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CHIEF EXECUTIVE STATEMENT: FEB 13

PUBLISHED

13:48 13th February 2014

Cardiff City Football Club's Chief Executive Simon Lim has released the following statement:

January was a busy month for us; the fixture list was extremely tough, with three away games against Arsenal, Manchester City and Manchester United. Our shareholders have expressed their support and pleasure to the new management team. Tan Sri Vincent Tan, through the board of directors and with their support, is “encouraged by the work done by manager Ole Gunnar Solskjær in the January transfer window.”

Solskjær was instrumental in attracting top professionals who have the experience and the willpower to make an immediate impact in the club’s desire to maintain its Premier League status. Kenwyne Jones, Fábio da Silva, Mats Møller Dæhli, Jo Inge Berget, Magnus Wolff Eikrem and free agent Juan Torres Ruiz have joined the club on a permanent basis. Wilfried Zaha joins us on loan from Manchester United. We are delighted with their arrival.

The process was transparent, creating value for the club throughout all of the transactions. For sake of good order and in being transparent, we can confirm that our total outgoing expenses, including transfer fees, levy, agent fees and signing on fees were approximately £6 million, less the income of approximately £3 million received from the sale of players. This is good business for the club, where all participants were fully informed and an integral part of a process.

There has been a lot of press speculation on the loss incurred by the club due to sales. This unfortunately is true. We took the hard decision to incur these losses for the good of the club. To commit the club to a significant cost and liability over a five year contract for one player is not prudent, especially as he was not to contribute to our success now, but was for the future. Indeed, in the case of Andreas Cornelius, who cost the club in total just under £10 million, we realise a large loss in excess of £8.5 million, inclusive of transfer fees, salaries, business and compensation paid to player’s agents and other miscellaneous expenses.

The key shareholders have made their dissatisfaction of such a huge loss known to the board of directors, which they believe is due to imprudent and careless management undertaken by the previous football management.

The new structure, headed by the Chairman with our new manager Ole Gunnar Solskjær, has given comfort to our shareholders that the process is prudent, transparent and professional. Our new centre forward Kenwyne Jones scored on his debut to give us three valuable points. On Saturday we are in the fifth round of the FA Cup and wish all of the team much success and good fortune.

Simon Lim
Chief Executive

ENDS