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CARDIFF & PMG AGREEMENT REACHED

Posted on: Fri 03 Jun 2011

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.

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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.

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