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Thurs 22nd June 2000 - Takeover talk |
| June Headlines
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Takeover talk is the main issue of the day today. Talks are ongoing after Cardiff City directors met yesterday to discuss the offer made by Sam Hamman to take a controlling interest in Cardiff City. Its thought that the board have rejected the first offer from Mr Hamman but they could be close to tying up a deal. Chairman Steve Borley is trying to play down the talks after the Clive Sullivan fiasco which blew up in the face of Cardiff City Football Club. But the news is hot gossip around South Wales and has been covered through the national media as well. All eyes and ears of the City fans are now locked on Ninian Park in the hope that this could be the start of something big. There is no denial anymore. Sam Hamman has confirmed he has made an offer, initially thought to be around £1.2m, and now rumoured to be possibly over £2m. Steve Borley has confirmed the board are discussing the situation and that matters are at a delicate stage. Obviously should the situation develop I will attempt to keep you fully up to date. Report from BBC Wales Online. The wealthy Lebanese businessman has tabled a verbal offer to purchase 80% of the Bluebirds after visiting Ninian Park last Friday. The news will be a blow to Premiership giants Tottenham, who had headed a queue of London clubs looking to court Hammam since he sold his controlling interest in Wimbledon for £28 million. Now Hammam, who masterminded the Dons for 22 years, has contacted City chairman Steve Borley about buying the club. The initial offer totalling around £1.2 million from Hammam is thought to be worth under 25p per share, though, and the feeling was that was too low for the Cardiff directors who met Wednesday. But if Hammam - working with Brentford owner Ron Noades - can come to an agreement the deal can be concluded within seven days. There are 4.2 million City shares in issue, and another 4.5 million are already available for immediate purchase. City directors would, though, have to ask shareholders for the go-ahead to issue more and allow Hammam to acquire a holding of over 80 %. After Clive Sullivan's abortive £2.5 million takeover bid collapsed last season, Borley was attempting to play down the matter. "I have had talks with a number of people, and they will continue," said Borley. But major shareholder and former chairman Samesh Kumar was delighted with Hammam's approach. He said: "I know the talks are ongoing, and if Hammam and Noades do come on board that can only be fantastic news for Cardiff and its fans. "They both know how a football club works and they have the experience to manage a club on a day-to-day basis and make a success of it." Report from TotalWales. Hammam, who masterminded the Dons for 22 years, has contacted City chairman Steve Borley about buying the Division Three club. The initial offer totalling around £1.5m from Hammam is thought to be worth under 25p per share, and the feeling was that was too low for the Cardiff directors who met yesterday. If Hammam - working with Brentford owner Ron Noades - can come to an agreement the deal could be concluded within seven days. There are 4.2 million City shares in issue, and another 4.5 million are already available for immediate purchase. City directors would, though, have to ask shareholders for the go-ahead to issue more and allow Hammam to acquire an 80 per cent plus holding. Chairman Borley insisted, “There is no offer on the table and £1.5m would not be enough. The television and Internet contracts we signed last week are worth more than that.” But former chairman Samesh Kumar, still the club’s major shareholder, described the proposed take-over as “fantastic news for the club.” Billy Ayre has signed a contract confirming him as manager for the next two years and Danny Hill has accepted a fresh two-year contract. |
Copyright Michael Morris 2000.
