City £12.2m in the red

Last updated : 31 July 2003 By Matthew Gabb
The news was revealed in Deloitte & Touche's Annual Football Finance Review and shows the Bluebirds have the ninth highest debts in the football league behind teams such as Wolves, Man City and Nottingham Forest.

Cardiff City Chief Exec David Temme spoke out to allay fans fears:

"There is a danger of looking at these figures in isolation. There is no need for anyone to panic. The financial situation at Cardiff is very good.

"Our turnover in 1997-98 was £1.5m a year. In 2001-02 it was £6.3m - that's a 305 per cent growth in five years.

"Deloitte & Touche value our playing squad at £4.9m and that puts us in the big league. Out of the 92 clubs we're 23rd on that front."

Western Mail report here.