The Club Has Loaned Money from Barclay's Bank

Forgive me I don't remember this matter coming up before but it appears from documentation on the Companies House website that Cardiff City Football Club has a 'charge' against all incomes from the football league for broadcasting and television rights for the 2009/10 season.

The document is dated 2nd October 2009 and gives Barclay’s all revenues (including VAT) from the FL TV contract plus interest at 3% above base in exchange for an undisclosed loan.

This is odd because I am sure at one point on Monday night Ridsdale stated that 'no bank will lend us money' and even mentioned that football league monies were not available to the club at present because of the threat of a court case by Langston in January.

Also when he explained the club's debt situation there was no mention of borrowings from Barclay's.

This might be an explainable circumstance (& you can bet he's got one) but at first sight this does seem to be a huge contradiction?

Does this mean in simple terms that we have borrowed money from Barclays and they now get all future income from TV income to pay it off, surely not another income stream sold in advance.

Including VAT? thats not good budgeting for sure. The VAT still has to be paid to the revenue whatever. So the VAT on this basis will have to be paid out to the revenue from a different funding . Strange. As the saying goes robbing Peter to pay Paul.

'robbing peter to pay paul' how apt that is

Seriously though, if this is true then we are going to up shit creek very very soon as we will have very little income to rely on soon!!

More like robbing the fans to pay peter & paul...

Yes, it wouldn't surprise me at all, if the only money that comes into the club is all in the form of loans. My hunch has always been that there is no Malaysian investors, they are just stooges put up by PMG and Ridsdale to facilitate Langston signing a new revised agrrement. What outsiders would seriously trust this lot with their money, if it wasn't anything other than in the form of a loan with charges attached.

Yes, it wouldn't surprise me at all, if the only money that comes into the club is all in the form of loans. My hunch has always been that there is no Malaysian investors, they are just stooges put up by PMG and Ridsdale to facilitate Langston signing a new revised agrrement. What outsiders would seriously trust this lot with their money, if it wasn't anything other than in the form of a loan with charges attached.

No involvment by PMG
I think this money was being palmed off as the alleged investment by the malaysians talked about at mondays meeting
The thing is our chairman does not credit any of the fans (except keith) with the intelligence to search through companies house and source this type of information.

God help us, here we go again..... another potential debt that is being covered by future income.

Wonder if TG was aware that all the TV has now been put on the old HP !!!!!!

Is there anything down there that we haven't pawned off ?? There's a few down there though with a fair bit of folding in their back pockets I'm sure - 'Brown envelope' style one would suspect also