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Battylad
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Bored - Was this expected?

Hammam named in Cardiff loan case

The former chairman of Cardiff City football club, Sam Hammam, has been named as the man behind a bank demanding repayment of 31m in loans.

The club spent the day in the High Court after legal action brought by Swiss based financiers.

The Langston Corporation claims the club has failed to make a payment on the loan made in 2004.

However, for the first time, the club's barrister named Mr Hammam as the man behind Langston.

The bankers want the court to make a summary judgement in the case, which would see Cardiff City facing a bill to repay 24m immediately of the 31m that is outstanding.

But the club claims the loan is not repayable until 2016 and it could face an uncertain future if it loses the case.

Peter Ridsdale and Cardiff City stadium building site
Peter Ridsdale fears for the club's future if it loses the case

At the start of the two day hearing, Langston's counsel, Michael Driscoll QC said: "It is common ground that the claimant loaned 24m to the club in 2004 and is yet to be repaid.

"The club says that nothing is to be repaid at this time, and the question is whether there is enough in what the club says to justify this case going to trial.

"The claimant says that there is nothing in what the club has said."

Cardiff claims a variation to the loan agreement in 2006 means the loan is not repayable for another eight years.

The judge, Mr Justice Michael Briggs, must decide whether he is able to issue a summary judgement ordering the immediate repayment of the 24m, or if the case should go to a full trial.

The judge is expected to reserve his decision before ruling in writing at a later date.


If we were to lose we would go straight into administration - it's a straightforward situation
Peter Ridsdale, chairman Cardiff City FC

The Championship club is due to play Barnsley at Wembley stadium in April as FA Cup semi-finalists, but its chairman Peter Ridsdale, who succeeded Mr Hammam in the post, has said administration would be a realistic scenario should it fail to win the case.

This could result in an automatic points deduction and damage their hopes of building a new stadium on the outskirts of Cardiff.

Speaking before the hearing, Mr Ridsdale said: "If we were to lose we would go straight into administration - it's a straightforward situation.

"The club's Championship status would be determined by the amount of points we collect come the end of the season, minus 10.

"In terms of the stadium, it would depend who buys the football club and whether they prove to be an acceptable partner for the council and whether they have got enough money to finish the stadium off, which would probably be about 20m."

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The Batebe of Toro Foundation
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So have Gretna ceased to exist yet?
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E10Rifle
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Speculation about the Hammam/Langston connection has been rife, as far as I understand it. It's been regarded by many as a sort of "known unknown".
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Jorge Porbillas
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Yes, probably the worst kept secret in Welsh football
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Nathan HelenaHandcart
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Mysterious off-shores creditor turns out to be the Chairman in disguise. Who would ever have thought it. I'm sure this only occurs at Cardiff though and nowhere else.
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Battylad
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NHH - I really hope that it does happen elsewhere - really...

Thats also why I asked if something like this could happen if the points deduction got to the hight court...

However, in the scooby doo world of Leeds United, it will probebly be someone totally unexpected, but connencted, that is unmasked rather than Bates...

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Nathan HelenaHandcart
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My arse Batty. It's Bates. You knows it. It's why Bates won't go to the High Court. He'll huff and puff but won't want to take the stand. He's too much to lose. Like his liberty.
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Harry Carpenter
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quote:
Bored - Was this expected?
Like night follows day.

As our brief put it in court

"Who else would lend a club in this position 24m apart from someone involved with them? Unless there are a gang of wealthy Bluebirds fans in Panama*"

*where Langstons is based.

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Battylad
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NHH- There are more than one Offshore company involved. There is Astor. There is also the offshore company who own the ground and training facilities that Leeds pay rent to- Teak Commercial. Bates has been accused as been behind both. Nothing has been proved. There has been investigations by the council as to who is behind the latter. Drawn blank. There has been investigations by the adminstrators as to the former. They were obvioisly corrupt of course, but hey, others words not mine. Neither has turned up anything that proves anything other than the old, if it looks like shit, tastes like shit, then it is shit philosphy. The Taxman didn't take him to court when he had the chance. The League didn't take him to court when he had the chance. Just what is it about Bates that makes him untouchable? Please don't throw this continually back on fans like Oldham or CFc or Leeds for not opposing him getting into their club. Had it not been Leeds, he would have bought elsewhere -there must be SOMETHING or am I still being niave about this whole thing?
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Battylad
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Harry - is the case still ongoing?
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Battylad
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great news for AFCB
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Harry Carpenter
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Inasmuch as I know, today and yesterday were a summary hearing to decide if there is a case to hear, we find out the judge's decision next week.
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Phoebe Disco
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quote:
My arse Batty. It's Bates. You knows it. It's why Bates won't go to the High Court. He'll huff and puff but won't want to take the stand. He's too much to lose. Like his liberty.
It was a condition of being allowed to continue, that Bates wasn't allowed to take the League to court. mind.
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Phoebe Disco
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Please don't throw this continually back on fans like Oldham or CFc or Leeds for not opposing him getting into their club. Had it not been Leeds, he would have bought elsewhere -there must be SOMETHING or am I still being niave about this whole thing?

I think you're still being naive. Not just in terms of now, but how it affects you in the future. Sheffield Wednesday fans let Bates know exactly what they thought, to the point that he turned up at Leeds in secret, but he must be loving how Leeds fans have rolled up ad let their bellies be tickled. But because Ridsdale, Krasner and all the others had come and gone without much aggravation, ehe must have known it wouldn't be that tough a ride. Which means that when the time comes for him to sell up, the chancers and looters that have polluted this game over the last few decades, are going to look at Leeds and think that as well as being debt free thanks to Bates' shenanigans, they don't have to worry about the protests they would get if they took over a Brighton or a Wrexham. By not taking action against Bates, you're sending an open invitation to the Alex Gutermans, Bill Archers and Freddie Shepherds of this world.

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Battylad
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PD - The Sheff Weds argument was something thas has been discussed and finally put to bed on this very board. It appears very much like it didn't happen the way a lot of us were initally lead to beleive...

Statto - can you remeber that discussion and where it was?

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