This Should Cheer You Up A Bit.....

[Lush]

I seem to remember that at the time Sam Hamann got involved with Cardiff there were a lot of people on NSC talking about how he wasn't putting any money of his own in, just raising funds at the bank with the Ninian Park as security.

The Cardiff fans on here at the time were delighted though. New players, challenging for play-offs, who cares where the money comes from.

I don't think you can blame the manager - just as I wouldn't blame McGhee if Dick gave him all the Spurs and Currie money and then we got relegated anyway and the Albion went bust.

The finger HAS to point at Hamann.

 

[Brovion]

A salutory lesson for those who think the answer to all our problems is just to get someone in with money. As has been pointed out once it's known that a club have a moderately rich benefactor (and remember Chelski have raised the bar considerably in this respect) all semblence of realistic expectation and financial probity seems to fly out of the window.

 

[brighton rock]

best of luck to cardiff,look forward to the new stadium and popping down to play cardiff in the premership in a few years time?

 

[eastlondonseagull]

Without its own stadium, Cardiff City Football Club can't generate any significant income. A club can't progress if it is giving most of its gate receipts away to landlords. Surely a Brighton fan should appreciate that?

The retail units on the new stadium site will help to pay for the construction of the stadium and will give the club a steady annual income. That's the plan, anyway.

Still LB, the initial question was why a 60,000 stadium so close to an 80,000 stadium? It does sound crazy! Go for 30,000 max initially, with scope to clip new tiers on top if necessary, rather than kill yourself for a 60,000. Do it gradually.

Still, Sam H has always smacked of a crook-in-waiting to me. I hope you manage to sort this out mate. Bloody nightmare

 

[The Laughing Bluebird]

I seem to remember that at the time Sam Hamann got involved with Cardiff there were a lot of people on NSC talking about how he wasn't putting any money of his own in, just raising funds at the bank with the Ninian Park as security.

That's not what's happened, Lush. Hammam hasn't used Ninian Park as security for the loans as the club doesn't own it - the council do. CCFC pays the council a peppercorn rent of just £5 a year.

That's the big mystery: how has the club run up such a huge debt? Why have the banks been prepared to give CCFC so much money to waste when it has no real assets?

 

[Lush]

That's not what's happened, Lush. Hammam hasn't used Ninian Park as security for the loans as the club doesn't own it - the council do. CCFC pays the council a peppercorn rent of just £5 a year.

That's the big mystery: how has the club run up such a huge debt? Why have the banks been prepared to give CCFC so much money to waste when it has no real assets?

Well let's hope that he's put his own propery and assets up as security, and they get called in then...

Hope you sort this out...

 

[The Laughing Bluebird]

Still LB, the initial question was why a 60,000 stadium so close to an 80,000 stadium? It does sound crazy! Go for 30,000 max initially, with scope to clip new tiers on top if necessary, rather than kill yourself for a 60,000. Do it gradually.

That's exactly what's happening. The stadium will initially have a 30,000 capacity. There will be the opportunity to raise that to 60,000 in four further stages if it ever proves necessary.

Lots of cities have two big stadiums close together. Liverpool, Manchester, Sheffield, Birmingham, etc. If they are in different ownership and being used for different purposes then their proximity is irrelevant.

The Millennium Stadium is owned by the WRU. It would cost CCFC a fortune to play there.

 

[eastlondonseagull]

That's exactly what's happening. The stadium will initially have a 30,000 capacity. There will be the opportunity to raise that to 60,000 in four further stages if it ever proves necessary.

 

[Brovion]

That's not what's happened, Lush. Hammam hasn't used Ninian Park as security for the loans as the club doesn't own it - the council do. CCFC pays the council a peppercorn rent of just £5 a year.

Blimey I didn't realise that. So you haven't even got a ground to raise money against or worst case to sell.

