary capping.
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Keith Harris
Keith Harris is currently looking to secure funds to pay off the Langston debt. As a non-executive director he is on a small salary but Ridsdale couldn't confirm whether Harris had taken it. Harris was not involved in brokering the Malaysian deal due to him joining the club after Ridsdale had already built a rapport with the investors.
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Why is Keith Harris looking? TG has invested millions apparently . Keith Harris not take his " small" salary but not clearly known by the Chairman the master of finance? I wonder if Keith Harris would be prepared to speak openly about Peter's Malaysian deal, strange he's not involved when he's the actual expert in matters? Rather like owning a Ferrari and employing a top mechanic but taking your Ferrari to the garage for a service!
Maybe Keith Harris doesnt want to get involved in this supposed deal and maybe he doesn't believe it in or give it credence and doesn't want it to tarnish his reputation as the " deal breaker".
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Bubble trips
Ridsdale reiterated that bubble trips are determined by the Police and forced on the club due to historical events. He would love to see an end to them, but it seems unlikely in the near future in light of the damage done by City supporters to the Liberty Stadium.
The House of Sport
There has been an extension on the completion date for the House of Sport from the end of this year to the end of 2010. The House of Sport has to be built by the club as part of the deal with Cardiff Council which gave the club the land for the CCS.
The club receives no income from the retail unit on the land as it was sold off on the day the club signed the deal with the Council. The money from the sale was put into a bank account by the Council to pay for the stadium. The House of Sport is being funded by selling off the club's land banks of value, including land that has planning permission as a coach park and a hotel sight, which is estimated to earn £1m-£2m profit.
Premier Club seats
Ridsdale admitted that Premier Club seats had in hindsight been a “cock-up”. A company called Bastion was charged with setting up the Premier Club by the previous Premier Club manager. Premier club is to be relaunched in January offering better value for money.
777 Ball sponsorship fiasco
The company was approved by the Football League and all the relevant bodies before the deal was agreed and the sponsor worn on shirts. In hindsight Ridsdale believes it worked out for the best with a more lucrative sponsorship deal with SBOBET signed two weeks later.
Club shirts
Shirts are sold at two outlets: the CCS shop and St. Davids 2. The club cannot ask retailers to fix a price for the shirts, therefore they've decided not to sell to other retailers as they could undercut the club's prices.
Ridsdale's future
When Ridsdale first arrived at the club he thought the job was impossible and at numerous times over the past few years he's thought about walking away. He ultimately decided to stick it out to prove a point after his failings at Leeds. He loves Cardiff City Football Club, but when his job is done and the debts have been cleared and the club are in the Premiership, he will look at stepping down.
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Could be a long time then Peter? At £350,000 per annum plus all the benefits and trappings that go with it and your massive love for Cardiff City no doubt you can stretch it out a bit more especially if you get the team winning again!
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Ridsdale finished the meeting by agreeing to invite Dave Jones to the next Q&A session with fans.
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Even after a few more defeats?
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Some very strange things been said and what appears to be some very strange goings on too with this Malaysian reported investment.
Tonight Cardiff City Chairman Peter Ridsdale attended a Q&A session with fans at the Municipal Club in Cathays. He was quizzed on a number of subjects ranging from the club's debts to Dave Jones's position as manager by around 200 mostly irate supporters who wanted answers. This is what he had to say:
Langston
Ridsdale has been in daily contact with Sam Hammam and he believes a deal to pay off the debt will be signed this week. A verbal agreement has been reached with Langston and a contract has been drawn up which will see the Langston debt reduced to £10m, due to be paid off by the end of 2010. Payments will be made in “affordable” monthly installments commencing from January. If the debt is not paid off by the end of 2010 it will increase by £1m per annum until 2016.
