A sobering article in the Guardian...

makes our problems look worse than I ever though they were. Take the time to read through this.

Peter Ridsdale warmed up for today's Cardiff City shareholders' meeting with an interview on Radio 5 Live. "We haven't borrowed a penny from the bank since I came here: we've been self-sufficient and we don't have a bank overdraft," said the Cardiff chairman. It was PR Pete at his best.

Sure, Cardiff do not have an overdraft. But they do have a few mortgages to their name. Like the one that means the proceeds from potential transfers of about a dozen players, including Joe Ledley and Stephen McPhail, would not go to the club. The lenders on that mortgage are the former Wales rugby international Michael Hall and his business associate Paul Guy, both of them non-executive directors at Cardiff's stadium company. Presumably that is Ridsdale's idea of self-sufficiency. Indeed, Cardiff have hocked more of their assets to Hall and Guy, with all stocks, shares and credit balances as security, and all their property (at least that which isn't leased from the local council). Then there is this season's Football League merit award and television money, due at the season's end but which was advanced from Barclays last October (but not borrowed: Ridsdale has not had "a penny from the bank"). Even the jumbotron screen at Ninian Park was registered in a mortgage with Barclays.

And finally there is the "unsecured redeemable loan stock" (the word "loan" is key here), which is now believed to require a £10m settlement in December or increase in £1m increments each year it remains unpaid.

The taxman has a high court application to wind up Cardiff City, insisting "viable businesses" are routinely given time to pay. Ridsdale says it is only a "short-term cash issue". Obviously he knows best. Why else would he have earned £1m in 2007 while Cardiff made a £4.7m loss?

As if things wern't bad enough before, then they've just got a whole lot more worse.
f**k sake.

1 million quid in wages

and we lost nearly 5 million during the same time

unfortunatly the c*nt will not be moving anywhere tomorow, unless he visits his private toilet. i hope im wrong, but i dont think i will be sadly

Gulp!!

This is criminal.......and if it isn't it should be.

FFS I cant see any future.

as alexandra would say... we are doomed! YES WE ARE DOOMED
im 23 and find the meerkats hilarious, no wonder no one likes me

Sobering is the right word for that ok.

On the other hand it's good to see him finally exposed for what he has done.

Looks like Hall and Guy are just as bad.

Sobering is the right word for that ok.

On the other hand it's good to see him finally exposed for what he has done.

Looks like Hall and Guy are just as bad.

Would you loan the club all that money without any security?

That Radio 5 live interview will give the shareholders a good idea what to expect at the EGM today. Everythings rosy in the garden I have read the book Alice in Wonderland as a child however as I grew up I found out it was al a fantasy when is Peter going to wake up and find out that he is living on fantasy island

This is the bit that gets me - Sure, Cardiff do not have an overdraft. But they do have a few mortgages to their name. Like the one that means the proceeds from potential transfers of about a dozen players, including Joe Ledley and Stephen McPhail, would not go to the club. The lenders on that mortgage are the former Wales rugby international Michael Hall and his business associate Paul Guy, both of them non-executive directors at Cardiff's stadium company.

So in other words even if we sell Ledley and/or any other of a dozen players none of the money would go into the clubs coffers but into Hall and Guys back pocket i.e He is mortgaging the players just as he did at Leeds United, what an eye opener!!! - I thought you had learned your lessons from Leeds Peter!!!

Not good is it?

hall and guy are parastites, get out of our club egg chasing fuckers

Cardiff is being raped every which way but loose! Guy, Hall, Ridsdale etc. They're all bumming us for fun.

Worrying that even potential money spinners are already committed to other areas. Just where will we get any money from? Sell the squad, see us get relegated to League Two and let's start again!

Hmm, not sure parts of that Guardian report are actually factually correct, tbh.