Wed Feb 24, 2010 3:53 pm
Ridsdale finds himself very much in the same situation as Sam Hammam did about the time of Black Friday.
He used to tell fans off record that he would go as soon as his job was done - when the stadium was complete.
He is not keeping his promise on that end of the bargain, and to the detriment of our club. The longer he takes to sell the club the longer he has continued fairly safe income in a wage while holding out for an offer to make the most out of shares for all involved.
They are shares in a company that have significantly lost their value. It's clear that the structure of investment sought or the price asked if a full takeover is wanted are obviously scaring off the potential investors in the Market. At the moment it wouldn't be suprising if Ridsdale is saying you can have a full takeover but it's going to cost you because you are buying a lovely stadium and we know with a bit of luck we could hit gold and well have a Prem team worth significantly more.
On the other hand, Ridsdale just like Hammam on Black Friday, is now running out of cash to pay the bills. He messed up a six million pound sale of Ledley who won't command that figure now. He's thrown every bit of wood into the fire, sold the family jewels and still can't find enough to keep us going for any length of time without significant investment. He's been able to find ways of getting cash in previous years but now they're even scraping the bottom of the barrell with ticket sale fiascos and land sales damaging fan relations.
It does seem that the mayalsians aren't interested in giving anymore cash until they are sure ccfc sort their affairs. If ridsdale is telling them can we have some investment for a few shares to pay the bills they're saying wow mate if the club is handled like this you only get our cash if it's for full control.
If Ridsdale stands firm and the board continue to back him we risk scaring off the only people willing to put money in. What sort of a person would turn away the likes of of the blokes who bought Hull?? Someone who thinks only certain people can afford the price of his shares. At the moment his shares aren't worth much , cardiffs value per share is awful. Any arguement by the board that they are right to hang on for a decent price ignores that anyone buying the club is taking on debts on a business which doesn't make profit to pay back not only long term debts but doesn't have adequate cash flow to cover current creditors like suppliers
God help them trying to plead with creditors to give them good terms or for suppliers to provide them stuff if they attempt liqidation and to ride through that...with a reputation of not paying and having little income with their supporters, their mAin income source annoyed at tricks like the ticket scandal.
Go take the investors money cash up and go home Ridsdale, or board please get rid of him if you want any chance of seeing your investment survive.