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So basically an offer of early settlement over 12 months. As I thought and quoted yesterday on this forum. One matter that stands out here is that I have read that Ridsdale said this agreement had been signed off by lawyers, and was just awaiting the signature of Messer Hammam, last nights meeting revelations raise two different points , the first being that it's stated as a verbal agreement ( Well Peter had one of those with JFH didn't he?) and the second that the Club wanted a couple of changes to the contract hence why the delay. Well it certaintly can not have been " signed off by the lawyers" as previously quoted that of course being it was a correct quote from Ridsdale. Financially there seems to be a lot riding on this agreement/offer of early debt settlement. Looking from the outside is it a good offer and for who? It's a big loss for Langston either way if they agree to the offer. All really depends how much more funding they have behind them to which they may feel like they can take the gamble or on the other hand cut and run and pull back as much funding as possible and look to re- invest those funds in a better proper manner to make back the lost revenue from this new offer/agreement.
From Cardiff City's point of view it's a good offer to Langston IF (in capital letters) IF the Malaysians are prepared to pay it off in 12 months. But why would a billionaire want/require a 12 month period to settle the debt, personally I would have thought if Langston were to accept reduction of some millions of pounds for payment over 12 months then they would probably be open to dropping another couple of million for instant repayment?
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Ridsdale is convinced that Hammam will sign the deal, as taking the club to court will result in him receiving no payment until 2016. A disagreement over the wording of two phrases in the contract which weren't to the club's liking is the reason it is yet to be signed. If Hammam signs, the club will pay off the debt by generating money from new investment or normal bank borrowing and not from player sales.
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Peter often convinces himself so the mere statement that " Ridsdale is convinced" holds for me not a lot of substance although he does have a point regards repayment for another 6 years , this again comes down to depth of wealth by Langston as well as what interest rates are set on the loan . At the end of the day, Cardiff City do owe the money and will have to repay it, just dependent on how the lender see's what more beneficial short term/long term. Strange how Ridsdale reports how if Hammam agrees how the debt will be repaid, especially as there is nothing concrete from the Malaysians or a formal offer from a bank reported. I would be very surprised that at these times a Bank would be interested in this deal. You would think that Hammam would want to see something concrete to how repayment would occur before agreeing to slash a few million off. Is it that reason why Mr Chan has appeared on the board first, to lull Hammam in to thought and excitement of Malaysian investment. He's been hoodwinked by Ridsdale/PMG before I doubt he would fall for a second "honey trap."
Final note as well, the debts not really going away either by way of Peter's methods of repayment. The Bank would certainly be of course a loan for a loan albeit with a reduction in size, and Malaysian businessmen don't just gift Football Clubs Millions of pounds, so in reality terms its a swap with a reduction from Pannama to Kula Lumpa , same loan with reduction just different horse, it's not actually clearing debt as Peter claims it in his programme notes and official website statements.
Hammam indicated he would like to return to the club's board but, in a brief conversation, Ridsdale declined and told him that there was currently no feeling amongst the board to suggest that he would be welcomed back.
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Ridsdale added that once the Langston debt has been reduced the club will have positive net assets of between £20m-£30m.
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Did anyone ask how he get's to this actual figure?
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Inland Revenue
The debt to HMRC is an historical one which has been around since Ridsdale first joined the club.
The winding-up order was suspended when the club recently arranged a payment plan with HMRC to pay the debt back in installments. The case went to court for the suspension of the order to be rubber stamped. As a payment plan is in place there will be no transfer embargo in January.
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Only going what the Court Judgement was, the Club have until 3 FEB 2010 to repay it , so that should be a short agreement that they have accepted. Wouldn't fear too much at this stage as regards Club survival as this debt will be the most important one for all parties to ensure a winding up order is not placed on the Club. Somehow by any means possible it will be repaid. All parties have far too much to lose by not raising just over a million pounds. I would doubt its as Peter say's a historical one though, more likely the Club has a bad history of paying it's tax under Peter's regime and possibly those before him. Clever phrase though Peter, helped you pass it of last night!
