Post by QPR Report on Jan 3, 2010 8:04:32 GMT
[Edit: Now how can you avoid opening and reading? 
]
But they always seem to avoid their problems at the last. But given this, not sure how they can get away with signing Watson and Reid!
News of the World
CARDIFF MUST PAY BILL OR FACE GOING BUST
Verbal agreement to sell star to Man United
RIDSDALE: Confident cash-flow problems will ease
By Mario Risoli, 02/01/2010
CARDIFF CITY must settle a £2.7m tax bill this week - or face going bust.
Just a week after their 2008 FA Cup final rivals Portsmouth were hit with a winding up order, the debt-ridden Bluebirds are back in trouble with the taxman.
The Championship club persuaded Her Majesty's Revenue and Customs (HMRC) to dismiss their winding-up order last month after agreeing to a payment plan.
But we can reveal the Championship high-flyers are once again facing High Court court action after failing to cough up a first payment of £1.2m by December 22.
We understand the club will be hit with a winding-up order if they fail to clear their tax bill by the end of this week.
Bluebirds chairman Peter Ridsdale insists Cardiff will be able to pay up - but the latest tax bombshell is nightmare news for boss Dave Jones who is hoping to be given a transfer kitty to bolster his promotion-chasing squad this month.
Ridsdale said: "We will have the money to pay the Revenue and we will pay them this week.
"I personally spoke to the Revenue before Christmas. I told them we can pay at the beginning of January and they were happy with that.
"We have a good relationship with them. They know what's happening.
"There will be funds coming in this month and I'm confident there will be no issue with the Revenue after January.
"We will have money to pay our tax bill and we'll have money to do things to the team."
Cardiff are blaming their cashflow problems this season on the cost of fitting out their new stadium.
Ridsdale added: "Fitting out the stadium cost £7m more than we envisaged so there has been a hangover from that.
"But funds will be coming in shortly and the club is in healthy shape."
Cardiff - who owe the money in PAYE - earned a stay of execution last month after promising to pay the debt in instalments.
But HMRC chiefs were left fuming when the Bluebirds failed to meet its first payment and threatened to pull the plug two days before Christmas.
Ridsdale earned a last-minute reprieve after making a number of New Year promises to the taxman but will now face having to foot the entire bill.
Agreement
Sport of the World understands Cardiff said that if they were given extra-time they would be able to raise the money because:
* They have a verbal agreement with Manchester United to sell rising young star Adam Matthews to the Old Trafford giants for £4m.
* They would be able to raise around £1m from the early season tickets sales.
* They were hoping to secure financial input from Far East investors.
They were also banking on lucrative returns from their Boxing Day game against Plymouth and yesterday's cup tie at Bristol City.
MATTHEWS: 'Verbal agreement'That plan was thwarted, though, when the game was called off by referee Peter Walton because of a frozen pitch after the overnight temperature plunged to minus six. It will now be played on January 12.
Cardiff owe HMRC five months PAYE and still have to pay a £400,000 PAYE penalty from 2008-09.
If the Bluebirds fail to pay they will be served with a fresh winding-up order which would almost certainly force the club into administration, resulting in a 10-point deduction and the end of their promotion dream.
The Football League could also hit Cardiff with a transfer embargo because of the debt. Plymouth, Bournemouth and Accrington have been hit with embargos because of unpaid bills.
Ridsdale, who has been desperately trying to attract new investment into the club since forking out for a new stadium, spent the days running up to Christmas desperately trying to appease the taxman.
But some of his promises will alarm Cardiff fans, particularly those who bought the 'golden' season tickets in the belief all the cash would be given to manager Jones to strengthen his squad during this month's transfer window.
The Bluebirds put 10,000 season tickets up for sale and offered the sweetener that fans would get their money back if the team won promotion and the club claim the allocation has almost sold out.
Cardiff claim to have raised around £2.5m with the ticket scheme - but the cash could end up going to the taxman instead of Jones.
Jones wants to bring in five new players because he is desperate to maintain this season's promotion push after seeing his side fade away in past seasons.
Last week star midfielder Joe Ledley blamed a lack of activity in the January transfer window for the failure to make the play-offs in 2006, 2007 as well as last year.
Now, with the Bluebirds lying fourth in the Championship, their Premier League dream could suffer another blow because of tax bills.
With that debt hanging over them, the Bluebirds are more likely to sell prize assets like whizkid Matthews and local hero Ledley than plunge into the transfer market.
And that will be another blow to the fans, who have seen the club lose star players like Aaron Ramsey and Roger Johnson to Premier League clubs in recent years.
But United boss Sir Alex Ferguson may decide not to follow up his interest in right-back Matthews due to the recent emergence of Brazilian defender Rafael.
www.newsoftheworld.co.uk/sport/658949/CARDIFF-MUST-MEET-BILL-OR-FACE-GOING-BUST-Ridsdale-confident-cash-flow-crisis-will-be-resolved.html
]But they always seem to avoid their problems at the last. But given this, not sure how they can get away with signing Watson and Reid!
