Urgent Message For NSC Punters

[The Laughing Bluebird]

If the club do not own the ground, who are the owners?

The council. The club pays the council a peppercorn rent of £6 a week.

 

[sullyupthewing]

The council. The club pays the council a peppercorn rent of £6 a week.

Well at least that cannot be sold from underneath you, unlike wankpot Archer did to us.

 

[Paddy B]

Did I read correctly that Sam takes £33,000 per month in fees (on your message board)?

I think a salary of £400,000 pa is substantial even for a wealthy Championship side (which until ythis week I thought Cardiff were)

 

[The Laughing Bluebird]

Is that a correct reading of the situation?

That's pretty much the situation as I understand it. Hammam's company, Rudgewick Holdings (I think that's what it's called), has apparently stood as guarantor for loans to the club which are now in excess of £30 million. The credit limit with the banks was reached a couple of months ago, and since then one of the directors has been paying the wages while Hammam's company has been paying the interest on the loans.

Last week, following the announcement of yet another delay to the stadium project, Hammam seems to have decided that enough was enough and he called in auditors Ernst & Young, who are now restructuring the business. This will result in job losses, pay cuts and the sale of players.

The other directors wanted things to stay as they were until the end of the season, and were prepared to keep paying the wages until then in return for a greater share of the power, but Hammam allegedly wants to retain total control, and he can only do this by off-loading players to pay the bills.

It is the stadium project that is the root of the problems. Work on that was supposed to start in October 2003, but one delay after another has seen the start date being pushed further back on a regular basis, with the date now expected to August at the earliest.

It's complicated and worrying, and the guys on the site Titanic linked up will be going nuts because they have been Hammam's staunchest supporters. A couple of them have effectively acted as his link to the fans ever since he came here, and they are gutted because they feel they've been made to look stupid. He sold them the dream, they bought it without hesitation and they have defended him vigorously every time somebody has criticised him.

I know a couple of them well, and they will be feeling very foolish at the moment. If I were Hammam, I'd be very careful at Ninian Park tomorrow, although I doubt he'll attend under the current circumstances.

 

[Chopper West]

Sorry to hear the news TLB, but thanks for the tip. As one good turn deserves another, can I point out that Rohypnol does work on sheep.

Rumour has it that Richie Morris is already designing the Fans United Soul Crew T shirts for sale for just £10 each.

 

[Paddy B]

It is the stadium project that is the root of the problems. Work on that was supposed to start in October 2003, but one delay after another has seen the start date being pushed further back on a regular basis, with the date now expected to August at the earliest.

If the Stadium project had gone to schedule, would the banks have been prepared to increase the borrowing until the stadium was opened and generating suffcient revenue for repayments to begin? or has this situation really happened because Hamman has stretched himself to thin?

 

[Tom Hark Preston Park]

Anybody who takes their betting seriously will know that Cardiff's price is currently way too big, even if no other players leave the club, as Kavanagh is such a huge influence in our midfield.

I've had £200 at 7/2 this morning. Obviously I hope I never see that money again, but it looks too big a price to miss. I haven't got time right now to go into great detail about our situation, but I just thought I'd pass the info on.

Cheers for that TLB. Hope it all works out for you down there - but I've had a bit of the 7/2 just in case it doesn't. No point in looking a gift sheep in the mouth and all that... Suspect with Kavanagh gone, the team will go into freefall. Good luck anyways.

 

[The Laughing Bluebird]

If the Stadium project had gone to schedule, would the banks have been prepared to increase the borrowing until the stadium was opened and generating suffcient revenue for repayments to begin? or has this situation really happened because Hamman has stretched himself to thin?

Apparently, the financial situation will be greatly eased as soon as work actually starts on the project. There are a lot of retail units involved in the the scheme, and the club will receive a large one-off payment (believed to be in the region of £20 million) from the developers if and when it eventually gets underway.

That said, Hammam has also admitted today that he has been guilty of the financial mismanagement of the club in the last few years.

There's no doubt that Cardiff City wouldn't be in this mess if the stadium project was on schedule, but it seems that Hammam has made a bad situation worse with some poor financial decisions.

 

[The Laughing Bluebird]

Re: Re: Urgent Message For NSC Punters

Cheers for that TLB. Hope it all works out for you down there - but I've had a bit of the 7/2 just in case it doesn't. No point in looking a gift sheep in the mouth and all that... Suspect with Kavanagh gone, the team will go into freefall. Good luck anyways.

