Cardiff City shareholders have approved the sale of land for the construction of a House of Sport.

The sale, for £450,000, to club director Steve Borley, was authorised by an overwhelming majority at an extraordinary general meeting at Cardiff City Stadium. On a show of hands, only two people present voted against.

The egm was followed by a presentation on the club's financial position and a question and answer session hosted by club chairman and chief executive Peter Ridsdale.

He said after the meeting: "It was an opportunity to talk to our shareholders and tell them where we are. There has been a lot of comment in the media, some of it accurate, some of it ill-informed.

"It was also an opportunity for shareholders to ask questions. Clearly, we answered what we could, although some of it is commercially sensitive, and I hope they felt better informed when they left us than when they arrived.

"The logistics now are that we have to sign the agreement for the land sale with the council and with Steve Borley, and once that's done the money will flow through but there is still a bit of legal work to put to bed which hopefully we will do this afternoon and tomorrow. But it should be a matter of hours and days now, not weeks.

"My responsibility now is to restore the shareholders' faith in the board and in me as chairman, and make sure that the rough seas we have been through become calm as soon as possible.

"We showed the shareholders where we were when I arrived five years ago, we showed them where we are today, we showed them the transformation in the balance sheet, we showed them that going through a tight cash flow position is nothing new - frankly, it's been almost every day since I arrived at the football club.

"This is one of the few football clubs that has had no external investment into the club itself - we have had to be self-sufficient. Any external investment to date has been to help in funding the stadium and clearly that's been of tremendous benefit because it's an asset on the balance sheet.

"But we've had to be self-sufficient and I don't believe that in today's Championship it's possible on a long-term basis to have a team competing at the top of the table without some form of inward investment.

"I illustrated that something like 18 clubs have either a parachute payment - that's five of them - and another 13 have what I call sugar daddies, people who will write a cheque when clubs need a few more million pounds putting in. We haven't got that luxury and therefore we are punching above our weight in the division. That can't carry on, but we weren't a saleable proposition until the stadium was built.

"Now we've got the stadium finished we can go over to the parties we've been talking to regarding investment and say: 'This is a wonderful football club with a great asset base. Come and buy us or come and invest in us.'

"The shareholders today were doing exactly what they should be doing - asking meaningful questions and looking for answers. After all, it's the shareholders who own the football club and I've never forgotten since I walked in here that my responsibility is to the shareholders and today was an opportunity to say what we could to try and bring them up to speed."