no martyr when i saw it i thought this was all a wind up thats why i thought it was funny but since then ur right i cant see any one else saving us but has he cut all ties with brum if he has i would have thought hes got a large chunk of change sitting in a bank somewhere so he might be tempted on the other hand he might say bollox to it and not want to get involved in a legal case.

I'm not sure if he's cut all ties with Brum or not, to be honest. I thought they were completely taken over so I guess he has no part of them now.

Whether he'd want to get involved in football again now is another thing.

and I'm still not convinced of whether Cardiff owe this £30m or not! I know Cardiff were £30-odd-million in debt just 2 years ago, but it suddenly disappeared! where had it supposedly gone? are we finding out now?

right ive copied this from a site and i dont know if im happy or sad
...........................................................................
As a chartered accountant I have spoken on this forum about the financial situation of Cardiff many times over the past few months.I have to admit that the la-*test*-('") bombshell of Cardiff,s £31m debt to Langston comes as a surprise,because of statements made by Ridsdale since acquiring control of the club, and particularly having regard to the last audited accounts.
I am going to reply to my own questions in the hope that the current situation can be explained as I now see it.
QUESTION.
HOW DID THIS DEBT ARISE?
ANSWER
Sam did not put a lot of his own money into Cardiff,but borrowed initially on bank overdrafts.When the bank put pressure on the club about four years ago Sam negotiated a £20m loan with Citibank Finance. This loan was repayable and Cardiff experienced severe difficulty in repaying the agreed amounts and operating a club that was successful on the field but running at a loss financially.
He then successfull negotiated a new loan of £24m.This loan was in the form of loan stock and was raised from what we now know to be a Panamanium registered company based in Switzerland.Sam,s actual involvement with this Company is still not publically known.
The advantage of this loan was that the club did not have to start to repay anyof it ,including interest until apparently December 2006.The loan itself was taken out on the 30 September 2004 .
The interest chargeable was 7% per annum until January 2008 when it would increase to 12% per annum.
The whole loan including interest was to be repaid by 31 December 2011.
QUESTION
WHY IS THE LOAN NOW £31m
ANSWER
Because of the interst charges being added on and no repayments having been made since it was taken out.
QUESTION
WHY THE CONFUSION NOW ABOUT THIS DEBT
ANSWER
Because Ridsdale gave the impression that when the takeover from Sam took place the whole debt had been taken over by Sam as part of the agreement for future rights on the new Stadium eg naming rights
QUESTION
WOULD THE STADIUM PROJECT HAVE GOT OFF THE GROUND IF THE DEBT HAD NOT APPARENTLY BEEN REPAID
ANSWER
I don,t know. However the gift of land and other money by Cardiff Corporation was based on cash flow forecasts which probably assumed the debt had been cleared .
QUESTION
WHY ARETHE LAST AUDITED ACCOUNTS TO 31ST MAY 2006 NOW APPARENTLY WRONG
ANSWER
Two reasons .
Firstly interest on the debt was not charged through the accounts If it had been charged it would have turned the profit for the year of £1,112,829 into a loss of £648014
Secondly the accounts include the following statement under the heading of post Balance Sheet events. 'The club was successful in renegotiating the size and terms of the Langston Loan Stock in November 2006.This restructuring has resulted in the loan note capital and interest being written down to £15m with effect from 4 May 2007.There will be no repayment or interest for a minimum ten year period'
It now appears that the above statements are incorrect If this is the case then it is a very serious matter.
QUESTION
WAS RIDSDALE A PARTY TO THE ABOVE
ANSWER
Yes. The accounts were not signed off until 16th May 2007. The above statement is included in the Directors report which was signed by Ridsdale as the named director.
In today,s Western Mail Ridsdale suggests a distance between himself and the auditors Chantrey Vellacott DFK LLP referring to them as Hammans auditors. He obviously cannot get away with that.
QUESTION
WILL CARDIFF FACE LIQUIDATION
ANSWER
No. Langston has stated that they want to change the Board not liquidate the Club. With the proposed ground probably reverting to Cardiff Corporation if the club is liquidated this would definitely not be in Langstons interest
Predictions
The board will be forced to resign
Langston will convert their loan note debt into equity, thereby obtaining control of the club
Sam Hamman,s influence will return

WHO ARE WORRIED THIS MORNING
Mr Ridsdale, Cardiff Corporation, the Auditors, Principality Building Society to name but a few.
HOWEVER Cardiff City football Club will continue and may become stronger as a result of all this I hope so anyway

.....................................
i dont want that mad bugger back

this stinks though has ridsdale lied about renogiating the loan and is sam really behind langstons if so how come sam being the owner owed money to himself??
this is getting stranger and stranger

Alarm bells are a ringing !!!!

Jeez, Cardiff are already in the shit, financially, by the sound of things ......... and in less than six months the interest payments will nearly double.

It's extremely weird. What the hell was Risdale doing suggesting Cardiff were debt free - lying to people to get the new stadium in development. Risdale is dodgier than a Kebab from scabby Chip Shop Alley after a pish-up in Cardiff!

and that's without mentioning Sam Hamman, possibly Britain's dodgiest businessman!

reading all that again this all hangs on wether ridsdale did renogotiate the loan if he did there must be some written contract something in black and white.
if he hasnt got some sort of contract then surely someone at the council would have insisted on seeing it before the stadium went unconditional.ridsdale could go to jail for fraud
the switz are very good at keeping secrets so we might never know who is really behind langston,ive even seen someone suggest that sullivan is actually behind them.
shit im just going to wait and see now

Ah well, on the plus side Sav, at least this has made me feel a bit better about my own club.

Cheers pal.

great stuff! love it!

uve only got one little problem his name is sammy

right i aint got any news as theres been nothing about it on sky and i been sorting out dinner but i have found a little link that might shed some light on the subject its for a radio show that u can listen to online i think u need quicktime to listen but at 7pm tonight theres a cardiff city phone in and the guest is peter ridsdale where he will be answering emails and taking phone calls from fans due to recent events this should be one good listen.


edit stupid git didnt put the link in

http://www.gtfm.co.uk/

it'll be interesting to see how Risdale worms his way out of this one!

well he talks a good game but i dunno the only dealings we have had with this langston corp is through sam according to what pr said they had to get the signatures verified by accountants in switzerland that they were actually directers of langston that signed.
and its a bit strange this langston corp seems so desperate for money when according to the broadcast sam hammans company is way in debt,and also sam has been spotted talking to fans.
for lanstons to have any chance of taking cardiff to court and winning though they must think that the renogotiated loan note contract dropping the debt to 15 million payable in 2016 isnt real.
no wonder ridsdale is so desperate to actually talk to someone at langston's.
fair play though he didnt duck any questions answered them all.
and a bit of good news concerning a new striker apperently he was meeting dave jones and an unnamed striker who in his words is a well known premiership striker who has only played in the epl and abroad.hmmmmmmmmmmmm
plus the training ground situation will be sorted in a week or so

the striker being touted about is one JF Hasslebaink.

fair play to Cardiff, they know how to dig up the ancient strikers! I hear Jimmy Greaves is touting about for a team - get him signed!

Only partly?