Board Statement

[steve.western.52First Team Regular]

First topic message reminder :

In a scheduled Board meeting, the Board of Directors of Cardiff City Football Club met yesterday, 14^th October 2013.  The Manager, Malky Mackay, was present by invitation as will be the case for all future board meetings.

All aspects and matters relating to the present and the future of the Club were fully discussed.  In order for the Club to grow and sustain its ability to be a competitive force in the Premier League, the Board has made a number of decisions which will strengthen the Club, support the Executive team, Manager and his staff and enhance shareholder return. Needless to say, the Board discussed the events of the last two weeks in detail.

The following resolutions were made:-

1.      The Board will be restructured with immediate effect to include the following committees:

a.      The Nomination and Corporate Governance Committee chaired by Mehmet Dalman.  Its main responsibilities will be:

·  to support the Manager, Malky Mackay, on all player purchases and sales. All transfer dealings will be conducted subject to the Manager's final approval.

·  to establish clear Corporate Governance procedures across the Club.

b.     An Audit Committee, chaired by Michael Filiou. Its main responsibility will be:

·  to review and make recommendations to strengthen the internal financial controls within the Club and benchmark the Club’s financials.

c.      Health & Safety Committee, chaired by Steve Borley. Its main responsibility will be:

·  to enhance the Club’s operations to the highest standards in health & safety.

d.     Special Committee for the expansion of Cardiff City Stadium – chaired by Steve Borley to oversee current East Stand expansion plans.

2.      Tan Sri Vincent Tan has agreed to write off interest of approximately £5.8 million on previous loans made to the Club and stated that all future loans up to an aggregate value of £50 million will also be interest free.

3.      The Board ratified the appointments of Mehmet Dalman as director and Chairman of the Board, Michael Filiou as non-executive director, and Amir Fitzhugh as Company Secretary.  The Board ratified the resignation of Mr Len Win Kong as a director of the Club.

The Board believes that these changes establish a solid foundation for the Club to grow. The changes were unanimously agreed by the entire Board and the Manager, Malky Mackay. Tan Sri Vincent Tan and the shareholding members of the Board are fully in agreement with the above decisions. The shareholders, Board and Manager are fully committed to the long-term success of Cardiff City Football Club.

Once again the Board thanks Tan Sri Vincent Tan for writing off the interest on his loans to Cardiff City FC, further demonstrating his generosity and support of this Club.

Read more at http://www.cardiffcityfc.co.uk/news/article/board-statement-15th-october-1115690.aspx#vMCZc6bEtQidTF35.99

[steve.western.52First Team Regular]

Nice analogy Steve, works well.

Don't get me wrong, as I've already said it makes sense from a pure profit for tan perspective. It's just having our fate in the hands of a man that's word is worthless. If we had an owner who was honest, that wanted to make a profit first but was happy to keep what was happening transparent, then fair enough. But we have an owner who goes against his promises regularly, who refuses to inform fans of anything that's going on, and that threatens to leave everytime a complaint is raised. I don't trust him, thats my fundamental issue.

 
I totally agree mate and it's amazing as to how close the similarities are to the guy I used to work for - he actually popped up on The Secret Millionaire with a massive halo above his head - the irony! Whether its football or any other business, the guy at the top inherits all the risk and will pretty much do what the f*ck he likes. If you can find some peace in that then you will enjoy football a lot better! We get so emotional about "our" team on the pitch that we forget that the bottom line has to show profit in the background and furthermore survive if we go down - I am no expert but buying a player and then wanting to sell him within days was probably not the smartest move and would have been a massive red flag to the board (is that what happened with Brayford)?

[Arkay DubyaGlobal Superstar]

Don't think anybody really knows what's happened with Brayford. As per usual, there's been lots of speculation and rumours but nothing solid. The only thing that came out from the club via twitter was that they WEREN'T planning on selling him and that he was an important part of the squad.

Does seem very odd though but perhaps as the season goes on we'll learn more and maybe he will actually feature just to put all the speculation to bed.

Or maybe not.

[lottydottyblueVice Captain]

I won’t repeat my previous post on this subject; just leave others to read it as it was written. DW65 obviously understood exactly what I was saying, so I’ll leave it at that.
In trying to make sense of the statement from CCFC, I concluded that this part of the statement applied to the current situation as far as interest on outstanding loans was concerned and future interest free loans up to £50mil.
( Tan Sri Vincent Tan has agreed to write off interest of approximately £5.8 million on previous loans made to the Club and stated that all future loans up to an aggregate value of £50 million will also be interest free.)
As, to my knowledge, VT has not yet acquired the 98% stake regularly quoted to be his ultimate aim before turning his loans into equity, I can only assume that the £5.8mil being written off is the interest on those loans until 98% is acquired. So in reality until that 98% has been acquired VT has not broken his promises on turning loans to equity. How is his word worthless? What instances can you quote where he has regularly gone against his promises? How many times has he threatened to leave?
Surely all of us have to accept that where businesses are concerned plans can change from day to day and that doesn’t necessarily mean that a promise has been broken, simply that a reappraisal has brought about a change of plans.
Like most supporters of CCFC, I have no idea how VT’s mind works and have long since given up trying to fathom out what his aims are for the club, but I shudder to think where we would be now if it hadn’t been for his intervention when we faced being wound up by creditors. I’m still waiting for someone to switch on the lights in the hope that I will be able see what is going on, and until then will deal in the facts as I know them. I won’t make my feelings about VT public nor let them get in the way of my support for the team.

[Tyrion TannisterGlobal Superstar]

He told us that we wouldn't change to red, then did it anyway. He told us he wouldn't get involved in footballing matters, and he has. He told us he wouldn't get in the way of Malky doing his job - he has. Want more?

And I'm guessing you didn't watch his BBC wales interview. Or his numerous newspaper interviews where he said the same thing.

If you're going to accuse someone of 'not being up to date', maybe you should be.

[Tans TacheNational Legend]

[Tyrion TannisterGlobal Superstar]

Damn it, I've inadvertently entertained Vinnie.  

[Tans TacheNational Legend]

[steve.western.52First Team Regular]

Hmmmm....look what is happening....the support for the club is becoming divided....that can't be good

[Tans TacheNational Legend]

I didnt think that we would have such a division on this board, Roll on when normal service resumes

[steve.western.52First Team Regular]

I didnt think that we would have such a division on this board, Roll on when normal service resumes

[Tyrion TannisterGlobal Superstar]

I don't think it's necessarily a bad thing, afterall there can never be debate if we all agreed all the time. It's nice that we have people that are pro Tan, anti Tan, pro Malky and anti Malky. It might get a bit heated at times but I'd like to think we're all civil enough to know where the line is.

[RhysGlobal Superstar]

Let's debate but let's not get personal or offensive if we can help it  

[steve.western.52First Team Regular]

I have no problem in debate or opinions as long as everyone agrees with me

[puggerFirst Team Regular]

Does that make you a master debator

[Arkay DubyaGlobal Superstar]

Does that make you a master debator

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