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| Wed 5th July 2000 - Hammam, Borley, Sullivan. | |
| July Headlines
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Sam
Hammam clams he has £3m waiting to be invested in to Cardiff City. Only thing stopping
him is a boardroom split at Ninian Park. Hammam has courted centre stage on the back of the Echo today by saying "I would put £3m into Cardiff City tomorrow morning." He goes onto say "I believe the only problem with this deal not going through is the board itself." "There are three main points why this deal is on hold." "1. The board is split. 2. Too many people on the board enjoy the power and do not want to let go. £. The £3m must go directly into the club for it to survive and do well." Steve Borley is quoted as saying "We would welcome new investment, but right now we do not have any offer we could put to our shareholders. Without an offer in writing, anything else is a distraction from that and we have to get on with planning for next season. People on the board are not poor and they are strong enough to soldier on with the best interestys of the club at heart. The board are still together as a man. There are no splits. Nobody is throwing their hands up and saying wev'e had enough. Of course we would welcome offers from people who can help Cardiff city progress and all we need is something on the table we can put to shareholders." Just to get a third view on things Clive Sullivan posted the following on the messageboard yesterday. "I have been following the various postings on the message board with considerable interest. Could I make a general observation. It seems to me that it does no good for the name of the club nor encourages anybody to even consider any (further) involvement if the debate descends to the level of merely trading personal insults. Everyone is entitled to an opinion, however way out it is (subject to the laws of the land). If someone disagrees, let them put forward a reasoned counter opinion NOT a stream of personal invective. With regard to the various facts that are floated here, I must say that when I know that some of them referring to myself are untrue, I am obliged to take other points with a pinch of salt. I am also aware that sometimes the media is used as a sounding board and/or a negotiating tactic. With regard to the present situation, it would seem that the there are a number of factors that cannot be ignored. 1. Football is one of the few business areas where the customers (fans) consider that they have the right to a greater say in the business than those who have invested sums of money(often quite large). 2. Were it not for a number of individuals and their devotion and huge financial support in recent years, it would be unlikely that there would be any club to argue about. That alone means that their views are entitled to be given the appropriate weight. 3. There are many legal obligations and constraints imposed on directors by the various Companies Acts and insider trading regulations. 4. Business negotiations cannot be conducted in public (or through a message-board) The directors also have an obligation to ensure that any deal eventually done maximises benefits and contains long-term safeguards in respect of all parties and the club itself. There can be various problems and differences in approach to the relative importance of different factors. Any agreement must attempt to cover likely possibilities. These situations are never as simple as might appear. However, it is not practical to explain every point on this Board. I, personally, have a great respect for Steve Borley and his fellow directors who have kept the club afloat. Those fans that bought shares in the club are equally deserving of praise. Ultimately the shareholders decide although as I am aware, not necessarily by a simple majority. That does not mean that criticism cannot be made by those who feel it is appropriate. What I do ask is that those that post messages on this board, ask themselves what purpose is met by hurling personal insults and in what way that their cause is advanced by such activities. There is scope for legitimate reasoned debate please let us all take it. To avoid any other rumours starting, let me state for the record that I have not put forward any proposal for investing money in shares since the abortive situation earlier this year." |
Copyright Michael Morris 2000.