Ridsdale gets GBP 1m while Cardiff debts climb

Recently published accounts show that Welsh Cardiff City's acting chairman Peter Ridsdale was paid more than GBP 1 million in salary and bonuses in the 12 months to the end of May last year.

WH Sports Limited, owned by Ridsdale and his wife Sophie, received GBP 534,490 for consultancy services and additional GBP 500,000 as a bonus for successfully renegotiating the loan notes and for the new stadium project.

Ridsdale bonus was reinvested in the club as he purchased more shares.

Meanwhile, the club's debt mounted with a loss of GBP 5 million at the same time. The club reported a turnover of GBP 10.7 million with accumulated debts now total GBP 35 million.

"It was agreed that the bonus would be paid if either the loan notes were renegotiated or it became clear that the stadium was definitely going ahead... Essentially, it was a bonus for rescuing the club," Ridsdale told the Western Mail.

"In December 2006 the stadium plan was approved unconditionally, and that triggered the payment of the one-off bonus. I won't be getting any more bonus payments."

Source: euFootball.BIZ © Copyright 2006 - All rights reserved.