Post by HURLOCK on Aug 15, 2007 6:49:57 GMT -1
Cardiff facing court over '£30m'
Cardiff City's main financial backers have initiated legal proceedings against the club over claims they have not repaid more than £30m in debts.
Law firm Hextalls LLP, acting on behalf of Cardiff backers Langston, have accused the club's board of mismanaging their finances.
Cardiff are also accused of misleading the public about the health of their accounts for the year ending May 2006.
"Any allegations are refuted," said Cardiff chairman Peter Ridsdale.
Ridsdale added: "The statements released by Hextalls LLP seem to be an ill-informed mixture of fiction and general confusion."
The Hextalls LLP's statement read: "Our client's claim is that this sum is due for payment now as a result of the club's inability to meet certain deadlines as well as breaching the terms of its loan agreement in respect of the capital sum plus interest.
"It had been hoped to resolve the matter privately and in confidence but the club has repeatedly ignored numerous requests to discuss the debt and its implications.
"As a result of legal proceedings commencing, the issues have now become public and therefore this statement is being made.
"The court action is being taken reluctantly but our client has been left with no alternative following the club's failure to respond to repeated approaches."
Cardiff City's main financial backers have initiated legal proceedings against the club over claims they have not repaid more than £30m in debts.
Law firm Hextalls LLP, acting on behalf of Cardiff backers Langston, have accused the club's board of mismanaging their finances.
Cardiff are also accused of misleading the public about the health of their accounts for the year ending May 2006.
"Any allegations are refuted," said Cardiff chairman Peter Ridsdale.
Ridsdale added: "The statements released by Hextalls LLP seem to be an ill-informed mixture of fiction and general confusion."
The Hextalls LLP's statement read: "Our client's claim is that this sum is due for payment now as a result of the club's inability to meet certain deadlines as well as breaching the terms of its loan agreement in respect of the capital sum plus interest.
"It had been hoped to resolve the matter privately and in confidence but the club has repeatedly ignored numerous requests to discuss the debt and its implications.
"As a result of legal proceedings commencing, the issues have now become public and therefore this statement is being made.
"The court action is being taken reluctantly but our client has been left with no alternative following the club's failure to respond to repeated approaches."
but i do hope you don't go into admin. 
