Peter Ridsdale should be in jail

[Maldini]

http://news.bbc.co.uk/sport2/hi/football/t...ity/7132766.stm

 

 

Pressure grows on Cardiff finance

Cardiff chairman Peter Ridsdale

 

Ridsdale faces an uncertain period of financial juggling

Cardiff City chairman Peter Ridsdale is holding meetings over the financial implications of the deferment of the court case with creditors Langston.

 

The hearing over Langston's £24m loan notes claim was due to be held on Monday, but is now set to be put back to the new year.

 

Ridsdale says this "worst possible outcome" makes the financial pressures on the club "more acute".

 

He is meeting with banks, shareholders and Cardiff Council on Friday.

 

 

Swiss-based firm Langston, Cardiff's biggest creditor, wants the debt repaid now, but Bluebirds officials insist the sum is not due until 2016.

 

BBC Sport Wales have attempted to contact Hextalls, but they have not yet replied.

 

Cardiff presented their defence last week, prompting Langston's solicitors Hextalls to this week ask for the deferment on the grounds that they need time to prepare a full response, with 18 January the earliest possible date.

 

"We feel that shows how robust our defence is," Ridsdale told BBC Sport Wales. "But our legal advice was that if we did not grant the deferment but the judge agreed to it we may have had to pay costs.

 

 

If there aren't enough funds released by the banks between now and the court case, we've got a problem

 

 

 

"The delay is the worst outcome. We were very confident of winning the case, but even if we had lost there would have been a certainty to it, now it just drags on.

 

"Financial pressures have become more acute and I am speaking to the banks because we need money.

 

"The investment money that has been agreed is being held in accounts that are deliberately not being released to the club because if things go wrong we don't want to be accused of illegally taking money from one group company to another.

 

"Could we go into administration? Well, if there aren't enough funds released by the banks between now and the court case, we've got a problem, and if we lose we would definitely be in administration.

 

"I have to sit down with the banks, look at the cash flow, and at all areas of fund raising to get us through.

 

"I've worked hard to build up the squad and don't want to sell players, but if that is the only option it will be considered."

 

With Cardiff hovering just above the Championship relegation zone, entering administration would likely condemn the club to a drop into League One.

 

Under Football League rules any club entering administration is automatically deducted 10 league points.

 

"The club's Championship status would be determined by the amount of points we collect come the end of the season, minus 10," Ridsdale added.

 

Ridsdale repeated his call for Langston to enter into a dialogue with the club, and said that he would be prepared to negotiate a speedier repayment deal.

[Gunga Din]

why the f*** did Cardiff let him anywhere near the place?

[Michael]

Meanwhile in the Cardiff boardroom:

 

[New York Red]

Criminal. The team's going to really be in the sh*t.

 

Hammam is no bargain either.