That's the big mystery: how has the club run up such a huge debt? Why have the banks been prepared to give CCFC so much money to waste when it has no real assets? [/B]

That's easily answered: because Sam Buffoon is basically a conman. He wouldn't be the first businessman to pull the wool over the eyes of supposedly astute financial institutions (Robert Maxwell being a classic example) and he won't be the last. He sold everybody the dream of Cardiff being one of Europe's top clubs, the likes of Taffy (remember him?) gleefully siezed on it from a fan's point of view and the banks believed it was financially viable. After all he'd had a lot of success with Wimbledon (so he had a good track record) and he DID have a few bob (so he should be good to cover the debts).

 

[The Laughing Bluebird]

After all he'd had a lot of success with Wimbledon (so he had a good track record) and he DID have a few bob (so he should be good to cover the debts).

Hammam must've underwritten a fair proportion of those debts. I wouldn't have thought he'd have been granted the loans otherwise in the current climate. But the banks put a freeze on spending a few months ago, and the Earnshaw money went to pay off some of the loan and the attached interest.

Today our great leader has announced that building is now unlikely to start on the stadium until May (March was being forecast last week), and he won't spend another penny on the team until work has commenced.

He has also stated that he will not be sacking Lennie Lawrence under any circumstances.

Oh dear.....

 

[Brovion]

...He has also stated that he will not be sacking Lennie Lawrence under any circumstances.

Oh dear.....

Now that IS good news!

 

[The Laughing Bluebird]

Big interview with Hammam in today's Western Mail, which is as follows:

Mario Risoli offers Sam Hammam a right of reply after critics accused the colourful Cardiff City owner of acting irresponsibly in pursuit of Premiership dream

Mario Risoli, Western Mail


WHEN David Sullivan took a swipe at Sam Hammam over the size of Cardiff City's debt earlier this week, you would expect the outspoken Bluebirds chief to bite back ferociously.

The struggling Championship outfit are reputed to be around £30m in the red after four years of heavy spending under Hammam.

And in yesterday's Western Mail Sullivan, Birmingham City's Cardiff-born co-owner, described the Welsh club's financial predicament as "quite depressing and frightening."

He accused Hammam, who he knows well, of getting "carried away," The soft-porn publisher also said accumulating such a massive debt was "almost irresponsible."

It was an amazing outburst. Here was one club owner criticising another for the way he was running his business.

After reading Sullivan's remarks, Hammam requested the right to reply - and his response was surprising, to say the least.

"David Sullivan is right," admitted the former Wimbledon owner.

"His comments are sincere and I take them very positively. He is a good man."

Sullivan watched the Bluebirds as a boy and the man with a personal fortune estimated at £550m is viewed as a future City owner.

He is ready to sell his stake in Birmingham, but has virtually ruled out taking debt-ridden City off Hammam's hands - for now, anyway.

"I feel David really loves Cardiff City. It's his hometown club. He is one of us," continued Hammam.

"I think he has a lot of time and respect for me. I take what he has said as a sign of great friendship."

Sullivan is looking for a new club after becoming fed up with travelling back and for to St Andrews to watch Birmingham.

He is said to be interested in Tottenham and West Ham, London clubs that are near his Essex mansion. But Cardiff has also been mentioned.

But Hammam added, "The chances of David Sullivan becoming involved with Cardiff City are non-existent.

"I don't think that chance is ever going to arise. He's not the right man. I don't think David getting involved will happen now or in the future."

Hammam has enjoyed iconic status at Ninian Park since taking control of the Bluebirds in the summer of 2000.

With the colourful Lebanese businessman at the helm, City rose from the old Third Division to what is now the Championship.

Suddenly, the club that had not paid as much as £180,000 for a player since 1982 started to spend big money, culminating in the £1.7m capture of Peter Thorne in 2002.

The fans loved it and Hammam's name was sung at practically every home game. He was untouchable, a man who could do no wrong.

Today it is a different story. City are just one place and two points above the Championship's relegation zone and fans are worried about the club's debt.

