The Club is now debt free

Memhet Dalman says

http://www.walesonline.co.uk/sport/football/football-news/cardiff-city-chairman-mehmet-dalman-6378526

Director of football to be recruited

Great news if true

Good article. I like Dalman, he's a good asset for the club

Wow, flipping eck.

Debt free is great news. I do wonder, however, why WO decided to go with the 'Director of Football' angle as supposed to the bigger news of the club being debt free.

Also, reading the article - I'm not sure Memhet was talking about a Director of Football in the traditional sense but rather a person to join the board who actually knows about football.

I guess we will see, but for now, that is good news. This Memhet chaps also seems to be a lot more a capable of spokesman of the club than Mr Tan.

I'm going to be that guy again -

There's a difference between being debt free and 'working to convert loans into equity'. Try telling your mortage company that you don't owe them any money, you are simply in the process of converting into equity. They'll laugh you out of the building and then send the debt collectors around.

Rhys wrote:Wow, flipping eck.

Debt free is great news. I do wonder, however, why WO decided to go with the 'Director of Football' angle as supposed to the bigger news of the club being debt free.

Also, reading the article - I'm not sure Memhet was talking about a Director of Football in the traditional sense but rather a person to join the board who actually knows about football.  

I guess we will see, but for now, that is good news. This Memhet chaps also seems to be a lot more a capable of spokesman of the club than Mr Tan.

That's what I thought Rhys. They want someone on the board not involved in the training ground but has experience at football management or coaching.

Has tan got all of his own people in the boardroom now? if so mehmet cant say they know fack all about football so it would be a good idea to get someone in the boardroom who does

Red614 wrote:I'm going to be that guy again -

There's a difference between being debt free and 'working to convert loans into equity'. Try telling your mortage company that you don't owe them any money, you are simply in the process of converting into equity. They'll laugh you out of the building and then send the debt collectors around.

Actually, you could do that......it's called co-ownership and reappears every now and then (particularly with housing associations) when mortgages are difficult to obtain.  It's exactly the same principle as is being proposed at City, with the housing association taking part ownership of the property instead of a loan.

TDA wrote:

Red614 wrote:I'm going to be that guy again -

There's a difference between being debt free and 'working to convert loans into equity'. Try telling your mortage company that you don't owe them any money, you are simply in the process of converting into equity. They'll laugh you out of the building and then send the debt collectors around.

Actually, you could do that......it's called co-ownership and reappears every now and then (particularly with housing associations) when mortgages are difficult to obtain.  It's exactly the same principle as is being proposed at City, with the housing association taking part ownership of the property instead of a loan.

I'm talking about when you have already taken the mortage and are in the process of paying it off, after significantly falling behind on payments.

Best analogy I have, I'm well aware there are holes

Red614 wrote:I'm going to be that guy again -

There's a difference between being debt free and 'working to convert loans into equity'. Try telling your mortage company that you don't owe them any money, you are simply in the process of converting into equity. They'll laugh you out of the building and then send the debt collectors around.

Not a very good analogy this one Red. The main difference is that the money in this instance is owed to VT and he is the one working to convert the money owed to him into equity, which is totally different to you owing money to someone else and telling them that you are working to convert loans you have taken out into equity in your own property. The legalities will probably take a few more weeks, but you must have faith. 

well put ld. :bounce: 

I'm just not a fan of this 'we are debt free' propaganda.

Being debt free indicates that if you look at our end of financial year spread sheet, that column that's headed 'loan repayments due' would read 0. It doesn't, it's bigger than it was before - the only difference is instead of being split between say 50 people, it's now just Tan.

If Tan converts it all to equity then fair play, and I'm not saying I don't think he will - I'm just saying calling us debt free is a lie, a cheap attempt to get people to side with Tan.

I think you need to chuck the shovel away Red, the hole is getting bigger.