Cardiff City and PMG do deal over debt

Some good news on the debt front an agreement has been reached between Cardiff City and PMG. The deal will see PMG director Make Hall join the board and they will covert a significant amount of their debt into shares with the rest being paid off via a payment plan.

With PMG willing to take a size able amount of their debt in shares must bode well for the Club, its fans and everyone at Cardiff City. The Malaysians must have shown them (PMG) a bright future for the club and now the club has sorted outLangston. It's the biggest debt on the books at Cardiff and unlike the Peter Ridsdale chairmanship the Malaysians plan look deeply into the Langston debt. Along with many Cardiff City I'm happy to see the club employ the forensic accountants investigating the Sam Hammam/Langston loan it should have happened a long time back. It will hopefully put to bed the big question, is Langston and Hammam one and the same.

Since the Clubs statement about Sam Hammam he has made no comment on Langston next move.

A statement on Cardiff City's website said:

"As previously announced the club is working hard to address the long term historical creditor issues.

"As a result of these endeavours Cardiff City Football Club and PMG are pleased to be able announce that they have reached agreement on their debt.

"As a result of a series of meetings and given the undertakings and plans by the Malaysian investors, PMG have agreed to convert a significant amount of their debt into shares while also agreeing a new payment plan which will improve the balance sheet.

"As part of the agreement Mike Hall will join the board and will work with the Malaysian investors to address the key historical issues facing the club, namely Langston. PMG fully endorse the stance taken by the Board in appointing forensic accountants investigating Sam Hammam and his business dealing whilst Chairman of Cardiff City Football Club."