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Malaysian Investment
Dato Chan Tien Ghee (TG) is now on the club's board and is in daily contact with Ridsdale. He has so far invested a significant sum – Ridsdale wasn't specific but said it was in “the millions” - with more investment to follow this week. TG's investment has been in the form of new shares, although he has not yet received a share certificate acknowledgment from the club. If the due diligence process is a success then TG will take a more significant interest, with potential majority control.
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Some " Ridsdalespeak" here I feel, so Millions has been invested without any due diligence? Come on now Peter , TG can't be that idiotic, or are you talking millions of Ringits which would equate to a far smaller sum in British Pounds. More investment this week but a share certificate has not been issued for his previous millions? Make of all this as you wish, very surprised that no ball park figures are mentioned at any stage, when every detail about every other deal/debt/salary is public knowledge.
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The group of interested Malaysian investors introduced to the club by TG have been sent details of the clubs finances as part of the due diligence process and are aware of the issues with HMRC, although TG himself hasn't asked to see any documents. The investment is going ahead under the proviso that Langston deal will be signed.
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So this due diligence that TG ignored before investing " Millions" is the same due diligence that Vincent Tan waits for?
They would be aware of the HMRC debt now its been placed across the front page of your local newsmedia. Somebody posted yesterday that Ridsdales reaction to the media was due to the fact that that the Malaysians were unaware of it, I feel its highly likely that hes correct and this has caused Peter some embarrassment, hence the reaction. TG those has not as stated seen these documents, he's clearly not interested he invests " millions" without checking the books, Peter says so!.
The investment is going ahead under the proviso that the Langston deal is signed ? Is not TG's " millions" not an investment then or has that investment not really taken place? All very very murky with lots of " Ridsdalespeak" not much adds up does it?
Of the potential investors Ridsdale has only met TG and Vincent Tan, head of the Berjaya Corporation - who Ridsdale claims is currently worth around $9billion – but insists that all investors will have to be transparent and make themselves known as part of the fit and proper persons test.
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Met Vincent once by invitiation of TG for dinner. Hardly " takeover action". The word POTENTIAL is just that maybe but that word covers a large scope. I'm starting not to trust this TG, is he taking Ridsdale for a ride as well? Can't be though according to Peter he has TG's " Millions in the bank" even before due diligence that's he's not interested in!
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Ridsdale believes the reasons for potential investment are sponsorship and academy opportunities in the Far East, as well as an interest in the British football system and a keenness to be associated with a British football club. He believes Championship clubs to be a better investment than Premiership clubs due to the potential to increase the value and its relatively cheap entry level.
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So with all the negotiations that have taken place Ridsdale doesn't actually know the actual reason why they would want to purchase a football Club but just has his own beliefs? Sponsorship for what exactly? No disrespect but how many Cardiffians visit Malaysia? go one step further even if it went "Premiership " and global what is it they wish to advertise? If it's for Sponsorship why not just Sponsor, it's not as Cardiff City are fighting Sponsors off?
Far East Academy opportunities are a pipe dream, and you certainly would not need to purchase a football club to set that up. Immigration rules state that work permits would not permit this unless the player was of international standard and then they have to meet certain conditions, the fact that Malaysia are ranked 152 by FIFA and not in the top 70 would add further restrictions too.
Yes Championship Clubs are a better investment at entry level in terms of purchase but also it makes you wonder why all the worlds billionaires are buying up Premiership Clubs if the better route is to buy Championship Clubs. The question still remains why a Malaysian billionaire wants to purchase a Championship Football Club and needs 12 months to replace the current loans of the Club. As Peter says it's a far cheaper entry level so if such a bargain to a billionaire why dilly dally around regards a Langston agreement?
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The club are not currently talking to any American investors.
