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Peter Ridsdale takes over with immediate effect as the new Chairman.
A statement from the club reads
It has been clear for some time that if Cardiff City Football Club were to fulfil their ambitions to build their new 30,000 seater stadium and invest in the squad to continue their push for promotion, there was a requirement to bring new funding into the Football Club. In order that the current debt levels can be reduced and then eradicated and for the Club to have additional working capital, an agreement has now been reached for a debt for equity swap with institutional hedge funds, who have acknowledged the unique huge potential that exists with Cardiff City Football Club. Keith Harris, Chairman of Seymour Pierce, has been engaged to act for the Club to conclude this deal.
Full statement here
It goes onto say that heads of terms have been agreed with a deal hoping to be completed before Christmas. It also confirms that Hammam has resigned with immediate effectand Ridsdale takes over as Chairman.
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Now I'm no financial expert and the wording above means little to me. It appears the Hammam years are over with Sam moving over to allow a more powerful financial system take Cardiff City further.
Hammam came to Cardiff in 2000 with the team about to embark on a new season in the bottom division. Now, six years later the club head the Championship with a realistic chance at achieving promotion to the Premiership. There are many who are still wary of Sam and his motives but it looks lie he leaves the club footballing wise in a far better state than he found it. Financially one must assume we have a decent chance of being successful otherwise why would someone come on board to buy Sam out and take on the debt?