January
Newsfile

Newsfile Archive

Samesh Kumar has said he will quit Cardiff City for good if he is paid £1.144m. This represents a price of £1.04 per share. He currently holds 1.1m of them.

Kumar is stopping the Clive Sullivan takeover from going ahead, because he holds 38% of the current shares he can veto the takeover. If the deal goes ahead Kumar will still hold the same amount of shares but his overall percentage will drop. 

He is now trying to hold both the Chairman and the consortium to ransom in a bid to realise the million plus pounds he wants.

The only other option is to dilute his shares by having another investment of £300,000 (see Bluebirds 2000). This can be done by selling shares at 50p each. Kumar cannot block this offer as he has signed a deal to allow shares to be sold at 50p. Should £300,000 be raised his percentage will drop below 25%. Then he has no right of veto and the new Clive Sullivan backed consortium can come in with the £2.5m investment.

They will still buy their shares for 25p but they have the bargaining power to be able to do that.

The genuine City fans who have pumped a lot of money into City shares are not bothered about the price the consortium will pay. They, myself included, want the best for Cardiff City, not our pockets. There is a future for Cardiff City if the deal goes ahead and money is made available to all aspects of the club. If Kumar has his way there will be nothing for anybody. Kumar included. He wants the cash now. He's not interested in the long term for Cardiff City.