Finances
It was put to Ridsdale that the club's debt currently stands at around £40m – made up of the Langston debt, the money owed to the Inland Revenue, stadium related costs, and money borrowed from PMG, Steve Borley and Michael Isaac. He denied this was the case and insisted the current debt total is somewhere between £21m and £24m, and is being paid off all the time.
The club owes £9m to PMG and will owe £10m to Langston once the deal to reduce the debt has been signed. The debts to HMRC, Michael Isaac and Steve Borley are being paid in monthly instalments and money borrowed from Kim Walker has been paid off.
When asked where the money from player sales and the FA Cup run had gone Ridsdale said that at Ninian Park the club operated at a loss of around £7m a season to enable it to compete in the Championship. To guarantee the club's survival and subsidise the wage bill it was necessary to sell a player every season.
The current wage bill of playing staff and management is £11m including bonuses and whereas the basic turnover at Ninian Park was £8m-£9m, it is £16m at the CCS. Ridsdale claimed that a normal year at the CCS will now be cash positive and with the move to the CCS the club no longer has to sell players simply to survive. Player sales will now be used to generate the funds to bring in new playing staff.
The club made £2.8m from the FA Cup run. As a result of reaching the final it had to pay £500k in bonuses and received no gate receipts or television money from the final. The club actually made more money from the quarter-final at Middlesbrough than from the semi-final due to the cost of playing at Wembley.
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Find that one hard to believe, although I estimate its how you actually budget your expenses and travel. According to the FA website and the FA prize fund the runners up this year will receive £900,000, also the winners of the semi finals will again receive £900,000 as well, so by losing this years Cup final you would be in receipt of 1.8 Million pounds. Peter did you really tell the Cardiff Fans this or has Adam reported it wrongly or are the FA talking " poppycock".?
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Dave Jones
Ridsdale admitted to being “absolutely appalled” with the club's current league position but insisted that it was easy to sack a manager and hard to change one. The day he believes the club will benefit from a change of manager then he will act but currently he does not believe that to be the case.
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Its an expensive ploy to sack a Manager when you have him retained on a very lucrative contract in favour of the Manager.
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He was furious with Dave Jones and the management team after the Ipswich game and said the performance was unacceptable. Overall he thinks progress has been made under Dave Jones and despite our recent failings this is the best football the fans have had for 20-odd years.
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Only Cardiff City fans can answer that and no doubt will do in time
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Playing squad and recruitment
When questioned about the continual poor performances of Mark Hudson, Ridsdale suggested that Hudson was the best player on the pitch against Ipswich.
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Mark Hudson is a defensive liabilty as proven by his record at Charlton. Who won the fans " man of the match" was that Mark Hudson?.
Hudson has no pace , Hudson can not pass a football, Hudson has communication issues with Goalkeeper's, positional play certainly has never been recorded as great either. For the reported purchase price and contractual figures openly spoken about , Ridsdale has certainly bought Cardiff City a " dud" so he will of course defend him as he was the one who bought him and overpaid for him and too him but thats Peter Ridsdale, money no object.
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Warren Feeney and Tony Capaldi were loaned out to get some game time as Dave Jones saw them having a lack of first team opportunities in the coming weeks.
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Nothing to do with the issue that both players were high earners and not in the starting line ups much this season. 5-7k per week per player for reserves is an expensive outlay when you have no money , but could they not have stayed now TG has invested his " millions" especially what seems to be such a thin squad with no other loanees coming in before the closure of the window.
The club has not budgeted for the sale of Adam Matthews. Ridsdale confirmed that there are a number of clubs who would love to have Matthews playing for them but no club has yet indicated that they would like to make an offer for him.
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Not for the want of trying, Matthews has been hawked of late to many Premiership Clubs by agents acting on behalf of Peter Ridsdale/Cardiff City according to many.
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Ridsdale agreed that the need to find cover for Jay Bothroyd in January was obvious and the midfield is weak and in need of strengthening in the wake of Stephen McPhail's cancer diagnosis and Joe Ledley “playing like he's somewhere else”.
