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Jul 19, 2013

Tan hopes for debt free future

Cardiff owner Vincent Tan believes an agreement with creditors Langston Corporation can be finalised which could help the club become debt free.

Vincent Tan attracted plenty of ire with his decision to change Cardiff City's home kit from blue to red
Vincent Tan belives an agreement with creditors Langston Corporation can be reached.

The debt to Swiss-based financial company Langston, believed to be worth £24million, was taken out in 2004, but the club’s most recent financial figures show the club are £83million in debt.

 However, Tan revealed he has held talks with Langston representative, and former Cardiff chief, Sam Hammam, and is hopeful a deal can be struck soon.

"We are talking to Sam Hammam to try to resolve the Langston issue," Tan told a press conference at the University of South Wales in Treforest, where he received an honorary doctorate.

"I have been talking to Sam. We have been friendly, talking. I like to regard Sam now as my friend and we will come around and resolve this.

"We are, I think, days away from an agreement.

"We are days away from an agreement and then we can convert all the loans to equity.

"That will make us much more secure and hopefully debt free, which is good.

"That's my goal - to make the club debt-free, so that the club won't be under any threat and after that we just have to manage it prudently, run it like a business."

However the Malaysian was critical of a section of the club’s supporters, threatening to walk away from the club if club’s fans continue to oppose his ownership.

"I want to be here for as long as I am very welcome. If too many fans show we are not welcome, maybe you will have a new owner," he said.

"But right now my experience is we are very welcome.

"We need the fans to support us and not be negative or disruptive or unnecessarily criticise us too much."

He added: "I'm disappointed that after 51 years of not being in the top-flight that there are still some fans who don't think we have done a good job.

"I may say maybe they are not grateful so that part is disappointing.

"But like anything in life in democracy you won't have 100 per cent support."

Information from the Press Association was used in this report.

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