Peter Ridsdale and Steve Borley remain on the board.
Speaking to this website Steve Borley said
"Whilst we were dreaming of the Premiership the reality was we were staring down a pit to oblivion. If this deal did not go through we would have gone into administration, lost ten points, halved our existing capacity ovrnight, lost our Stadium project as we know it, lost our manager and had to sell some of the playing squad and faced certain relegation. The reality as of today is there is new money going into the club and the Stadium will happen and it will be owned 100% by Cardiff City Football Club."
The EGM is reported as follows
The Official website
The Extraordinary General Meeting of Cardiff City Football Club (Holdings) Limited was held in the International Lounge at Ninian Park on Monday, 15th January, and was attended by a large number of shareholders.
Club Chairman Peter Ridsdale, who was accompanied by the Company Secretary Alan Whiteley, Director Steve Borley and Manager Dave Jones, explained the background to the proposals for the re-organisation of the Club's finances, how the new investment would be put into place through the issue of New Ordinary Shares, and that there would be a newly-constituted Board.
The Western Mail's view
WHEN Sam Hammam first seized control at Cardiff six years ago, it was not long before he started flexing his financial muscle and splashing the cash on new players.
Peter Thorne, Graham Kavanagh and Spencer Prior were among the big-money arrivals as Hammam dug deep into his wallet to fund his grand revolution at Ninian Park.
History does not seem set to repeat itself. City might be under new ownership but anyone hoping for a big cash splurge to rival the one Hammam indulged in is likely to be disappointed.