Obviously it's not a case of free money, as Gillingham and Forest are rubbish, but with Kav gone and strong suggestions that other players will follow in the next week or so, I reckon our price should now be around the 6/4 mark at most. 7/2 is way too big, and it had to be taken.

Gillingham are a poor side, and Forest have left themselves a lot to do, but we've struggled all season anyway and we're only 3 points away from the drop zone now. Without Kav, Collins, McAnuff and Thorne, I dread to think what might happen.

 

[Lady Whistledown]

Maybe all the financial worries will have a galvanising effect on the team? I mean, I'll be honest, and say if you filled the third relegation spot it would be a fine thing from a Brighton point of view (because it would be one less spot for us, obviously).

but perhaps selling Kavanagh etc will allow in a few players who hadn't previously had a chance, and who will thus be keener?

We sold Currie and Cullip this season, and have arguably played our best football of the season since.

 

[looney]

Remember Wimbledon?

 

[The Laughing Bluebird]

Maybe all the financial worries will have a galvanising effect on the team?

It's possible I suppose, but we've got very little quality in reserve if I'm honest. We've already got two of the youth team playing on a regular basis now, we have striker Alan Lee suspended for three games after getting himself sent off in the last minute at Sunderland last week and we've got a couple of players out with long-term injuries.

Kavanagh was the captain and the driving force in midfield. He will be sorely missed. Also, Inamoto's loan spell comes to an end in a couple of weeks, and we obviously can't afford to buy him now, so the central midfield pairing that has done so well for us since Christmas will be gone by mid-March. That ain't good news!

 

[Garry Nelson's Left Foot]

That's pretty much the situation as I understand it. If I were Hammam, I'd be very careful at Ninian Park tomorrow, although I doubt he'll attend under the current circumstances.

So while it's a pretty shit situation for Cardiff, it's not life threatening? Once you get the finances back in order, spend within your means and start building the ground then you can start progressing up the leagues towards one day being bigger than Barcelona?

If that so, it's not so bad. Possibly a few years knocking about in league 1 with no big money signings, and then the climb back up.
It must be relieving to know that although you're in the shit, at least the ground can't be sold and at least he hasn't intentionally f***ed you up(i.e asset stripped) and that he even put his company as the guarantor for the debts.

Or am i missing it and being to naive / kind to Hammam?

 

[Lady Whistledown]

You might find a few more keen as mustard kids!

Like our very own Dan Harding...according to Four Four Two magazine, the 26th best player outside the Premiership



Bless him, this season I don't think he's even been the 26th best player at the Albion, but they do say class is permanent, so hopefully he's turning it round now the transfer window is closed and Real Madrid can't do anything till the summer.

 

[The Laughing Bluebird]

Or am I missing it and being to naive / kind to Hammam?

No, I think that's pretty fair. A lot of fans will be very upset with the recent developments because Hammam has made so many promises, and he's broken them all one by one. However, he certainly didn't come here to strip the club's assets, because we didn't have any when he arrived!

 

[nail-Z]

I sympathise enough to put £100 on Cardiff going down this season. The best odds are 7/2 as suggested, but are as short as 6/4 on the betting exchanges.

 

[Charlies Shinpad]

Just had a look on there board and they reckon they have sacked a load of staff today

 

[sully]

LB, you'll be pleased to know that I have saved you from relegation by having a punt on it as you suggested. I'm probably the most unlucky punter ever with following other people's tips, so survival beckons.

I hope it all works out in the end.

 

[Biscuit]

What an awful situation to find yourself in.

I can't understand why Hammam doesn't just give a share of the club to the directors in exchange for paying the players wages. Granted, by selling the players he will keep complete control of the club, but is that the right thing to do in the long term?

Hammam obviously thinks that having complete control of the club is more important than survival in this division. I think that is a strange move, but at the end of the day the bills need to be paid.

Best of luck, I'm sure it isn't life threatening, just a rather worrying short term future.

edit: before I put any money on anything, I want to see the result of the Rotherham/Gills match. If Rothers take any points then Gills looked doomed.

 

[Bwian]

It sounds serious.

Do you think we need a scarf ?

Is that your attempt at rhyming slang