NEWS-Cardiff City in High Court with winding up order

Today, March 10th, 2010, seems to be the final day that Cardiff City FC will be attending the High Court in London to fend off a winding-up order for the financial-stricken club.

Cardiff City are in today’s list to be heard “NOT BEFORE 11AM” – 22182 /2009 Cardiff City Football Club Limited

Other football clubs in the same list are Chester City FC(2004) and Southend United FC.

High CourtAccording to WalesOnline Cardiff City are unable to raise the funds to pay off the outstanding amount in full and are to ask for extra time to make these payments.

Personally I cannot see any reason why the deadline for the winding up order will be extended. Surely if they can’t pay LAST YEAR’S tax bill after having raised money from all THIS YEAR’s season tickets, televised games and also having many fans buy NEXT YEAR’S season tickets – surely any accountant can see that later this year and next season there won’t be much of a revenue stream and so surely more unpaid tax bills further down the line will occur! It’s basic maths and will take a lot of fund-raising to get our team out of this mess!

UPDATE

So it seems that Cardiff City FC have been given an additional 56 days to pay off the debt – with no more extensions being granted. Apparently £850,000 of the outstanding debt of £1.7milliion was paid yesterday but due to other VAT and PAYE taxes the outstanding debt has now risen to £1.9million.
An Asian investor has already invested £500,000 into the club and has promised much more-with figures rumoured to be around £6million. Surely any investor can see this as such a risky gamble now? Noone in their right mind would invest a penny in a club with such ropey finances!?
Why don’t they just put the club out of it’s misery and place the company into administration.

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