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Not a very professional statement for a Chairman to say in public especially about a player who's contract is shortly to run out and is a free agent to choose another Club in 4 weeks time on a pre contract agreement for next season. The next 4 weeks are vital for the Chairman to obtain a new contract with the player, not the most suitable time to be making sarcastic comments in a public meeting, why did he single out Ledley, from reading the match reports he could have raised issue with a number of players.
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He suggested that the quality of player available on loan was not of a high enough calibre to improve the squad, although he was at Old Trafford last week in talks over recruiting a loan player in January.
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Sounds like Gibson to me for the departure of Ledley?
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Once the Langston deal is signed it will free up funds for player recruitment as there will be no threat of a court case to budget for. Ridsdale believes that players will be signed in January but it will be financially tight.
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How is it financially tight with TG and his already invested millions?
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Joe Ledley
Ledley has not yet accepted a substantial contract offer which would make him the highest paid player at the club after Michael Chopra. The reason Ledley wasn't sold in the 2008 summer transfer window was because the sale of Aaron Ramsey had raised the funds needed to balance the books. This was despite Stoke offering £6m shortly before the deadline and Ledley indicating that he would like to join them.
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Not the time to be making sarcastic comments about him at a public meeting then, with Ledley available to sign a pre contract with any other Club in 4 weeks time.
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Asked if the club had budgeted for the sale of Ledley or Ross McCormack in addition to Roger Johnson this summer, Ridsdale insisted that no specific player had been budgeted for. He indicated that, out of the three, Johnson was the one he was most reluctant to sell, but was the only one the club received an offer for.
Season ticket price freeze
According to Ridsdale not many supporters have yet taken up the offer of the five year season ticket price freeze. Current ambassadors will have a price freeze for 2010-11 if they decide to renew their season tickets from January. If the club is relegated the price freeze will not be applicable and season ticket prices will be dropped in relation to the level the club are playing at.
Ridsdale's wages
Ridsdale insisted that he was earning every penny of his £350k base salary, a significant £150k less than the previous chairman. He has only received two bonuses during his time at the club. The chairman's wages are dictated by a renumeration committee formed by non-executive directors Keith Harris and Alan Whiteley who base the wages on what chairmen at other clubs are earning.
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The previous Chairman waived his management fees? The previous Chairman actually funded and invested into the football club some nearly 30 million pounds? Slightly different picture to the actions of Peter Ridsdale. £350,000 plus large bonus , plus all expenses is not what I would call average for middle table Championship Football Clubs or below, saddled in debt.
Amazing to note that the 2 persons who structure his salary , one is a long established personal friend of Peter's and the other has been paid massive legal fees for some pretty basic legalities at times. It's a tough life as a Chief Ex/ Chairman sometimes when it comes to Salary capping.
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Keith Harris
Keith Harris is currently looking to secure funds to pay off the Langston debt. As a non-executive director he is on a small salary but Ridsdale couldn't confirm whether Harris had taken it. Harris was not involved in brokering the Malaysian deal due to him joining the club after Ridsdale had already built a rapport with the investors.
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Why is Keith Harris looking? TG has invested millions apparently . Keith Harris not take his " small" salary but not clearly known by the Chairman the master of finance? I wonder if Keith Harris would be prepared to speak openly about Peter's Malaysian deal, strange he's not involved when he's the actual expert in matters? Rather like owning a Ferrari and employing a top mechanic but taking your Ferrari to the garage for a service!
Maybe Keith Harris doesnt want to get involved in this supposed deal and maybe he doesn't believe it in or give it credence and doesn't want it to tarnish his reputation as the " deal breaker".
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Bubble trips
Ridsdale reiterated that bubble trips are determined by the Police and forced on the club due to historical events. He would love to see an end to them, but it seems unlikely in the near future in light of the damage done by City supporters to the Liberty Stadium.
