Cardiff City owner Vincent Tan has kept his distance from the football club for a while, however he has returned and has certainly made a big statement. The previously outspoken character confirmed at a Q and A with supporters that he has converted £68million of debt owed to him into equity.
Tan also insists that the club will be debt-free in five years. The Welsh club will also have a further £10million of debt written off.
Therefore, the outstanding debt is set at £40million. Each season, Tan has pledged to turn £8million of that debt into equity, thus leading to a debt-free football club after five years.
Tan, who also owns Belgian club KV Kortrijk and Bosnian side FK Sarajevo, has essentially written off £68million of money owed to him. Although he has certainly been outspoken and somewhat controversial in the past, most, if not all Bluebirds fans will appreciate this gesture.
By 2021, the intention is for the Championship club to have no debt attached to them. By then they’ll obviously hope to be a Premier League club. Manager Russell Slade’s future is still somewhat unclear as his deal expires at the end of the season. Tan will certainly have talks over the summer and a decision will be made.
A few days ago, Wales Online revealed that Tan had flown into the UK not only to speak to Cardiff fans, but also planned to make ‘an announcement’ of a financial matter. He has certainly spoken.
