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| Mon 10th July 2000 - £3.1m for Cardiff City | |
| July Headlines
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As
exclusively revealed on this website yesterday Sam Hammam and Cardiff City have agreed a
deal that will bring Mr Hammam to Ninian Park. Al parties have agreed on a deal that will see Mr Hammam invest £3.1m into the football club and he will take shares to give him around 80% control. Everything has been agreed in principle and now the systems are under way to legally complete the deal. It is expected to take upto 6 weeks. Hammam and Steve Borley will both be on holiday at the end of this week but the solicitors, accounts and back up teams of advisors etc will continue to work on the deal. An EGM of Cardiff's 567 shareholders will be called to get approval for the issue of millions of new shares to enable Sam Hammam to take 80% control. All the current directors at Ninian Park have agreed to the deal and all will keep their positions for the time being. The football club will continue to run normally until such times as Hammam completes the deal. Billy Ayre will continue to work on and improve the current squad in preparation for the new season. Sam Hammam has said that all employees of the club will have a chance to make their mark. If people do not want to work with him they are free to leave. Both parties agree it will be probably be late August before everything is completed. On behalf of Cardiff City Online and the regular contributors to this website I welcome Sam Hammam to Cardiff City. I offer thanks to Steve Borley and the board for the efforts made in getting such a major investor to become part of the club we are proud of. The nightmare of last seasons relegation must now be put firmly out of everyones minds and the future is all that matters. Sam has said it will be a difficult job, he is no miracle worker. I appreciate that and it is too much to expect a run straight therough the divisions, but we can dream that it could be possible. Now then wheres my A-Z of Premiership grounds. |
Copyright Michael Morris 2000.