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Cardiff City football club have agreed to settle their outstanding debts with Langston Corporation.
The owners have worked out an arrangement so that the the debt amounting to about £24m could be settled off at the earliest. Thanks to the efforts of Malaysian business man Tan Sri Vincent Tan and other members the issue now stands on the verge of being dismissed.
Tan Sri Vincent Tan has said “This settlement allows us to look to a new era of financial stability, which should be celebrated by all connected to Cardiff City. I am delighted, primarily for the supporters of this great club that we can put this matter firmly behind us and plan for our future with confidence.” A statement to the same effect has been put up on the official webssite.
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Tan has also thanked Sam Hammam, Michael Filiou and Michael Issac for the important role they have played in the resolution of this period of uncertainty.
Sam Hammam is former chairman of Cardiff, Micheal Issac holds a 11% stake in the club and Micheal Filiou is set to join the board of Cardiff City Football club. Tan Sri Vincent for his part, is the largest shareholder of the club.
Source: fcbusiness
