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By ESPN Staff
Dec 18, 2006

Cardiff rubbish talk of buyout collapse

Cardiff have dismissed reports that the proposed buy-out of the club has run into difficulties.

The reports implied the £27million purchase of former chairman Sam Hammam's majority shareholding had not been completed last Friday, the cut-off point of the due diligence period for the consortium aiming to buy Cardiff City Holdings.

However in an official statement, Bluebirds officials said: 'Contrary to rumours that appear to be circulating regarding the proposed restructuring of Cardiff City Football Club (Holdings) Limited, the following statement is issued.

'The raising of extra funds to put into Cardiff City Holdings as a share dilution, thereby raising funds for Cardiff City FC, remains on course.

'The issuing of the EGM notice to confirm the share subscription will take place this coming week.

'Everyone at the football club is committed to this deal being completed by the end of the second full week in January 2007.

'Suggestions Mr Hammam would be returning to the club can be put to bed for good. The stadium project go-ahead from the council is subject to this restructuring being completed.

'Paul Guy, from PMG Estates, has also confirmed that their continued commitment to work with the club, and indeed provide substantial funds for the new stadium project, is also subject to this restructuring being voted for at the forthcoming EGM.'

The Bluebirds are currently waiting on a final green light from Cardiff City Council to allow building work to begin on the club's new 30,000-seater stadium opposite its current Ninian Park home.