Hammam, for the first time since arriving in South Wales, is being savaged by supporters, first for selling star striker Robert Earnshaw (especially after four years of saying he would never sell him), and second for refusing to replace manager Lennie Lawrence.

Needless to say, the fans have not sung Hammam's name for some time.

"We have debts that maybe we shouldn't have. I don't like to have the size of debt we have, but I'm relaxed," he said.

"But I don't think people would be complaining if we had these debts and we were second, third or fourth in the Premier League.

"We took the view in the summer of 2003 that if we strengthened the squad then we would have an outside chance of automatic promotion and a serious chance of making the play-offs.

"So we signed Tony Vidmar, John Robinson, Alan Lee and Richard Langley.

"We were on course for the play-offs until Christmas, but we ended up finishing in mid-table.

"This summer we signed Tony Warner and Robert Page and we thought they would make a massive difference.

"We had high hopes, but it hasn't turned out as we hoped. I'm very disappointed and, to be honest, surprised."

Hammam does not blame the public for staying away this season. City attracted a gate of only 10,950 for the visit of Preston and 10,623 for the clash with Gillingham.

Sunderland may be one of the biggest names in the division, but only 12, 528 turned up to see the promotion-chasing Black Cats five days ago.

"Our crowds reflect our performance. If you play badly, then you will get smaller crowds."

According to most observers, City need fresh blood - but Hammam said no money will be spent on new players until work on the new stadium starts, hopefully in May.

However, he will have to wait until next month before his all-seater dream is rubber-stamped by Cardiff County Council.

The local authority must give the green light to the retail aspect of Hammam's £100m project.

It yesterday approved two of the six retail applications. The remaining four, including the one involving the main tenant, Costco, will be dealt with on January 19.

"I'm not going to do anymore with the team until the stadium is in place," stressed Hammam.

"But, once that project starts, £10m will be made available for the team."

He went on, "Since I came to Cardiff, £13m has been spent on players and some of the fees are bigger than people think.

"For instance, Danny Gabbidon has cost £800,000, not £250,000 as some people believe. Rhys Weston has cost £750,000 and not £300,000.

"Then you have players' wages. We have also spent £2m on Ninian Park. This is why we are in the situation that we are in."

Sullivan said City have "nothing to show" for accumulating such a big debt, but Hammam disagrees.

"We have a lot to show for it. We have had two promotions. We have players like Danny Gabbidon and Peter Thorne.

We have an Academy and Ninian Park is better than it used to be.

"We also have planning permission for a new stadium. That has been made possible only because of what we have done over the last few years.

"The club is much better than it was. Everything is going to be fine."

Most supporters do not share his optimism right now. Many feel City are heading for League One unless there is a change of manager, something the owner is resisting.

But Hammam is sure City will avoid the drop. "We have time but, if I really see danger, then I will do something.

"It's much easier to avoid relegation than it is to get promotion. It's a case of getting in one, two or maybe three players.

"We will see how things pan out in the next month or two. I don't think we will be relegated."

Hammam insists the money generated by the new 30,000-capacity, all-seater stadium will gradually wipe out the debt that has built up since 2000.

"We will have 200,000 sq ft with the new stadium so it can be used for non-football events," he said.

"We believe we can earn £3m-£4m from non-football activities. When you can raise that sort of money, you don't need anyone coming through the turnstiles!

"Everything depends on the stadium. If we don't have the stadium, then we can't do anything. We will remain a small club.

"You can't race in Formula One if you don't have a car. The stadium will be our vehicle."

Hammam made clear his aims for 2005.

"I want work on the new stadium to have started, I want to stay in this division and I want as many of our young players to have been blooded in the team."

The next five months are massive for City and, in particular, its controversial owner.

 

[Brovion]

Just bouncing this for info as it relates to Caz's thread.

 

[The Laughing Bluebird]

Bounced for Albion Rob's attention.