October Newsfile

Newsfile Archive

The club this morning issued the following two press releases.

Steve Borley makes the announcement

The Board of Cardiff City Association Football Club is pleased to report that discussions are progressing with an investment group headed by Mr. Clive Sullivan with a view to them making a significant investment in the Club leading to a majority shareholding.

Mr. Sullivan has made an initial loan to the Club to demonstrate his commitment and plans to inject further funds in the near future. It is likely that the various legal formalities in connection with the proposed investment will be completed by the end of January 2000. The new investment group will work with the existing board to realise the Club’s ambitions both on and off the field.

Mr. Steve Borley, Chairman of the Club, commented “I am delighted to welcome Mr. Clive Sullivan and his group to the Club and I am confident that their investment will secure the Club’s long term future. We look forward to having Mr. Sullivan’s involvement as a shareholder to strengthen the structure and fabric of the Club. This is another example of our ‘open door’ policy towards investment and I am pleased that we have reached agreement to proceed.

The involvement of Mr. Sullivan and his associates follows a recent successful private placement exercised by the Club culminating in Mr. Michael Isaac joining the Board and it is envisaged Mr. Sullivan will join the board once the formalities are completed. The investment group involves a number of ex-patriot businessmen whose roots are in Wales and have expressed a wish to be included in this venture.

Mr. Clive Sullivan aged 53 is originally from Cardiff and now resides in Essex. “The decision as to whether to complete the investment will be taken after considering the level of support forthcoming locally. The fans can show their commitment to the future of Cardiff City by turning up to support the team, particularly at the next two home games against Gillingham and Bury. We need local businesses to increase involvement and levels of sponsorship and embrace the partnership philosophy of the club. We will carry out a realistic assessment as to whether an accommodation can be reached in respect of the possible use of the Millennium Stadium or other proposed Stadium developments. The present board has done a good job with the resources available but it will take a lot of money to create a club expected of a capital city in Europe. The aim of the new group is to deliver First Division football in two years and challenging for a Premiership place in five years. It will take everyone, investors, fans, businesses, local authority and other enterprises to play a part in making this a success. We want everyone on board before success is achieved and not waiting until afterwards – or it might never come.”

The Chairman Steve Borley added “The future is now firmly in our hands and we must demonstrate that this is a big club waiting to happen. It could be the start of a new era and we must grasp this opportunity with both hands”.

Release no. 2.

At a press meeting held in the John Charles Suite at  9.45am today, Steve Borley made the following comments in relation to the proposed new investment:

Mr Clive Sullivan is Mr David Sullivans older brother and a life long Bluebirds fan.

The initial loan amount made was around £165,000 the total investment by the group was likely to be in excess of £2m

The proposed completion date is the 25th January 2000 with the new consortium taking 55% of the Company.

The other investors comprise ex patriot largely Channel Island based business men.

Steve Borley to remain as Chairman.

The Completion of the investment is dependent on the attendances at the Club picking up - Steve did not envisiage this being a problem but stressed that for the Club to succeed the Club must see the return of bygone fans.

Mr Sullivan approached the Club homself some 3 weeks ago expressing his interest.