News of the World
CARDIFF MUST PAY BILL OR FACE GOING BUST
Verbal agreement to sell star to Man United
RIDSDALE: Confident cash-flow problems will ease
By Mario Risoli, 02/01/2010
CARDIFF CITY must settle a £2.7m tax bill this week - or face going bust.
Just a week after their 2008 FA Cup final rivals Portsmouth were hit with a winding up order, the debt-ridden Bluebirds are back in trouble with the taxman.
The Championship club persuaded Her Majesty's Revenue and Customs (HMRC) to dismiss their winding-up order last month after agreeing to a payment plan.
But we can reveal the Championship high-flyers are once again facing High Court court action after failing to cough up a first payment of £1.2m by December 22.
We understand the club will be hit with a winding-up order if they fail to clear their tax bill by the end of this week.
Bluebirds chairman Peter Ridsdale insists Cardiff will be able to pay up - but the latest tax bombshell is nightmare news for boss Dave Jones who is hoping to be given a transfer kitty to bolster his promotion-chasing squad this month.
Ridsdale said: "We will have the money to pay the Revenue and we will pay them this week.
"I personally spoke to the Revenue before Christmas. I told them we can pay at the beginning of January and they were happy with that.
"We have a good relationship with them. They know what's happening.
"There will be funds coming in this month and I'm confident there will be no issue with the Revenue after January.
"We will have money to pay our tax bill and we'll have money to do things to the team."
Cardiff are blaming their cashflow problems this season on the cost of fitting out their new stadium.
Ridsdale added: "Fitting out the stadium cost £7m more than we envisaged so there has been a hangover from that.
"But funds will be coming in shortly and the club is in healthy shape."
Cardiff - who owe the money in PAYE - earned a stay of execution last month after promising to pay the debt in instalments.
But HMRC chiefs were left fuming when the Bluebirds failed to meet its first payment and threatened to pull the plug two days before Christmas.
Ridsdale earned a last-minute reprieve after making a number of New Year promises to the taxman but will now face having to foot the entire bill.
Agreement
Sport of the World understands Cardiff said that if they were given extra-time they would be able to raise the money because:
* They have a verbal agreement with Manchester United to sell rising young star Adam Matthews to the Old Trafford giants for £4m.
* They would be able to raise around £1m from the early season tickets sales.
* They were hoping to secure financial input from Far East investors.
They were also banking on lucrative returns from their Boxing Day game against Plymouth and yesterday's cup tie at Bristol City.
MATTHEWS: 'Verbal agreement'That plan was thwarted, though, when the game was called off by referee Peter Walton because of a frozen pitch after the overnight temperature plunged to minus six. It will now be played on January 12.
Cardiff owe HMRC five months PAYE and still have to pay a £400,000 PAYE penalty from 2008-09.
If the Bluebirds fail to pay they will be served with a fresh winding-up order which would almost certainly force the club into administration, resulting in a 10-point deduction and the end of their promotion dream.
The Football League could also hit Cardiff with a transfer embargo because of the debt. Plymouth, Bournemouth and Accrington have been hit with embargos because of unpaid bills.
Ridsdale, who has been desperately trying to attract new investment into the club since forking out for a new stadium, spent the days running up to Christmas desperately trying to appease the taxman.
But some of his promises will alarm Cardiff fans, particularly those who bought the 'golden' season tickets in the belief all the cash would be given to manager Jones to strengthen his squad during this month's transfer window.
The Bluebirds put 10,000 season tickets up for sale and offered the sweetener that fans would get their money back if the team won promotion and the club claim the allocation has almost sold out.
Cardiff claim to have raised around £2.5m with the ticket scheme - but the cash could end up going to the taxman instead of Jones.
Jones wants to bring in five new players because he is desperate to maintain this season's promotion push after seeing his side fade away in past seasons.
Last week star midfielder Joe Ledley blamed a lack of activity in the January transfer window for the failure to make the play-offs in 2006, 2007 as well as last year.
Now, with the Bluebirds lying fourth in the Championship, their Premier League dream could suffer another blow because of tax bills.
With that debt hanging over them, the Bluebirds are more likely to sell prize assets like whizkid Matthews and local hero Ledley than plunge into the transfer market.
And that will be another blow to the fans, who have seen the club lose star players like Aaron Ramsey and Roger Johnson to Premier League clubs in recent years.
But United boss Sir Alex Ferguson may decide not to follow up his interest in right-back Matthews due to the recent emergence of Brazilian defender Rafael.
www.newsoftheworld.co.uk/sport/658949/CARDIFF-MUST-MEET-BILL-OR-FACE-GOING-BUST-Ridsdale-confident-cash-flow-crisis-will-be-resolved.html