Cardiff City FC may have been beaten 4-1 by Chelsea yesterday but they should collect £500,000 from their outing which is of great benefit to a club in financial trouble. Chairman Peter Ridsdale insists that there is no threat to the club. The pro-Ridsdale camp emphasise his achievements in cutting an inherited debt of £32m owed by previous owner Sam Hammam; a leap in average gates to 21,000; a new £50m stadium; an FA Cup Final appearance in 2008 and a team that is in contention for a play-off place and promotion to the Premiership.
Cardiff City FC may have been beaten 4-1 by Chelsea yesterday but they should collect £500,000 from their outing which is of great benefit to a club in financial trouble. Chairman Peter Ridsdale insists that there is no threat to the club. The pro-Ridsdale camp emphasise his achievements in cutting an inherited debt of £32m owed by previous owner Sam Hammam; a leap in average gates to 21,000; a new £50m stadium; an FA Cup Final appearance in 2008 and a team that is in contention for a play-off place and promotion to the Premiership.
Perhaps because of Ridsdale’s involvement in the financial collapse at Leeds United, others are less sure. There are fears that debts could amount to £30m, and even if the problems with the taxman can be sorted out in the short term, longer-term prospects look bleak. Potential investors from Guernesey, Malaysia and the United States appear to have disappeared off the radar for now, and fans are becoming increasingly discontented. Nevertheless, the potential is there for a stable and financially successful club.