Takeover confusion?

Last updated : 18 December 2006 By Michael Morris
That date has passed with negotiations still ongoing.

The first anyone knew of a potential problem was this article in the League paper on Sunday

Sam Hammam is on the brink of seizing back the ownership of Cardiff City ater the London based consortium failed to complete a £27m buyout deal. The news will severely hit manager Dave Jones hopes of buying in January. Hammam, 59 expected his shareholding to be diluted to under 9 per cent by December 15th - the end of the due diligence period for the investers brought together by Keith Harris, chief executive of Seynoure Pearce bank , offering £24m in swiss loan notes. With Hammam gone, a further £3m was to be injected into the welsh clubs bank account to buy players.

That led to much speculation with Peter Ridsdale last night issuing the following statement.

"Contrary to rumours that appear to be circulating regarding the proposed restructuring of Cardiff City Football Club (Holdings) Limited, the following statement is issued.

"The raising of extra funds to put into Cardiff City Holdings as a share dilution, thereby raising funds for Cardiff City FC, remains on course.

"The issuing of the EGM notice to confirm the share subscription will take place this coming week.

"Everyone at the football club is committed to this deal being completed by the end of the second full week in January 2007.

"Suggestions Mr Hammam would be returning to the club can be put to bed for good.

"The stadium project go-ahead from the council is subject to this restructuring being completed.

"Paul Guy, from PMG Estates, has also confirmed that their continued commitment to work with the club, and indeed provide substantial funds for the new stadium project, is also subject to this restructuring being voted for at the forthcoming EGM."


Does this delay mean that Sam is holding out? Are the investors getting cold feet? The Western Mail report that Ridsdale and Hammam met last week and were due for more talks today.