The House of Sport
There has been an extension on the completion date for the House of Sport from the end of this year to the end of 2010. The House of Sport has to be built by the club as part of the deal with Cardiff Council which gave the club the land for the CCS.
The club receives no income from the retail unit on the land as it was sold off on the day the club signed the deal with the Council. The money from the sale was put into a bank account by the Council to pay for the stadium. The House of Sport is being funded by selling off the club's land banks of value, including land that has planning permission as a coach park and a hotel sight, which is estimated to earn £1m-£2m profit.
Premier Club seats
Ridsdale admitted that Premier Club seats had in hindsight been a “cock-up”. A company called Bastion was charged with setting up the Premier Club by the previous Premier Club manager. Premier club is to be relaunched in January offering better value for money.
777 Ball sponsorship fiasco
The company was approved by the Football League and all the relevant bodies before the deal was agreed and the sponsor worn on shirts. In hindsight Ridsdale believes it worked out for the best with a more lucrative sponsorship deal with SBOBET signed two weeks later.
Club shirts
Shirts are sold at two outlets: the CCS shop and St. Davids 2. The club cannot ask retailers to fix a price for the shirts, therefore they've decided not to sell to other retailers as they could undercut the club's prices.
Ridsdale's future
When Ridsdale first arrived at the club he thought the job was impossible and at numerous times over the past few years he's thought about walking away. He ultimately decided to stick it out to prove a point after his failings at Leeds. He loves Cardiff City Football Club, but when his job is done and the debts have been cleared and the club are in the Premiership, he will look at stepping down.
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Could be a long time then Peter? At £350,000 per annum plus all the benefits and trappings that go with it and your massive love for Cardiff City no doubt you can stretch it out a bit more especially if you get the team winning again!
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Ridsdale finished the meeting by agreeing to invite Dave Jones to the next Q&A session with fans.
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Even after a few more defeats?
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Some very strange things been said and what appears to be some very strange goings on too with this Malaysian reported investment.
Re: STICKY: Ridsdale Meeting Report
Tue Dec 01, 2009 6:00 pm
thanks for that - I think 350k for a person in Mr R's position is more than reasonable
Re: STICKY: Ridsdale Meeting Report
Tue Dec 01, 2009 7:21 pm
he said about the midfield, even if ncfail was in the team now, i dont think our midfield is good enough
Re: STICKY: Ridsdale Meeting Report
Tue Dec 01, 2009 7:49 pm
Excellent report, imformative, honest, and interesting
Re: STICKY: Ridsdale Meeting Report
Tue Dec 01, 2009 9:49 pm
very interesting thanks
Re: STICKY: Ridsdale Meeting Report
Wed Dec 02, 2009 1:24 am
Credit to Annis for organising the meeting, credit and respect to Ridsdale for turning up and answering all the questions.
Re: STICKY: Ridsdale Meeting Report
Wed Dec 02, 2009 3:35 pm
Great Report and even better responses from TNT, who has the clarity of vision to see exactly what is going on at our club
Re: STICKY: Ridsdale Meeting Report
Wed Dec 02, 2009 11:36 pm
TNT wrote: Some " Ridsdalespeak" here I feel ...
Wouldn't, 'Riddlespeak,' have been better?
StT.
Re: STICKY: Ridsdale Meeting Report
Wed Dec 02, 2009 11:43 pm
Cheers for that, it's a tidy site Annis.................
Re: STICKY: Ridsdale Meeting Report
Thu Dec 03, 2009 1:10 pm
If everything that Ridsdale has said here, in this report, then I would like to say that I am 100% behind him as our chairman, hopefully everything he has said is actually the truth and he isn't covering up some very big financial issues the club is facing.
Thanks for the report.
Thanks for the report.
Re: STICKY: Ridsdale Meeting Report
Sat Dec 05, 2009 12:10 pm
The more i think about that meeting the more bull shit he said once again. but this time we will all rem every word.