Supporters will get EGM - Borley

Last updated : 29 January 2010 By BBC Sport

Cardiff City director Steve Borley says supporters will get their wish for an extraordinary general meeting to give a full picture of the club's finances.He also told BBC Sport Wales that Peter Ridsdale staying on as chairman is the "best option in place".

And he says the club would have been put into administration if the board did not believe a £2.7m tax bill could be paid by the 10 February court date.

"I can understand the frustration and the anger," said Borley.

"I think it's just as much fear as anything else because unfortunately this club has been shadowed with fear since the 1970s. It's a difficult situation to overcome."

Fans' anger stems from a season ticket initiative that was launched to raise around £3m in funds to sign players in the January transfer window.

Around 10,000 signed up - with the added incentive that they would get their money back if the Bluebirds won promotion to the Premier League this season.

But with the club struggling to pay off the tax bill owed to Her Majesty's Revenue & Customs, and facing a second winding up order next month, it has since admitted it will use the cash to settle debts.

Ridsdale apologised to fans on Thursday and insisted misleading them was not deliberate.

He said: "We undoubtedly have some short-term challenges and these challenges will be addressed fairly and squarely, and it would not have been appropriate to add to our overheads by bringing in players until they've been resolved."

Ridsdale said he would not be resigning as chairman and Borley backed him.

"If you are seen to run somebody out of town or not to back things when things are difficult then what are we all about?," he said.

"The only person in this world who doesn't make a mistake, doesn't make a decision. The successful people make more good decisions than bad decisions.

"We don't have any other options at the moment. It's the best option in place."

But Borley believes the club can pay off their debt by the time they are due back in the High Court next month.

"We've come too far as a group to chuck in the towel in that early and I believe there's more than a good chance that that situation will go away," he added.

"I believe there's enough opportunities there to reach a resolution with the Revenue to avert that action on 10 February.

"If we didn't believe there was a chance of getting it sorted we would have to put the club into administration today."

He said there are "genuine people" looking to invest in the club but warned: "I just want to be sure the emotions don't spill over and these people are frightened off because we've got a genuine chance.

"People forget when you buy anything these days it takes time and if you want to invest in anything it takes time."

Cardiff City Supporters Trust, which has 700 members after less than a year in existence, will hold an open meeting on Monday.

It would then need 5% of the club's shareholders to be in agreement before an EGM could be forced, but Borley has assured fans they will get it.

"It will be 21 days after the notice is issued and there will be a notice issued in the not too distant future," he said.

Source: BBC Sport

Source: BBC Sport