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    22 October, 2006

    Wham, Bam, Thank You, Sam!

    When Sam Hammam took the club over we were languishing in the 3rd - what some of still think of as the old 4th - division. So to start with, thanks to Sam for the vision to see something special at the club, and the financial investment that took us to the Championship.

    Of course, it's been a bumpy ride over the last six years: not least in the 2004-5 season, when the scale of debt became clear and we suddenly sold our captain overnight.

    But we are now at our highest position in 35 years - top of the League - so Sam leaves on a high.

    City has confirmed the rumours today which were also - as predicted on the message-boards - in the News of the World. Sam is stepping down both as Chairman and as a Director. Peter Ridsdale takes over. New funds are expected to be injected which will deal with the debt. Contrary to yesterday's rumours, Milan Mandaric is not involved. Keith Harris of the bankers Seymour Pierce has set up the deal.

    The club statement says:

    In order that the current debt levels can be reduced and then eradicated and for the Club to have additional working capital, an agreement has now been reached for a debt equity swap with institutional hedge funds, who have acknowledged the unique huge potential that exists with Cardiff City Football Club.

    Heads of funds have been agreed for the new injection of funds and the deal is expected to be concluded prior to Christmas.

    This has to be positive news. Serious money is coming in, backed by City institutions. Money also to strengthen the squad. This should mean Cardiff Council will now get its finger out and support the stadium properly.


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    Promoted by Leighton Andrews AM, National Assembly for Wales, Cardiff CF99 1NA.

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